Quantum Windbag
Gold Member
- May 9, 2010
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The more I learn, the more I realize I underestimated the duplicity and sheer arrogance of Obama.
Obama Wants a GM Bailout Tax on Bank and Insurance Customers
Watch as the usual suspects defend Obama from my racist attack.
In doublespeak that would make even George Orwell do a doubletake, President Obamas financial crisis responsibility fee would tax banks, insurance companies and brokerage houses that have paid back their bailout money and even some firms that never took a bailout to pay the tab of irresponsible firms, namely the auto companies that still owe the government billions.
We also ask the largest financial firms companies saved by tax dollars during the financial crisis to repay the American people for every dime that we spent, President Obama proclaimed in the Rose Garden on Monday. But the fine print in the 80-page plan the president submitted to the Joint Committee on Taxation makes it clear that this fee will only be on firms that have already repaid the Troubled Asset Relief Program funds and likely on some firms who never took a dime of taxpayer money.
Although many of the largest financial firms have repaid the Treasury for their TARP assistance, they continue to implicitly benefit from the TARP funds that bolstered their balance sheets during a period of great economic upheaval, the administration states. A fee of an unspecified amount will be restricted to financial firms with assets over $50 billion and will be imposed until all TARP costs have been recouped.
Notice that for all the talk of repayment, the tax is not on recipients of TARP per se, but financial firms with assets of more than $50 billion. Fidelity Investments, for instance, has weathered the storm relatively well and has not taken any TARP money. But since it has assets of more than $1 trillion under management, Fidelity would still likely be hit by the Obama tax. And some of the TARP recipients, like BB&T Corp., hadnt engaged in the foolish mortgage and credit practices, yet were pressured by the government to take the bailout money so the bad banks wouldnt be stigmatized by taking TARP money.
Obama Wants a GM Bailout Tax on Bank and Insurance Customers
Watch as the usual suspects defend Obama from my racist attack.