This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shopsThis is what is called a "federal pre-emption". The federal government seized power from the states and nulled state laws which prohibit bucket shops and which regulate casinos.This federal pre-emption is a direct cause of the economic crash which followed.
What crash?! No. The CFMA didn't cause the economic collapse of 2007, nearly 8 years later. What caused that were Bush's regulators ceasing the enforcement of lending standards for subprime loans beginning in 2004 and extending into 2007.
THAT is why we need to take power back from the federal government.
No,
THAT is why we shouldn't elect people who are in the pockets of Wall Street (and that gets to public campaign finance). Do you not think that the wealthy can purchase state legislators to enact their will? Take a gander at North Carolina and tell me if you think your 10th Amendment is all it's cracked up to be. North Carolina was ranked
below oppressive regimes like Iran and Syria when it comes to basic voting representation and rights. In fact, in the just released EIP report,
North Carolina’s overall electoral integrity score of 58/100 for the 2016 election places it alongside authoritarian states and pseudo-democracies like Cuba, Indonesia and Sierra Leone. If it were a nation state,
North Carolina would rank right in the middle of the global league table – a deeply flawed, partly free democracy that is only slightly ahead of the failed democracies that constitute much of the developing world.
So diluting federal authority doesn't suddenly produce freedumb, it produces states like NC, where one guy (Art Pope) controls the entire state legislature through his campaign funding. That's better than a strong central authority, how?
Ask yourself,
The Derp. Why does a
bank need exemptions from
state gaming laws for
casinos? Why does a
bank need to be exempted from laws prohibiting
bucket shops?
Well ask yourself; how did the banks manage to even get that level of deregulation?
By spending tons of money lobbying and funding the campaigns of politicians. So here is a perfect example of why public campaign finance would be better than the current system; because the current system allowed banks to spend millions donating to campaigns and lobbying officials to get these regulations passed. You're impugning the entire institution because of the actions of some bad actors...actions you don't want to mitigate at all because you oppose public campaign financing...and I'm guessing you also oppose private campaign donations...so then
what the **** do you support? Do you not think we should have elections at all? Seems like you're just being contrarian. You screech about the undue influence of special interests crafting legislation to benefit them, but then you oppose any limitation of that system. So what the **** dude?
This type of legislation led to the outright fraud we saw leading up to the crash.
Legislation that was passed by politicians who receive campaign donations and are lobbied by the banks who wanted this passed. And public campaign finance would not solve that, why?
Where were all the States Rights advocates screaming about this blatant federal pre-emption of state laws? Why was Fox News not ranting about this?Might it have something to do with the fact it was put in there by a Republican at the behest of Wall Street?Things that make you go hmmmmm...
"A Republican at the behest of Wall Street" < - Which means what? That Republican decided to simply do that just for the sake of doing it? Or because he was lobbied to do it through campaign donations and fundraising? So you're yipping about a law that was only passed because of lobbying and campaign donations, but you oppose public campaign financing which would eliminate lobbying and campaign donations, which is the reason that deregulation happened in the first place.
So how are you not perpetuating the very thing you complain about?