Dianne
09-13-2013, 02:01 PM
Frank Zappa was right
“The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.”
Newly created fed agency aims to monitor 80 percent of credit card transactions
Read more: http://www.foxnews.com/politics/2013/09/13/cfpb-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/#ixzz2enxAkqrp
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year -- up to 42 billion transactions -- through a controversial data-mining program, according to documents obtained by the Washington Examiner.
In addition, CFPB officials hope to monitor up to 95 percent of all mortgage transactions, according to the documents.
A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program through which officials aim to monitor 80 percent of all credit card transactions in 2013.
The U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated "performance goal," they would collect data on 42 billion transactions made with 933 million credit cards used by American consumers.
Read more: http://www.foxnews.com/politics/2013/09/13/cfpb-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/#ixzz2enxGrAFo
“The illusion of freedom will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater.”
Newly created fed agency aims to monitor 80 percent of credit card transactions
Read more: http://www.foxnews.com/politics/2013/09/13/cfpb-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/#ixzz2enxAkqrp
Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year -- up to 42 billion transactions -- through a controversial data-mining program, according to documents obtained by the Washington Examiner.
In addition, CFPB officials hope to monitor up to 95 percent of all mortgage transactions, according to the documents.
A CFPB strategic planning document for fiscal years 2013-17 describes the “markets monitoring” program through which officials aim to monitor 80 percent of all credit card transactions in 2013.
The U.S. Census Bureau reports that 1.16 billion consumer credit cards were in use in 2012 for an estimated 52.6 billion transactions. If CFPB officials reach their stated "performance goal," they would collect data on 42 billion transactions made with 933 million credit cards used by American consumers.
Read more: http://www.foxnews.com/politics/2013/09/13/cfpb-data-mining-on-consumer-credit-cards-challenged-in-heated-house-hearing/#ixzz2enxGrAFo