From Porter Stansberry in the S&A Digest:

Even though the government appears unable to run its own two mortgage companies [Freddie and Fannie], OBAMA! wants to create an entirely new regulatory agency to police the financial decisions you make. I'm not making this up. The new agency – the Financial Protection Agency – will be led by a so-called financial regulatory "czar," who will determine if the financial products you're offered (credit cards, mortgages, home-equity loans) are "fair."

According to the legislation that's now proposed (Financial Protection Agency Act of 2009), the government will design a set of "standard" financial products that financial-products companies will be forced to offer. And the agency will have the power to forbid financial firms from making any competing offers if the government deems these products to be harmful.

Not only does OBAMA! intend to control what kinds of financial products you are allowed to use, he's installing a leading intellectual mother hen to be in charge of the whole thing – Cass Sunstein.

Sunstein is a 55-year-old lawyer who has never worked – not one day in his life – outside the government or the academy. He is currently the Felix Frankfurter professor of law at Harvard Law School. His new book is literally called "Nudge." (The full title is Nudge: Improving Decisions About Health, Wealth, and Happiness.) This guy clearly believes he knows what's best for you. He wrote a book to prove it. And damn it, you're going to do what he says.

If that doesn't scare the crap out of you, consider his previous book, 2004's The Second Bill of Rights: FDR's Unfinished Revolution and Why We Need It More than Ever. In this tome, Sunstein explains why every American ought to have a legal right to a home, health care, and protection against "monopolies." He also believes the Internet weakens democracy (see his arguments in yet another book, Republic.com). The government, Sunstein seems to believe, can provide you with everything you need... as long as you'll stop thinking for yourself and turn your Internet browser off.

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