Is The Consumer Protection Bill Just One Huge Governmental Subversion Of Privacy Ploy?

Tyler Durden's picture

If anyone has been curious why the Fed, banks and politicians have all been pushing for the "consumer protection" portion of the Financial Regulation bill, it appears we may have the answer. As reports, the bill "would create the Bureau of Consumer Financial Protection and empower it to “gather information and activities of persons operating in consumer financial markets,” including the names and addresses of account holders, ATM and other transaction records, and the amount of money kept in each customer’s account. The new bureaucracy is then allowed to “use the data on branches and [individual and personal] deposit accounts … for any purpose” and may keep all records on file for at least three years and these can be made publicly available upon request." Goodbye privacy, hello 1984.

More from CNSNews:

Shelby slammed the new consumer bureaucracy, saying that it was meant not to protect consumers but to “manage” them by monitoring their behavior.
“Mr. President, make no mistake, behind the veil of anti-Wall Street rhetoric is an unrelenting desire to manage every facet of commerce under the guise of consumer protection.
“They may be interested in protecting consumers, but they are more interested in managing them,” Shelby said.
Shelby also criticized the idea that Americans need government to watch over their every financial move, saying that it was better to allow people the freedom to make their own choices and fail than to never allow them the freedom to choose at all.
“Mr. President, I have faith in the American people and their ability to make good choices,” said Shelby.  “Granted, we do not always choose well.  But I believe that a poor choice freely made is far superior to a good choice made for me.”

And the punchline:

Shelby further said that the ability of the Federal Reserve to collect such detailed information about the most basic of financial transactions was the beginning of an effort by government to regulate every financial action of every American citizen.
“This new consumer bureaucracy is intended by its architects in the Treasury to begin the process of financial regulation with the intent of changing the behaviors of the American people,” said the senator.
Shelby appears to be correct. The bill allows the bureau to collect any and all information on any person operating in the financial markets.
As it reads: “[T]he Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of persons operating in consumer financial services markets.”

In other news, communist, and other, dictators everywhere are now copying the US constitution and laws verbatim, in their own attempts to recreate the biggest centrally planned, communist regime ever seen.

h/t John

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Fish Gone Bad's picture

Time to create a new money, or engage in trade using non-money entities.

illyia's picture

The TARP's a cover for the TRAP...

And, they finally have Poindexter's TIA bugs worked out...

Ready, set: Monetize EVERYTHING .

Mr Lennon Hendrix's picture


No Wait!!!!

OK NOW, do it NOW!!!!

SWRichmond's picture

So not only do we not get to audit the Fed, but the Fed gets to audit us.  See?

DoChenRollingBearing's picture

Wow!  This new regime really can move fast on things they care about.

I may have to re-think my decision not to leave the USA (and fight it out in case things get Really Really Bad).

So Orwellian.  Double-speak.

A Nanny Moose's picture

Mother of all backfires

Bugs: Would you like to shoot me now or wait till you get home?
Daffy: Shoot him now! Shoot him now!
Bugs: You keep outta this! He doesn't have to shoot you now!
Daffy: He does so have to shoot me now!
[to Elmer]
Daffy: I demand that you shoot me now!
[Elmer shoots him.]

curbyourrisk's picture

When is it OK to start hating my country????

PhD's picture

When they tell you too.


Any other questions?

koaj's picture

In Russia, country hates you!

Yes We Can. But Lets Not.'s picture

In America, your President loathes you.

knukles's picture

"They [the makers of the Constitution] conferred, as against the Government, the right to be let alone -the most comprehensive of rights and the right most valued by civilised men."
- Louis D. Brandeis, Olmstead vs. United States, 277 U.S. 483, 478 [1928]

"Restriction of free thought and free speech is the most dangerous of all subversions. It is the one un-American act that could most easily defeat us."
-WIlliam O. Douglas

A Nanny Moose's picture

No Yakking Off in the forums please

JohnKing's picture

Our country was founded on the overthrow of tyrannical government, that is our character, re-boot looks more likely everyday.

doublethink's picture


A re-boot will occur after the S&P hits 380.


Yes We Can. But Lets Not.'s picture

Nah, we're much too soft.  We'll see no reboot till we're hardened by the appearance of a jackboot.

Let them all fail's picture

yesterday.....anyone know if there would be any legal objection to this bill?  This has got to be illegal (at least for now)...

MsCreant's picture

Gosh, and the Supreme Court will surely over turn it, right?

knukles's picture

Anything be legal within the purview of the Patriot Act, and it ain't even been tested yet.  Pretty hard to attempt to address grievances in a Court of Law when under the Act, once deemed a "suspected" terrorist, one can completely disappear without Writ of Habeas Corpus, trial, access to counsel, petition or redress. 

And this is an infringement?  There are no more infringements. 

The Magna Carta Has been Shredded.   

RonnieHonduras's picture

You are a verbal terrorist.

OldTrooper's picture

"Gosh, and the Supreme Court will surely over turn it, right?"

You bet, MsCreant.  Just like they always do.  We're all perfectly safe and free.  Our economy is recovering and your health care will never be rationed.

Saying otherwise would be seditious!

RonnieHonduras's picture

Not when you pack the court with people who incrementally believe more and more intervention was what the constitution was supposed to mean.  Really, do you think any of this quasi-authoritarians wants someone in their who will actually say no?

LoneStarHog's picture

Your "country" (i.e. The Republic) exists in the documents left to us by The Founding Fathers.  It has been subverted by an ILLEGAL government.  It is THAT government which you may hate.  Your "country", while presently existing only on paper, should still be loved and that for which we all must FIGHT.

There is a difference between The Republic (Country) and the government.

Ripped Chunk's picture

+ 1000

We owe it to ourselves to try to correct it peacefully


If that is not a possibility, we see 1776 again.



WaterWings's picture

FEMA has been quiet these days (Oil!). Too quiet.

Wonder if the coming months (weeks) will see evacuations from rising toxicity. Maybe even Continuity of Government actions out in the open...

According to James Bamford, “The existence of the secret government was so closely held that Congress was completely bypassed.”[2] (Key individuals in Congress were almost certainly aware.)


Brooks was responding to a story by Alfonzo Chardy in the Miami Herald. Chardy’s story alleged that Oliver North was involved with the Federal Emergency Management Agency (FEMA) in plans  to take over federal, state and local functions during a national emergency. This planning for “Continuity of Government” (COG) called for “suspension of the Constitution, turning control of the government over to the Federal Emergency Management Agency, emergency appointment of military commanders to run state and local governments and declaration of martial law.

Until then, get your Gringo Mask! and "erase stereotypes". Yay!

DosZap's picture


Amen, sooner(than later) they will push the GO button.

In their guessimate is BEFORE November.........has to be.

IF your leaving, best get a move on fast, if your staying, better be prepared..............

spekulatn's picture

+ 13 trillion and...............2

AR15AU's picture

Yep, just like "Net Neutrality"...  

JohnKing's picture

"Net Neutrality" = GoogleTV


Another regulatory scam.

King_of_simpletons's picture

Quick call the radio talk show hosts to vent. After that, carry on with business as usual.

Yes We Can. But Lets Not.'s picture

Best talk show in America, that I know of, Chris Plante on WMAL in DC, 9am-noon weekdays.  Guy is fantastic.

Gully Foyle's picture


Phil Ochs nailed it oh so long ago, or so it seems.

Love Me, I'm a Liberal

I cried when they shot Medgar Evers
Tears ran down my spine
I cried when they shot Mr. Kennedy
As though I'd lost a father of mine
But Malcolm X got what was coming
He got what he asked for this time
So love me, love me, love me, I'm a liberal

I go to civil rights rallies
And I put down the old D.A.R.
I love Harry and Sidney and Sammy
I hope every colored boy becomes a star
But don't talk about revolution
That's going a little bit too far
So love me, love me, love me, I'm a liberal

I cheered when Humphrey was chosen
My faith in the system restored
I'm glad the commies were thrown out
of the A.F.L. C.I.O. board
I love Puerto Ricans and Negros
as long as they don't move next door
So love me, love me, love me, I'm a liberal

The people of old Mississippi
Should all hang their heads in shame
I can't understand how their minds work
What's the matter don't they watch Les Crain?
But if you ask me to bus my children
I hope the cops take down your name
So love me, love me, love me, I'm a liberal

I read New republic and Nation
I've learned to take every view
You know, I've memorized Lerner and Golden
I feel like I'm almost a Jew
But when it comes to times like Korea
There's no one more red, white and blue
So love me, love me, love me, I'm a liberal

I vote for the democratic party
They want the U.N. to be strong
I go to all the Pete Seeger concerts
He sure gets me singing those songs
I'll send all the money you ask for
But don't ask me to come on along
So love me, love me, love me, I'm a liberal

Once I was young and impulsive
I wore every conceivable pin
Even went to the socialist meetings
Learned all the old union hymns
But I've grown older and wiser
And that's why I'm turning you in
So love me, love me, love me, I'm a liberal

The Rogue Trader's picture

We always knew "Big Brother" would not be called "Big Brother"....more like something cute like "Google" or "Facebook"....

Apostate's picture

I love how the Senate can write a threatening letter to Facebook about privacy and then turn around and push a bill like this through.

Not to mention vote for the PATRIOT act.

Rusty_Shackleford's picture



Complete and utter lawlessness on all levels.


“When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see money flowing to those who deal, not in goods, but in favors — when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed.” 

Ayn Rand

cougar_w's picture

I wasn't going to junk you, that was pretty good stuff, but you asked nicely so I did.

MsCreant's picture

I regret that I have but one junk to give for our cheeky bastard. [Sigh!]

MsCreant's picture

The Cheeky comment has been pulled. In no way should that have happened. I think Tyler has a bot that is pulling comments after so many junks. We need to be aware of this if I am correct.

The Cheekyness may have been kinda wrong (see my post below) and kinda right, but it had interesting content and should not have been censored.


BOOO us for too many junks. 

Cheeky, I sorry for junkin youse. I was playin. Didn't want you censored.

WaterWings's picture

I think we deserve an explanation. And it has disjointed countless threads.

velobabe's picture

he is my cliffsnotes, literary reference for information on scholastic subjects, philosophy, sciences, mathematics, and history.

WOW i missed all of the above in school.

even had to dictionary a lot of your post, as well, Mssss†

cheeky, don't feel badly about junked to removal.

i got banned from nate's economic edge blog today for posting one of my naked pictures.

well, he allows for images when you post, but probably limited to charts, which i don't have any.

hope your sleeping, we will try and take care of it†


suteibu's picture don't like Rand.  Still, rather than trashing Rusty for quoting her, why don't you tell us all why this particular quote should be thrown out with the Rand bathwater?

And, please...chill out.  She's been dead for nearly 30 years.