Obama calls for bank tax as next step in reform

[Charles_Main]

Obama calls for bank tax as next step in reform

Yet another stunningly ignorant brain fart from Obama.

Lets stick it to Banks with a Huge new tax, so they can raise their rates and pass the actual cost of paying the tax on down to investors and their customers.

Its Ideas like this that Demonstrate the Disconnect between Obama's Idealistic view of the world, and Reality.

While Taxing Banks and any Cooperation sounds like a great Idea to us all, the truth is those Banks and or Cooperation's do not actually pay any taxes, they simply collect them from us to give to the government. Any Increase on taxes on any Cooperation or Bank will be offset in full by Raised fee's, and prices charged to their customers. YOU AND ME!!

In the case of this bill it will be mainly investors hit, but those investors are nothing but other cooperation's and people, who when they can will continue to pass the cost of new Taxes down the line, and at the end of the line is always a consumer who ends up being the actual person to pay more money because of it.

Wake the hell up America.

Story
Obama calls for bank tax as next step in reform | Reuters

 

[Avatar4321]

and why on earth would i want my money in a bank taxed?

 

[Oddball]

I'm convinced...He's stupid, not evil.

 

[saveliberty]

This ought to help the savings rate of Americans. Must be a banking takeover by the government. Obama can't get banks to loan money, there is no incentive to save money at the current interest rates and any credit instrument will have massive fees and taxes associated with them. Just what are banks for again?

 

[Mini 14]

I'm convinced...He's stupid, not evil.

Yeah, I agree. He's too stupid to be evil.

Easily the dumbest President ever (and I'm not just talking the US Presidents. Hell my 3rd grade Class President was a buttload smarter than this dumbfuck!).

 

[Claudette]

The banks have payed back all the TARP money with interest.

Hell Yeah. Lets tax them so they can tax us.

The Clowns in DC and Barry Boy have got to be the dumbest fucks in creation. Jeeze.

 

[topspin]

I love my progressive Brothers, but Obama has some anti business anger issues.

Look at who he's attacked
Autos, banks, oil, WS, tabaco, Health care, soft drink makers
is there an industry he's not against?

 

[WillowTree]

he's not stupid, he's a marxist. he does what marxists do. that is all.

 

[MaggieMae]

Obama calls for bank tax as next step in reform

Yet another stunningly ignorant brain fart from Obama.

Lets stick it to Banks with a Huge new tax, so they can raise their rates and pass the actual cost of paying the tax on down to investors and their customers.

Its Ideas like this that Demonstrate the Disconnect between Obama's Idealistic view of the world, and Reality.

While Taxing Banks and any Cooperation sounds like a great Idea to us all, the truth is those Banks and or Cooperation's do not actually pay any taxes, they simply collect them from us to give to the government. Any Increase on taxes on any Cooperation or Bank will be offset in full by Raised fee's, and prices charged to their customers. YOU AND ME!!

In the case of this bill it will be mainly investors hit, but those investors are nothing but other cooperation's and people, who when they can will continue to pass the cost of new Taxes down the line, and at the end of the line is always a consumer who ends up being the actual person to pay more money because of it.

Wake the hell up America.

Story
Obama calls for bank tax as next step in reform | Reuters

The tax would be assessed against ONLY the largest investment banks, the ones who fucked you over, remember? From your article:

Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.

"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis

The earlier proposed "fee" which was similar went over like a lead balloon with the just-say-no Republicans, so this is the alternative language. Smaller deposit banks must pay the FDIC fee, so why should investment banks escape fees? Especially when it would offer some protection if they started screwing with the books again.

 

[MaggieMae]

This ought to help the savings rate of Americans. Must be a banking takeover by the government. Obama can't get banks to loan money, there is no incentive to save money at the current interest rates and any credit instrument will have massive fees and taxes associated with them. Just what are banks for again?

One would assume people generally would by now know the difference between large investment banks and small community lender-deposit banks. But noooooooooooo... Gotta explain the whole fucking thing again. Would someone else please do it?

 

[RDD_1210]

What's more likely.....
Obama keeps making the absolute worst decisions possible for the country because he is an idiot and hates Americans

OR

A bunch of unemployed rednecks on the internet have nothing better to do with their day then find reasons to hate Obama and will criticize absolutely everything he does because THEY are actually the ones who are uneducated and misinformed.

 

[saveliberty]

This ought to help the savings rate of Americans. Must be a banking takeover by the government. Obama can't get banks to loan money, there is no incentive to save money at the current interest rates and any credit instrument will have massive fees and taxes associated with them. Just what are banks for again?

One would assume people generally would by now know the difference between large investment banks and small community lender-deposit banks. But noooooooooooo... Gotta explain the whole fucking thing again. Would someone else please do it?

I will now explain that smaller banks can and will up their fees as well, due to market conditions imposed on larger banks. Also, the banks you speak of, have for the most part, paid ALL of the money they borrowed back already. This tax is actually going to recover money owed by other parties. Real fair taxation there.

 

[MaggieMae]

This ought to help the savings rate of Americans. Must be a banking takeover by the government. Obama can't get banks to loan money, there is no incentive to save money at the current interest rates and any credit instrument will have massive fees and taxes associated with them. Just what are banks for again?

One would assume people generally would by now know the difference between large investment banks and small community lender-deposit banks. But noooooooooooo... Gotta explain the whole fucking thing again. Would someone else please do it?

I will now explain that smaller banks can and will up their fees as well, due to market conditions imposed on larger banks. Also, the banks you speak of, have for the most part, paid ALL of the money they borrowed back already. This tax is actually going to recover money owed by other parties. Real fair taxation there.

Do you complain about all the other fees banks charge its customers? I'm frankly shocked at the amount of full-steam ahead support people from the right are giving the investment banks that are responsible for nearly bringing down the entire global economy. Not too long ago, you all were screaming your heads off that the CEOs of those investment banks were "allowed" to take enormous bonuses. Bad, BAD Obama for "allowing" that to happen!! Now you're whining that they will be charged a fee or a tax which will act as insurance if they start pulling the same shit again? Which they ARE already trying to do? The investment banks have had over 150 lobbyists wandering around the Halls of Congress trying to woo the members while this thing has been ironed out.

To be entirely against financial reform of Wall Street will prove to be the right's nemesis, trust me.

 

[DiamondDave]

More of a show of inexperience from the radical lefty that was elected to the office of President for this term... yet his Obamabots and the blinded far lefties will flock and continually defend...

More taxation, more 'fees', more regulations, and more control... just as many said he would indeed do all along

 

[gslack]

Obama calls for bank tax as next step in reform

Yet another stunningly ignorant brain fart from Obama.

Lets stick it to Banks with a Huge new tax, so they can raise their rates and pass the actual cost of paying the tax on down to investors and their customers.

Its Ideas like this that Demonstrate the Disconnect between Obama's Idealistic view of the world, and Reality.

While Taxing Banks and any Cooperation sounds like a great Idea to us all, the truth is those Banks and or Cooperation's do not actually pay any taxes, they simply collect them from us to give to the government. Any Increase on taxes on any Cooperation or Bank will be offset in full by Raised fee's, and prices charged to their customers. YOU AND ME!!

In the case of this bill it will be mainly investors hit, but those investors are nothing but other cooperation's and people, who when they can will continue to pass the cost of new Taxes down the line, and at the end of the line is always a consumer who ends up being the actual person to pay more money because of it.

Wake the hell up America.

Story
Obama calls for bank tax as next step in reform | Reuters

Taxing banks?

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

show me one progressive or liberal democrat elected to an office who will actually do that and I have a slightly used bridge in brooklyn to sell you...

Its more of his bullshit talking.. It will never happen period.. No one does more for or works harder to placate the banks then a socialistic or progressive/liberal democrat politician.. They say this or that but in reality they make debt. Debt is money for banks and thats the reality... All the bullshit means squat..

 

[saveliberty]

One would assume people generally would by now know the difference between large investment banks and small community lender-deposit banks. But noooooooooooo... Gotta explain the whole fucking thing again. Would someone else please do it?

I will now explain that smaller banks can and will up their fees as well, due to market conditions imposed on larger banks. Also, the banks you speak of, have for the most part, paid ALL of the money they borrowed back already. This tax is actually going to recover money owed by other parties. Real fair taxation there.

Do you complain about all the other fees banks charge its customers? I'm frankly shocked at the amount of full-steam ahead support people from the right are giving the investment banks that are responsible for nearly bringing down the entire global economy. Not too long ago, you all were screaming your heads off that the CEOs of those investment banks were "allowed" to take enormous bonuses. Bad, BAD Obama for "allowing" that to happen!! Now you're whining that they will be charged a fee or a tax which will act as insurance if they start pulling the same shit again? Which they ARE already trying to do? The investment banks have had over 150 lobbyists wandering around the Halls of Congress trying to woo the members while this thing has been ironed out.

To be entirely against financial reform of Wall Street will prove to be the right's nemesis, trust me.

This is not reform, it is a penalty for no good reason. The banks paid their debt. Bringing other bank fees into this is simple deflection. If you remember correctly, many of these banks didn't want the bailout money to begin with. Many of the ones that did, were friends with our current Treasury Secretary.

Investment banks created a instrument to allow for these high risk loans. Loans which had no right to exist to begin with. The reason for the loans was Barney Franks. When the left throws his butt to the curb you might gain some ground with me.

 

[MaggieMae]

I will now explain that smaller banks can and will up their fees as well, due to market conditions imposed on larger banks. Also, the banks you speak of, have for the most part, paid ALL of the money they borrowed back already. This tax is actually going to recover money owed by other parties. Real fair taxation there.

Do you complain about all the other fees banks charge its customers? I'm frankly shocked at the amount of full-steam ahead support people from the right are giving the investment banks that are responsible for nearly bringing down the entire global economy. Not too long ago, you all were screaming your heads off that the CEOs of those investment banks were "allowed" to take enormous bonuses. Bad, BAD Obama for "allowing" that to happen!! Now you're whining that they will be charged a fee or a tax which will act as insurance if they start pulling the same shit again? Which they ARE already trying to do? The investment banks have had over 150 lobbyists wandering around the Halls of Congress trying to woo the members while this thing has been ironed out.

To be entirely against financial reform of Wall Street will prove to be the right's nemesis, trust me.

This is not reform, it is a penalty for no good reason. The banks paid their debt. Bringing other bank fees into this is simple deflection. If you remember correctly, many of these banks didn't want the bailout money to begin with. Many of the ones that did, were friends with our current Treasury Secretary.

Investment banks created a instrument to allow for these high risk loans. Loans which had no right to exist to begin with. The reason for the loans was Barney Franks. When the left throws his butt to the curb you might gain some ground with me.

Barney Frank? Or Fannie & Freddie? How can you blame one person? If you're blaming F&F entirely, you would be wrong there, too.

According to the GAO report,
http://www.gao.gov/new.items/d09782.pdf
Fannie and Freddie didn't go wild in the mid-2000s buying up mortgages in the secondary market because of some government mandate, like the 1977 Community Reinvestment Act, to increase homeownership among low-income Americans. On the contrary, "Former [Federal Housing Finance Agency] Director [James] Lockhart stated that the enterprises’ primary motivation in purchasing [Alt-A and subprime mortgage backed] assets was to restore their share of the mortgage market, which declined substantially from 2004 through 2007 as the 'nontraditional' (for example, subprime) mortgage market rapidly increased in size. FHFA further stated that the enterprises viewed such mortgage assets as offering attractive risk-adjusted returns." In other words, they wanted to be bigger players in the mortgage business again, to make money where they thought they could—not because Rep. Barney Frank (D-Mass.) or some other politician told them what to do.

Dear GOP: Fannie, Freddie Did Not Cause the Financial Crisis | Mother Jones

Now, there's no denying that the current precarious state of Fannie and Freddie is a huge issue. Thanks to the Treasury Department, they're entitled to unlimited bailout money from taxpayers, which it looks like they'll need as they continue to bleed billions in cash. They're a headache, a problem lawmakers need to grapple with sooner rather than later. The House and Senate aren't going to deal with the twins with their current financial reform bill, so they'll need to take up the cause soon after.

The Democrats say the twins are too big and complex and troubled to include in this bill; GOPers say the bill is a failure if it doesn't address the GSEs. I won't say who's right or wrong. But, as the above arguments show, the claim that Fannie and Freddie caused the crisis—and should thus be the most urgent targets of reformers—is just not true.

 

[saveliberty]

Do you complain about all the other fees banks charge its customers? I'm frankly shocked at the amount of full-steam ahead support people from the right are giving the investment banks that are responsible for nearly bringing down the entire global economy. Not too long ago, you all were screaming your heads off that the CEOs of those investment banks were "allowed" to take enormous bonuses. Bad, BAD Obama for "allowing" that to happen!! Now you're whining that they will be charged a fee or a tax which will act as insurance if they start pulling the same shit again? Which they ARE already trying to do? The investment banks have had over 150 lobbyists wandering around the Halls of Congress trying to woo the members while this thing has been ironed out.

To be entirely against financial reform of Wall Street will prove to be the right's nemesis, trust me.

This is not reform, it is a penalty for no good reason. The banks paid their debt. Bringing other bank fees into this is simple deflection. If you remember correctly, many of these banks didn't want the bailout money to begin with. Many of the ones that did, were friends with our current Treasury Secretary.

Investment banks created a instrument to allow for these high risk loans. Loans which had no right to exist to begin with. The reason for the loans was Barney Franks. When the left throws his butt to the curb you might gain some ground with me.

Barney Frank? Or Fannie & Freddie? How can you blame one person? If you're blaming F&F entirely, you would be wrong there, too.

According to the GAO report,
http://www.gao.gov/new.items/d09782.pdf
Fannie and Freddie didn't go wild in the mid-2000s buying up mortgages in the secondary market because of some government mandate, like the 1977 Community Reinvestment Act, to increase homeownership among low-income Americans. On the contrary, "Former [Federal Housing Finance Agency] Director [James] Lockhart stated that the enterprises’ primary motivation in purchasing [Alt-A and subprime mortgage backed] assets was to restore their share of the mortgage market, which declined substantially from 2004 through 2007 as the 'nontraditional' (for example, subprime) mortgage market rapidly increased in size. FHFA further stated that the enterprises viewed such mortgage assets as offering attractive risk-adjusted returns." In other words, they wanted to be bigger players in the mortgage business again, to make money where they thought they could—not because Rep. Barney Frank (D-Mass.) or some other politician told them what to do.

Dear GOP: Fannie, Freddie Did Not Cause the Financial Crisis | Mother Jones

Now, there's no denying that the current precarious state of Fannie and Freddie is a huge issue. Thanks to the Treasury Department, they're entitled to unlimited bailout money from taxpayers, which it looks like they'll need as they continue to bleed billions in cash. They're a headache, a problem lawmakers need to grapple with sooner rather than later. The House and Senate aren't going to deal with the twins with their current financial reform bill, so they'll need to take up the cause soon after.

The Democrats say the twins are too big and complex and troubled to include in this bill; GOPers say the bill is a failure if it doesn't address the GSEs. I won't say who's right or wrong. But, as the above arguments show, the claim that Fannie and Freddie caused the crisis—and should thus be the most urgent targets of reformers—is just not true.

Pretty neat trick there. You introduce Fannie Mae and Freddie Mac as the culprits and then absolve them with a GOA report and a blog. I said Barney Franks.

 

[sangha]

Obama calls for bank tax as next step in reform

Yet another stunningly ignorant brain fart from Obama.

Lets stick it to Banks with a Huge new tax, so they can raise their rates and pass the actual cost of paying the tax on down to investors and their customers.

Its Ideas like this that Demonstrate the Disconnect between Obama's Idealistic view of the world, and Reality.

While Taxing Banks and any Cooperation sounds like a great Idea to us all, the truth is those Banks and or Cooperation's do not actually pay any taxes, they simply collect them from us to give to the government. Any Increase on taxes on any Cooperation or Bank will be offset in full by Raised fee's, and prices charged to their customers. YOU AND ME!!

In the case of this bill it will be mainly investors hit, but those investors are nothing but other cooperation's and people, who when they can will continue to pass the cost of new Taxes down the line, and at the end of the line is always a consumer who ends up being the actual person to pay more money because of it.

Wake the hell up America.

Story
Obama calls for bank tax as next step in reform | Reuters

The tax would be assessed against ONLY the largest investment banks, the ones who fucked you over, remember? From your article:

Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.

"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis

The earlier proposed "fee" which was similar went over like a lead balloon with the just-say-no Republicans, so this is the alternative language. Smaller deposit banks must pay the FDIC fee, so why should investment banks escape fees? Especially when it would offer some protection if they started screwing with the books again.

Conservatives oppose having these banks pay for the services they received from the govt because conservatives are the biggest welfare queens in the world.

 

[MaggieMae]

This is not reform, it is a penalty for no good reason. The banks paid their debt. Bringing other bank fees into this is simple deflection. If you remember correctly, many of these banks didn't want the bailout money to begin with. Many of the ones that did, were friends with our current Treasury Secretary.

Investment banks created a instrument to allow for these high risk loans. Loans which had no right to exist to begin with. The reason for the loans was Barney Franks. When the left throws his butt to the curb you might gain some ground with me.

Barney Frank? Or Fannie & Freddie? How can you blame one person? If you're blaming F&F entirely, you would be wrong there, too.

According to the GAO report,
http://www.gao.gov/new.items/d09782.pdf
Fannie and Freddie didn't go wild in the mid-2000s buying up mortgages in the secondary market because of some government mandate, like the 1977 Community Reinvestment Act, to increase homeownership among low-income Americans. On the contrary, "Former [Federal Housing Finance Agency] Director [James] Lockhart stated that the enterprises’ primary motivation in purchasing [Alt-A and subprime mortgage backed] assets was to restore their share of the mortgage market, which declined substantially from 2004 through 2007 as the 'nontraditional' (for example, subprime) mortgage market rapidly increased in size. FHFA further stated that the enterprises viewed such mortgage assets as offering attractive risk-adjusted returns." In other words, they wanted to be bigger players in the mortgage business again, to make money where they thought they could—not because Rep. Barney Frank (D-Mass.) or some other politician told them what to do.

Dear GOP: Fannie, Freddie Did Not Cause the Financial Crisis | Mother Jones

Now, there's no denying that the current precarious state of Fannie and Freddie is a huge issue. Thanks to the Treasury Department, they're entitled to unlimited bailout money from taxpayers, which it looks like they'll need as they continue to bleed billions in cash. They're a headache, a problem lawmakers need to grapple with sooner rather than later. The House and Senate aren't going to deal with the twins with their current financial reform bill, so they'll need to take up the cause soon after.

The Democrats say the twins are too big and complex and troubled to include in this bill; GOPers say the bill is a failure if it doesn't address the GSEs. I won't say who's right or wrong. But, as the above arguments show, the claim that Fannie and Freddie caused the crisis—and should thus be the most urgent targets of reformers—is just not true.

Pretty neat trick there. You introduce Fannie Mae and Freddie Mac as the culprits and then absolve them with a GOA report and a blog. I said Barney Franks.

Okay, knock yourself out. The floor is all yours. However, Barney Frank (no 's') has consistently been tied to Fannie & Freddie as its guru. Otherwise, you'll need to be specific about your allegations about the person.