Obama tells banks: “We want our money back.” He is refering to the cash lent to banks under TARF.
Now he is going to tax about 50 of the largest banks. This is his way of sticking it to the banks for generating a profit and paying out large bonuses to there best executives. These banks would be forced to pay up even although most did not except any bailout dollars, or have already paid it back. Not to mention the government has made over 50 billion dollars profit from the banks pay back already.
So my question is when Obama says: “We want our funds back.” What is he talking about? Why does he think he has the proper to tax banks as a form of punishment?
Jack: Your right it is congress that will vote to tax the banks. The dems that will pass what ever Obama tells them.
If you keep in mind congress blamed the banks for over lending to high risk people. They forgot about the fact that it was the Dems that forced the banks to make these high risk loans. Then the government bailed them out. Now Obama is pressuring banks to make a lot more of these high risk loans. Although demanding they pay back funds most did not take to begin with.
http://finance.yahoo.com/news/Obama-tells-banks-We-want-our-apf-1137481979.html?x=&sec=topStories&pos=principal&asset=&ccode=
Answer by Stereotypemebecauseyouknow
That tax will end up becoming paid by clients.
Obama doesn’t have the right – he can only ask Congress to do it. The congress will vote and decide on what to do. He can’t make new taxes.
But aren’t you the least little bit mad at their behavior? They nearly sunk our country, and to keep up their bad behavior they had to borrow money from us. Some have paid it back – a prime indicator that they didn’t need it to begin with…
We paid them so they would be comfortable while foreclosing on our houses – how wrong is that? Then how wrong is it for them to fly off to Palm Springs at 400,000 per person, on our dime, and laugh all the way?
How can you defend this?
stupidity, dipped in idiocy, its a populist move to pretend he identifies with the common man’s rage about Wall St.
A good way for banks to pass Obama’s anger with them onto us in the form of higher fees, less credit, more financial services jobs lost in he NY area, actually less tax revenue from those companies, and the usual stuff that comes with government taxation policies that in the end, HURT THE ECONOMY
What are you saying? That you don’t think the banks should have to pay back the TARP money loaned them by the taxpayers? That instead they should use taxpayer money to give executives huge bonuses? Have I got it right?
All banks, no matter whether they received TARP or not benefitted from the program. And, you must admit, the bonuses paid to the executives of these banks is more than obscene, leading to the general inflation of bonuses across all industries, being shouldered by the real owners who have little say, the stockholders.
The taxpayers shouldered the burden of helping these banks, and now the execs are helping themselves?
Because he is greedy and is stupidly trying to fix his already stupid mistake.
This is an example of “only taxing the rich” yet so many are so fooled by his smooth (or “tough) talk that will in the long run cause everyone to pay more. Granted it is not a “tax” when an organization ups the price of a product or services due to government intervention, but the end result is the same, less money in the common mans pocket. The same holds true on cap and trade and “regulating coal power out of business” it is not a so called tax but the ultimate result is less money in your pocket.
Sadly with liberal logic they can still sit there and say “He will only tax the rich” and sadder still believe his efforts are not going to hurt their wallet.