Obama to banks: `We want our money back', page 1

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."

reply to post by DiabolusFireDragon

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

reply to post by butcherguy

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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

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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 sos37
reply to post by endisnighe

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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 marg6043
reply to post by butcherguy

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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

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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.

reply to post by skunknuts

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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]

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