After more than 20 hours of continuous wrangling, congressional Democrats and White House officials reached agreement on the final shape of legislation that would transform financial regulation, avoiding last-minute defections among New York lawmakers that had threatened to upend the bill.
-WSJ

The laws and government actions are coming in so quick that most folks don’t realize what is happening.
I have never seen a time in my life that we are seeing the actions of congress throwing out the Constitution, and make rules of their own along the way….Far more so than Bush and Cheney ever went.

Is anyone reading this concerned? In my opinion….Bush was bad, now that we have Obama and the Democrats in complete control…I am seeing actions turning into laws that were unheard of a few years ago.

Related news reports:
Government would have broad new powers to seize
DODD: ‘No one will know until this is actually in place how it works’

Bank stocks soar

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Connecticut Senator, and chairman of the Homeland Security committee, Joseph Lieberman introduced legislation last week that would grant broad new emergency powers over the Internet to the federal government. The Protecting Cyberspace as a National Asset Act (PCNAA) would require broadband providers, search engines, and software companies to comply with emergency orders issued by the Department of Homeland Security under penalty of fine.

In the event of a national emergency, the bill would grant the power to control, and even shut down, large swaths of the Internet to the National Center for Cybersecurity and Communications (NCCC), a new office created within the DHS by the PCNAA. -Source

Great, this is just what we need… Another new law that will create an additional Government Bureaucracy not to mention invasion of our Civil Liberties!

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Buried in the entrails of the reconciliation bill (H.R. 4872) that resulted in the passage of healthcare reform, is this insidious provision: Net investment income defined as “gross income from interest, dividends, annuities, royalties, and rents … attributable to the disposition of property” will be assessed 3.8% “Unearned Income Medicare Contribution”.

BusinessWeek estimates, “Overall tax rates on income from interest, annuities and royalties would rise to as much as 43.4%.” By taxing investment income, the new law launches an assault on capital formation and growth. It is also an ambitious reach by the federal government, beyond the current capital gains tax, into revenue sources heretofore reserved to the local communities: personal property.

Defenders of the tax will venture that it applies above the threshold income level of $250,000, therefore hits only the rich; but the fact remains that without indexing or other protections, the new tax may affect more Americans over time, just as Congress’ neglect will subject 30 million this year to the alternative minimum tax — originally intended for only 155 taxpayers.

Full Report

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Who do these students think they are – daring to question a US Congressman…?
“Sir, do you support the Obama agenda?”
What an outrageous question for a citizen to ask a representative!

North Carolina Congressman Bob Etheridge (D-Lillington) is taking heat after a conservative blogger posted video on YouTube showing him in a confrontation with men carrying cameras on a Washington street.

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Politicians and Gulf residents slammed BP on Friday over its efforts to end the spew of oil into the Gulf of Mexico and make whole those who have been hurt.

“BP misrepresented what their technology could do,” House Speaker Nancy Pelosi said Friday. “They misrepresented the amount of oil that was being spewed forth into the Gulf and continued to do so.”

She was referring to Thursday’s announcement by researchers that doubled estimates of how much oil has been gushing from the ruptured well: About 40,000 barrels (1.7 million gallons) a day may have escaped for weeks.

CNN

On a side note…This is the first issue that I have heard Pelosi speak on that is true and backed up with facts. Having made this statement, I continue to believe that Pelosi took lead of a corrupt Congress…and made it worse!

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