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WASHINGTON (AP) -- Declaring "We want our money back," President Barack Obama wants to slap a tax on banks to recoup the money that the American public spent on bailing out large financial institutions on the brink of collapse.
The president said Thursday his goal is not to punish banks, but rather to prevent them from a behavior of excess, including new employee bonuses he called "obscene."
Where does the profit made by the big banks come from? From the backs of the people.
Originally posted by surfer_soul
Hold on a minute, am I missing something here?
Surely getting the money back that was used to bail out these massive financial institutions is a good thing?? As these big companys that were on the brink of collapse (without the tax payers money to bail them out) start to show huge profits again, and pay out big bonuses to their already very well paid senior staff, shoudn't atleast a portion of these profits be used to pay back the tax payer, and ease the countrys finacial deficit?
Where does it say anything about taxing the middle class? This is about the big corps being made to pay back the money they gladly borowed!
I hope the UK and the rest of the countrys that bailed out big buisness do the same thing!
Originally posted by sos37
reply to post by endisnighe
The joke is on us. Those banks who get taxed end up passing the extra expense onto their customers.
But Obama should have put bonus cap limitations into the loan agreements when he gave those banks their loans. THAT would have been smart - if he were truly on the side of the American working class taxpayer.
Originally posted by satellite1
So the taxpayer bails out the banks, the banks have taxes slapped on em who will in turn pass those taxes (by way of charges etc) on to. . .erm . .the tax payer
Yep. My bad. So few changes between Bush and Obama, I get confused. I guess Obama just spent more money.
Originally posted by marg6043
reply to post by butcherguy
I am missing something here? it was Bush and Paulson the ones that shovel the bailout money to the banks.