You Know It's A Brave New World When
By: Mark W Adams

I'm on the same side as well known GOP douchebag Dick Armey and opposing Chris Dodd on an issue.
Hidden deep in Senator Christopher Dodd's 630-page Senate housing legislation is a sweeping provision that affects the privacy and operation of nearly all of America’s small businesses.The provision, which was added by the bill's managers without debate this week, would require the nation's payment systems to track, aggregate, and report information on nearly every electronic transaction to the federal government.
They want to know every damn thing according to the former House GOP Leader's new toy, FreedomWorks. Every Credit Card transaction, every online checkout system like eBay, PayPal, Amazon and Google Checkout are included. Everything and anything you buy or sell online or though any electronic means is now official government business. (HT: BBB and Shakes)

John Berlau at The Wall Street Journal wants to know where the outrage is since he and Tom Hartman have been talking about this since May when Berlau alerted us to the requirement that all loan originators submit their fingerprints to a national database, including the FBI and any other government agency they deem appropriate. Mortgage lenders, brokers, even clerical or part-time employees of real estate firms are included in this.

Pal, we've just got started on the outrage front. There's enough angst out here in Blogtopia (y!sctp!) over the FISA Telecom Immunity capitulation that this is just the thing that could serve as a new cause de jure as we await what our champions of liberty in the Senate do with FISA as well as this.

Both Barack Obama and Hillary Clinton are co-sponsors of original version of this bill which also included (but also buried) the fingerprint provision. This should be an interesting week as Obama makes clear just what he means by "fighting" the Telecom Amnesty provisions of FISA and if he or Dodd or Hillary get the memo that we're all quite disillusioned, rather pissed in fact, and this latest abomination just might seal the deal.

Jesus, I'm beginning to think that John Edwards got out of the way of "History" just in time for it to steamroll over us all.

The WSJ also reports that the SEC and the FED are going to do what they can to tighten up some of the regulation that lead to the crisis in the financial markets, a clear signal that there is tacit acknowledgment in Washington and Wall Street that the unfettered deregulation schemes that have been the hallmark of conservative dogma these last 30 years are directly responsible for our current economic meltdowns.

Quick on the heels of the scramble to close the barn door, Barack Obama is making positive noises about fixing the Enron Loophole in a wholly rational, non-gimmicky step towards an immediate solution to the rising cost of fuel by taking the speculators and other pirates out of the market.

Infuriatingly enough, John McCain called Obama a copycat for his initiative and blamed Clinton for the loophole without so much at a blink, knowing that his "econ brain," Phil Graham wrote the Enron Loophole, tagging it's 262 pages to an essential, eleventh hour, eleven thousand page government reauthorization bill signed by Bill Clinton a few weeks before "W" was sworn in.
In the early evening of Friday, December 15, 2000, with Christmas break only hours away, the U.S. Senate rushed to pass an essential, 11,000-page government reauthorization bill. In what one legal textbook would later call "a stunning departure from normal legislative practice," the Senate tacked on a complex, 262-page amendment at the urging of Texas Sen. Phil Gramm.

There was little debate on the floor. According to the Congressional Record, Gramm promised that the amendment--also known as the Commodity Futures Modernization Act--along with other landmark legislation he had authored, would usher in a new era for the U.S. financial services industry.

"The work of this Congress will be seen as a watershed where we turned away from an outmoded Depression-era approach to financial regulation and adopted a framework that will position our financial services industry to be world leaders into the new century," Gramm said.

As Senator Blutarsky's wife's gynecologist said, we fucked up, we trusted him.