Obama to banks: `We want our money back'

Talk is cheap... With the Federal Reserve showing a profit off of the tax payers sweat and with some of the banks showing a profit... giving out these enormous bonuses... how is the money along with the interest going to be paid? Yep, you got it... Middle class just like it always has.

Source: Associated Press

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."

He didn't have any problem shoveling the money out to them to begin with, in record-setting amounts, I might add. Now he is going to get the money back, with a tax on all the banks. Spanking the bottoms of the banks that didn't get any handouts. Where will this money come from? The American people, of course. But then, who cares anymore.

Well, if he had wanted to really change things he wouldn't have voted to bail them out in the first place. They would have failed, and smaller banks would have stepped in and took over.

Anything he says now is pretty much, "blah, blah, blah..."

reply to post by DiabolusFireDragon

Well said couldnt agree with you more
Im really surprised he is still even in office

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!

WTF?? He's going to tax the biggest banks in the world to recoup the entirety of the TARP money. THIS IS GOOD, AND IN FACT, THEY WOULD BE PAYING MORE IF IT WAS PUT TO A VOTE OF THE PUBLIC!

If you think it isn't fair that these banks pay back some money, you are on your knees for TPTB.

Good on you Obama. Hopefully he will begin a more populist agenda now that the economy has, hopefully, been backed-up from the abyss.

Best,
Skunknuts

Man behind the mask has fooled you suckers.

I knew he was good, but Damn he is smoken!

Who pays taxes? Hmmmmmm?

Do corporations or banks pay taxes? I need some help with this one people, I just cannot put my finger on it. There is something wrong but I just don't know. MMMMkk.

While I agree the banks should be held accountable I still find it likely that the banks will simply pass the debt to be paid down to us through interest rates and fees. This is an issue I'll have to watch play out before I judge it but I don't think we should be so quick to assume the banks will get their just desserts.

Cheers

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!

Where does the profit made by the big banks come from? From the backs of the people.

why is it that politicians answer to everything is to tax it? but the one thing that they will never tax is derivatives speculation and other wall street dirty tricks.

the banks will pass the losses down to the consumer, as there is no usury law to protect us from a bank defined as "national".

nothing good will come of obama because he has been bought and paid for ... and not by any decent american.

double post

[edit on 14-1-2010 by BlesUTP]

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.

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.

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

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.

TARP was Bush's program. Obama's administration has put some caps on bonuses, but when he tried to do more, there was an uproar about him hating American capitalism by the sheeple who worship Rush et.al..

Best,
Skunknuts

[edit on 1/14/2010 by skunknuts]

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

That's why we need to have strong regulations on the banks. Congress is trying to get reform passed now (Progressive Dems. have been working with Ron Paul to strengthen the bill). The less oppression these conglomerates are ALLOWED to exert, the better.

Best,
Skunknuts

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.

Yep. My bad. So few changes between Bush and Obama, I get confused. I guess Obama just spent more money.

reply to post by butcherguy


What ridiculous nonsense, GW Bush shoveled the money out to the banks in the first place.

Obama has been calling for accountability from the banks all along.

It is foolish free market communism that has created this huge banking mess from the beginning due to deregulation of the banks.

We need to take the money stolen by the banks from the middle class, and give it back to the middle class.

Time to return the money redistributed from the middle class to the super rich, and re-redistribute it back to the middle class.

Sonny, Jr., Bush...wasnt he the one that threatened POLICE STATE for all if the HEIST wasnt pulled off????

I'm not protecting Obama but lets put it into proper prespective.

reply to post by skunknuts


JPMorgan and 9 Other Banks Repay TARP Money

"JPMorgan Chase and nine other big banks said Wednesday that they had repaid the federal assistance money that they received in the fall during the height of the financial crisis.

JPMorgan said it had returned $25 billion, with interest, to the government — money that the bank’s chief executive, Jamie Dimon, has said it never needed in the first place.

Morgan Stanley and Goldman Sachs said in separate announcements that they had each repaid their $10 billion in federal aid, joining a parade of financial institutions making their exit from the government rescue program."

These banks will be fine with whatever penalties the Government makes them pay because it will not cost them a dime. If Obama really cared about the people he "serves" he would restrict banks from charging extra fee's or raising interest rates on the average Joe's in the country but as some of us know this has nothing to do with the right thing to do, this is just another Government facade.

[edit on 14-1-2010 by Anjin]

[edit on 14-1-2010 by Anjin]