Government Takeover? It sure looks that way.

Discussion in 'Politics' started by Vel, Jan 15, 2010.

  1. Vel
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    Vel Gold Member

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    Obama to unveil bank tax to recoup losses

    By Kara Rowland
    In a bid to toughen up on Wall Street, the Obama administration next month will ask Congress to impose a new tax on big financial firms, with the president arguing they have to pay for sending the world's financial system into chaos. ( Hmmm... )

    ( makes you wonder just what was in that book that Hugo Chavez gave to Obama. A blueprint for takeover perhaps? )
    The fee would cover all applicable Wall Street banks -- including those that did not accept any money from the Troubled Asset Relief Program -- as the White House argues all firms benefited from the bailout, even if only indirectly. It would be assessed on a bank's liabilities, or its assets minus its core capital, the official said, adding that deposits already facing a separate assessment would be exempt.

    ( You have to LOVE this next part. You can't punish the unions you know )
    The fee would not include U.S. automakers, who have received more than $75 billion in TARP funds. The official said that's because the fee is designed for financial institutions and does not work "for a more industrial company." The administration likewise determined taxing Fannie Mae and Freddie Mac would "not be productive for the taxpayer."

    Obama to unveil bank tax to recoup losses - Washington Times
     
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  2. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    Now how does this equal a "government takeover"?

    Because all I see is Obama wanting his bailout money back.
     
  3. Vel
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    Vel Gold Member

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    Did you miss the part "including those that did not accept any money from the Troubled Asset Relief Program" ? Please explain why those institutions should be taxed because others had problems. And please explain why Freddie and Fannie should be exempt? And how about GM and Chrysler's financial divisions? Please elaborate.
     
  4. Vel
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    Vel Gold Member

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    In addition.. it's NOT Obama's bailout money. That would be TAXPAYER money on loan from China.
     
  5. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    Did you miss the part where I asked how this equals a "government takeover"? That was the point of my post. All of the things you just responded with are true, but have nothing to do with your supposed "government takeover".

    So, how does anything you've said equal a government takeover?
     
  6. Vel
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    Vel Gold Member

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    If the government decides what compensation can be paid, how much profit can be made, and can reach their collective hands in and take the money from private companies, then those companies have essentially been taken over.
     
  7. Sinatra
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    Sinatra Senior Member

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    Now how does this equal a "government takeover"?

    Because all I see is Obama wanting his bailout money back.[/QUOTE]

    _____

    Really? That all you see?

    Obama is asking for an additional tax from firms who NEVER TOOK bailout money as well as firms who have already paid it ALL BACK WITH INTEREST - to say nothing of the firms who did not want bailout money but were forced to take it.

    I suggest you look beyond the teleprompted speech and to the actual substance of what is being proposed. Nearly 2/3rds of the bailout money has already been paid back, with billions in additional interest collected.

    Obama is initiating a tax as a means of paying for an agenda, as well as further attempted controls of the banking industry.

    A very very dangerous precedent being set here if it is allowed to become law...
     
  8. theDoctorisIn
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    theDoctorisIn Senior Mod Staff Member Senior USMB Moderator

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    If a company is on the verge of collapsing, and bringing the entire banking system down with it, and the government bails them out, I see no reason for them not to stop banks from using that bailout money to give huge bonuses.

    The government has made NO restrictions on "how much profit can be made".

    The government is not "reaching their collective hands in". They are taking the money back.

    Let's start from somewhere else.

    Do you believe that the banks should have been bailed out? Yes or No?
     
  9. WillowTree
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    WillowTree Diamond Member

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    Even an imperfect person can understand this..
     
  10. namvet
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    namvet Gold Member

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    he should have never given out to start with. he's been conned. and why not it is OPM. I don't blame them i'd take it and run to if someone that stupid gave it to me. gez :razz:
     

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