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Financial Reform Marks Arrival of Big Brother

Happy anniversary everyone!

Yes, it's been exactly one year since the president announced that the police "acted stupidly" despite the fact that he didn't have all the facts on the arrest of his buddy in Cambridge. We're seeing that same style of decision-making coming from the White House to this day, most recently in the form of the Shirley Sherrod fiasco.

It's one of the defining characteristics of this administration: When race is involved, act quickly, act erratically, act before you have the facts and then call the other side racist when it becomes obvious you've screwed up.

Remember: In liberation theology there is either the oppressor or the oppressed. Now, this is where it gets tricky: The people who are in charge and are fundamentally transforming everything against your will? They are the oppressed. You are the oppressor. The president must play the oppressed card every time. Everyone in his administration are victims; you are victimizing them. And you, me and everyone else, victimized Shirley Sherrod... even though they were the ones who fired her.

Now, that's a tough case to make, but I that's why the president gets the big bucks.

While that pattern continues to repeat itself thanks to the disinterested eye of the media, there's another calling card on display here. I explained this with my usual reverence and subtlety as health care was about to be passed:

(BEGIN VIDEO CLIP)

BECK: The guy is absolutely a magician. OK? He wants you to watch — just keep watching, look at this, just do this. The guy is a magician, putting the spotlight on me — watch that. What happened? What happened? Oh, it's magic! It's right here. OK.

So what's the big deal? Well, it's not really about this. It's about putting the spotlight right on me, right on Fox, on anything.

They need to distract us long enough. Use that misdirection, because, see, once they pull up and you turn on the lights and you're like, wow, that was amazing with that coin, you see, what has changed here? Oh, my gosh! Oh, yes. Health care has magically appeared.

(END VIDEO CLIP)

So, here we are again, watching the shiny coin that is the scandal of the day. And what has magically appeared this time?

Big Brother.

The biggest rerouting of the nation's wealth in our history. The financial regulation that the president signed into law yesterday is an unprecedented assault on our economy, our ability to do business and, quite honestly, the republic as we know it — and when combined with his other supposed legislative "achievements," it's on a scale never before seen.

This is Big Brother.

Oh stop it, Glenn! You're just fear-mongering. Wall Street needed to be reformed!

Well, sure — among other things — it did. But not this way.

How can creating a protected class of arbitrarily selected companies that are too big to fail help solve anything?

How does creating a special path for financial institutions that fail, punish Wall Street?

How can institutionalizing bailouts mean that we'll have no more bailouts?

Why do you need 2,300 pages to say that you will no longer reward failure?

How does punishing lenders for irresponsible lending make it easier for the everyday American to access cash when they need it?

How does a government that is 15-digits in debt create an office of financial literacy with a straight face?

How does a government with 75,000 pages of tax code that applies to every individual, successfully work with other regulators to reduce undue regulatory burden?

Hey Washington, some regulators plus more regulators doesn't equal less regulation.

How does a guy who can't figure out how to pay his taxes and was involved in every step of the financial collapse, Tim Geithner, head up something called the Financial Stability Oversight Council? How do we give him the power to seize of any financial firm that he finds "in danger of default"?

Is this a constitutional republic anymore?

Not that Congress has a good record of spending responsibly, but how can we institutionalize a credit line for the Treasury so that Congress is completely irrelevant?

When we're constantly being injured by Congress, how can we take seriously a Bureau of Consumer Financial Protection created by Congress? How can a bill that just creates a panel that makes recommendations to an outside body like the Fed — that they're not required to follow — be taken seriously at all?

How can this bill be taken seriously when it does absolutely nothing to touch Fannie Mae and Freddie Mac? You remember Countrywide right? Evil, right? Making crazy loans to borrowers who couldn't handle them? Remember that? Well, 90 percent of loans originated by Countrywide were sold to Fannie Mae or backed by Ginnie Mae. If there were no Fannie/Freddie/Ginnie — or any other outdated name you can think of — there would be no Countrywide and likely no housing crisis or economic collapse.

And speaking of Countrywide, how can a bill written by Chris Dodd and Barney Frank possibly solve anything when they were integral to the collapse at every level in the first place? It's like asking Mel Gibson to write your company's rules on anger management and racial tolerance.

How can we stand by and accept as financial regulation a bill that creates a cottage industry for lawyers by making it easier to sue?

How does the Fed, which helped cause the crisis, get rewarded with more power because of it?

How does the Treasury — which helped bail everyone out after the crisis — get rewarded with more power because of it?

How does the SEC, which missed the credit ratings fiasco, get rewarded with more power because of it?

How can we be told there are no bailouts in this bill, when we are throwing a billion dollars to states to rehabilitate individual houses and stop crime? Or another billion dollars thrown at people who lose their jobs? Is that not a bailout?

How does creating a massive government bureaucracy with the power to watch your bank account and track every credit card account over your shoulder help your economic liberty? Big Brother is watching your credit card.

How does charging billions of dollars in new fees on banks help an industry that has already been devastated?

How do we pass a law that passes the buck from the lawmakers to appointed bureaucrats to decide how the financial regulation is implemented? None of this bill is defined — it just takes 2,300 pages to outline different groups of people who later can figure it out.

What is wrong with America?

All this week on radio, we have been diving into a blueprint from the 1960s and we're going to talk about it on television next week. There are people in and around the White House following huge parts of this plan, as laid out over 30 years ago, consciously or not.

The fundamental transformation of society comes in two distinct pieces. The first is "a united front against imperialism and for new democracy" built on a "joint dictatorship" of the working class and the poor. Class warfare anyone?

The second: "Developing out of the new democratic stage, socialism." Remember, we are all socialists now according to Newsweek magazine, so it might be hard to keep track of what phase we're currently in.

By the way, those aren't my words describing the revolution, those are William Ayers' words along with the rest of the Weather Underground.

This isn't the new New Deal, as much as it's an old, old idea. It's an idea that has been discredited for decades among normal people, but an idea that so many around this president seem to hold in reverence and still continue to borrow heavily from.

We are being played like a Stradivarius.

The progressive movement continues to move, and we continue to let it. Most of the media and our politicians are anywhere from complicit to apathetic. We are entering a dangerous and scary time, America.

But, though I walk through the valley of the shadow of death, fear no evil. As long as we have each other, we keep our heads on straight and we our focus on our faith, our Founders and disregard magic tricks, we will prevail.

— Watch "Glenn Beck" weekdays at 5 p.m. ET on Fox News Channel