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Finance allah shmoop What is the two thousand won yusa

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patriot act Yep That was the act that insured the

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new england patriots would make it to the super bowl

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every year from that ear forward Yeah Okay Okay Maybe

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it only seems that way So the patriot act What

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is it And how does it affect our lives Well

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let's start by setting the stage September eleventh two thousand

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one planes piloted by al qaida hijackers fly into the

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two towers of the world trade center in new york

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Mass devastation thousands of lives lost panic heart rending sadness

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anger fear and then a whole lot more anger And

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then some fear and more fear that it would happen

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again that next time it would get us or our

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loved ones Well enter the patriot act created by the

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u s government to deter terrorist activities and for funding

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And believe it or not yusa patriot is actually an

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acronym Uniting in strengthening america by providing appropriate tools required

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to intercept and obstruct terrorism Kind of rolls off the

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tongue their lungs You've basted your tongue with coconut oil

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But yeah that was the idea to make it as

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inconvenient and difficult as possible for anyone with ill intent

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to harm us or our country Sounds like a noble

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and worthy bit of legislation right And get the act

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has met its fair share of resistance Why Well some

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people feel like it gives uncle sam a little bit

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too much permission Tio you know goa snooping and wiretapping

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bathrooms are rooting around in our sock drawers or taking

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whatever steps team necessary whenever suspicion has been aroused that

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somebody might be a terrorist Heavy thoughts there Well the

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idea of the act is that americans should be willing

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to sacrifice some of their civil rights to privacy and

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to due process for the sake of the nation's safety

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Right Well there's a civil rights trade off here like

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got to think about well is it fair that we

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should have tons of civil rights and then make it

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easy for terrorist Do bad things to us source We

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give some of that up and make it harder for

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them to obama's right Because yeah we in this country

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are big on our free speech and privacy and those

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things are great and are a huge part of our

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national identity but should they come at the cost of

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would be terrorists having the freedom toe train and purchase

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supplies right under our noses as they laugh about us

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about our ideals and trying to stick to a fair

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process even when they don't play fair Well shouldn't our

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government be able to step in and investigate without search

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warrants If the circumstances call for it The situation where

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the likelihood of illicit activity is high and what happens

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to corrupt cops who are getting paid on the side

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to go tip off the terrorists when we do hunt

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well where does that line get drawn Obviously we have

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no answers here We're just asking a whole lot of

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questions So yeah the act has not been universally popular

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but it's also tough to say that it hasn't been

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effective since Well we haven't had any nine eleven asked

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episode's on u s soil since two thousand one So

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what do we do in talking about this act in

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a finance course Well direct your attention to title three

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of the act The international money laundering abatement and financial

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anti terrorism act Yeah this is the part that requires

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banks to report suspected money laundering activities and to create

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tougher rules to prevent money laundering in the first place

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and also makes it tougher Teo do some types of

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banking between us banks and financial institutions around the world

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We get to inspect more when we're you know doing

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business with shady nations who openly ate us So yeah

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the world of finance got rocked a bit in the

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wake of nine eleven as well although not is badly

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is well pretty much any team these days gets rocks 00:03:52.065 --> [endTime] and they're playing me and patriots Yeah

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