Saturday, July 26, 2008

Destroying E-commerce the Congressional Way

Fundamental to electronic commerce is the willingness of purchasers to trust that the seller will protect the privacy of the transaction and of their credit card information. Millions upon millions of dollars have been spent to provide a process that customers can trust and now in one sweeping move all of that will be swept away by an act of Democrat/socialist controlled Congress.

Buried deep within the massive, 630-page housing bailout bill that is close to being passed and signed are some rather interesting tidbits. For instance, there is this:

Payment Card and Third Party Network Information Reporting. The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee. Reportable transactions include any payment card transaction and any third party network transaction. Participating payees include persons who accept a payment card as payment and third party networks who accept payment from a third party settlement organization in settlement of transactions. [READ MORE]

In a nutshell, this bill will require all credit card companies, eBay, Amazon, Google and other payment gateway companies to report to the Federal government any purchase you make using a credit or debit card. All of this information will be kept in a database controlled by the Federal government. Given the Feds past record with securing data, this has to raise an immediate concern over security and privacy.

Beyond the very real concerns regarding security and privacy, one has to wonder why is the Fed doing this, what are they going to do with the data and why does the Fed want to know what you might have sold or purchased on eBay or any other ecommerce web site or even at a local business? You also have to ask what right does the Fed have to collect this information in the first place?

We also must ask why was this provision inserted into this housing bailout bill WITHOUT debate and without allowing the public -- that's you and me folks -- time to react and contact our Federal representatives? What the heck is Sen. Christopher Dodd, DEM - Connecticut, doing and why does he want the give the Federal government this level of power and control over the America people and America business?

Consider how this information can be used. Everything you buy using a credit or payment card will be known to the government (and any hackers that steal the data from the government). EVERYTHING folks. This will also make known to the government any political contributions you make using your plastic ending the sanctity and privacy of political donations.

While the popular wisdom holds that it is the evil conservatives that seek to take away our rights, this bill clearly shows that it is liberals who strive to control every facet of our lives.

This bill will pass, after all it is an election year and housing bailout is a politically popular issue. When it does pass, this provision will become law. How much damage will this provision do to electronic commerce is yet to be seen but I for one will be rethinking the use of the credit and payment cards and the use of ecommerce web sites.

"Friends don't let friends vote liberal"

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Anonymous Antielf said...

They want to track our every purchase. Its easy with cards. Hard with cash/checks.

Eventually, they'll wean us off of cash for some politically correct reason[1] and use only cards. Then they can see everything we do.

[1] Some reasons, but no means complete (esp since I can't think like those people)
a. For your safety/protection
b. For the children's safety/protection
c. For the security of the economy
d. To help fight terrorism
e. To provide fairness between rich & poor
f. Better tax enforcement
g. So carbon offsets can be calculated

Dont ask me to explain those... I can't . I just came up with catchy sounding emotional crap that they come up with. Has no relationship to logic or freedom.

1:23 PM  
Anonymous War Pig said...

Under the cloak of darkness they come for us.

They sneak unrelated stuff into bills without knowledge. The people that vote on it don't do due diligence and read it (yes, all 630 pages).

"Oh, I didn't know that was in there. "

We need to get the people out that hide this stuff in bills and those that don't fully read each & every bill they vote on, then they need to be held accountable too.

Too much to read? That's part of the job. OUR lives are affected by those votes. If its too much, then shorten the bills and have fewer of them.

Hackers will get in and get the data. And what will happen? The feds will say "We are going to find the people responsible and prosecute them." Then nothing will happen. Meanwhile our data is being used for nefarious purposes.

Use cash... while its still legal.

1:35 PM  
Anonymous warthog said...

cash will be outlawed

once we are a cashless society and all electronic transactions are traced and controlled, the government pigs can take as much of our money as they want.

3:36 PM  
Anonymous Anonymous said...

does this mean that the feds will know about all the pRon purchsases

3:36 PM  
Blogger RStar23 said...

Just to show you how incompetent mainstream media is, all of the news reports today, saturday, about the passage of this disaster have talked about the bailouts BUT not a single report so far, at least that I have found, mentions this issue or the creation of a national databank of the fingerprints of mortgage bankers.

MSM simply takes the polpig approved press release and sends it out as news.

3:39 PM  

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