So, the tarp recipients will then pass the fees back onto the customers. So we paid once as taxpayers, and will now pay as consumers.
Since we all know that customers will leave TARP recipients when their own fees go up, perhaps Obama is just trying to make it more difficult for TARP recipients to repay the government..when their revenue is down and expenses are up, surely this will be more challenging….so he can keep his thumb on them this way.
One other intended result I’m sure is that Obama will recoup his wasteful TARP spending from THOSE WITH MONEY, WHO DO BANKING BUSINESS. He has evidently finally understood that you can’t squeeze blood from the turnip of the bottom feeders that he champions to pay for all this mess.
He knows the average TAXPAYING WORKING citizen will now pay TWICE and he can continue to control bankers paychecks.
When will one of these TARP recipients get some balls? Can we assume one of these recipients will allow themselves to be SUED BY THE IRS OVER THIS?????? Surely that’s a courtroom hearing that will be heard on CSPAN!!!!
So that’s 250 billion in new fees and taxes on health insurers over the next ten years, and 90 B in new taxes and fees on banks over the next ten years….
Here is an idea-Any corporation that has been bailed out by the tax payers will pay each tax payers Federal and State Income Tax each year until they have paid back all that was loaned to them.
Devin, you haven’t started writing checks to pay for Obama’s ignorance yet. Just wait! The only check I wrote Bush was to pay for the Iraq war, and we still have that, a new war in Afghanistan, and billions of dollars wasted by Obama. He’s just now trying to decide whose going to pay for his spending spree…if you have a job, health insurance and a bank ccount at Bank of America, you’re going to start paying soon.
If the government had done the right thing, and not handed these businesses money to begin with, Obama wouldn’t have to decide between taxpayers paying or consumers paying………either way, that’s you and me. It sure isn’t the recipient.
That’s what happens when you have a “community organizer” run a country.
Perhaps the mainstream media should have spent a little more time exposing him and less time on Palin.
Makes no sense to tax the banks that a) never received the money and b) already paid it back. When the government bought into these companies and took the stock they made an investment and in almost all cases if they sold the stock now the FEDs would come out way ahead (fyi they made a 32% ROI on Goldman alone).
And 2, doesn’t anyone find it funny that people (mainly the media) are up in arms about banks and AIG getting bailout money and no one mentions Fanny and Freddie? Afterall those two companies got almost 200M between the two of them, larger than AIGs bailout…
Makes no sense to tax the banks that a) never received the money and b) already paid it back. When the government bought into these companies and took the stock they made an investment and in almost all cases if they sold the stock now the FEDs would come out way ahead (fyi they made a 32% ROI on Goldman alone).
And 2, doesn’t anyone find it funny that people (mainly the media) are up in arms about banks and AIG getting bailout money and no one mentions Fanny and Freddie? Afterall those two companies got almost 200M between the two of them, larger than AIGs bailout…
Yeah, and who owns Freddie Mac and Fannie Mae? That should be a clue these DC idiots don’t know what they’re doing. Throw it at the wall and see if it sticks.
To pay back the taxpayers money they shouldn’t have gotten in the first place!!!
Who in their right mind voted for this OBAMAPALOOZA !!!!
We’re all going to crash and burn and rich just keep getting richer (and smarter figuring out how to skru J.Q.Public) and the middle class bears the weight of the rest of the country
Its all just another political stunt to boost his lousy approval rating. Anyone who thinks this guy actually gives a crap about the taxpayers needs a swift kick in the beans. He may portray on tv that this is “justice for the taxpayers” but that’s not his intention. Nothing w/ this administration is done w/o some backdoor antics and hidden agenda.
It’ll be interesting to see what kind of crap he pulls with regards to filling Ted Kennedy’s seat. You know he’s not going to stand by and risk losing that 60th vote.
In a related article on comcast after the presidents speech President Obama was quoted as saying that the bank bonuses were obscene. Why doesn’t anyone from the free market side ever say that the way congress and the president operates is obscene? Are they are afraid of the anal probe they would get from this batch of out of touch leaders. What happened with Healthcare is obscene. The double standards are obscene. The bowing to special interest is obscene. Unfortunately both of our major parties are at fault.
I definitly agree he’s dangerous…and I know it is POSSIBLE that he understands the ramifications of his proposed policies, but I believe he lacks common business sense, never having been in business….It is definitly within the realm of possibility that he DOES understand the ramifications of his policy decisions, but I can’t seem to accept that because it’s too scary.
More than likely, I think he is surrounded by people that aren’t smart, and they are suggesting he pander to what THEY perceive are unsmart Americans…in other words, he thinks he can count on the fact that WE ARE THE STUPID ONES. That in itself is quite scary. And also quite stupid.
I sure don’t understand the last paragraph in this article. Copied below.
The fee will be levied on financial firms even if they have already repaid capital received from TARP, as well as on firms that may not have received any TARP money at all because they benefited greatly from the stability TARP helped bring to the U.S. economy, the Obama administration says.”
Seems companies are assessed a fee because they “benfited” from the stability of TARP
As I recall the original Boston Tea Party was due to assessed taxes on a people the govt felt “benefited from the support they were providing, yet no benfit received….
Someone explain to me how he can assess fees on companies to recover TARP monies they did not receive. Is he also changing the rules after the TARP loan and charging fees that were not in the original oontracts? Sounds illegal. At least with the mafia they tell you up front their going to screw you on the back side.
I thought the purpose of TARP was to solidify the banking system, TO WHICH WE WOULD ALL BENEFIT. So does that he means he wants to tax everyone for having benefitted???????
This whole farce is such a joke that he can only have come out and said such stupid things thinking he would gain politically……yet again, he won’t…his numbers will continue to erode because he knows not how dumb his ideas sound.
Would congressional action be required to enact such a tax? What other private businesses can we “blame and tax” for the recession? Mortgage companies? Mortgage brokers? Realtors? Real Estate Appraisers? The ultimate in the responsible party…FANNIE And Freddie…who guaranteed every deadbeat’s loan would be purchased?
How about taxing Barney Frank and Christopher Dodd??????????
Geitner was just quoted as confirming that not only would tarp recipients pay the tax, any bank, whether they took money or not, whether paid back or not, with a balance sheet in excess of 50 billion, would pay it…
He added that the “cost of the mess” WHATEVER THAT IS!!!!!!!is “one hundred billion” and that the United States of America has a “legal obligation to cover the cost”……
What???????????????? What legal obligation is that??????????? Somebody call Eric Holder, I’m sure he’ll come up with some form of legal authority.
Oh, and lastly, Geitner said it was a “plan to restore Americans confidence in the country”….Yep, it was another miscalculation of people’s intelligence.
It’s the “rich business” tax. Discouraging companies from growing beyond 50B on the balance sheet eh?” Bad Bad companies, you are too big to fail, and now you are too big to succeed.
Has anyone noticed that this guy cant discuss anything intelligently without a teleprompter. Its actually funny if you watch a press statement of his when they pan back and you can see him swivel his head back and forth from the teleprompter on the right and left.
This guy looks like he is talking while watching a tennis match and reading the words on both sides of the court. Now that takes talent, but not leadership!
The $117 billion is a liability for the banks that they already pay interest on. It’s an asset for the government. Aren’t they already paying 8%? They could get a better rate from a loan shark. Taxpayers are already way ahead with that kind of interest.
He is an empty suit Sarah. But then again, anyone smart enough to know what garbage a national politician goes through is not our best and brightest. I remember one radio show where caller proposed a fake constitutional amendment. That anyone willing to do what it takes to become President should be forever barred from the office. Sounds good to me.
And to PROVE that this ISN’T about recovering for the American people, Obama isn’t going to tax GM or Chrysler, even though their TARP money will have generated the largest losses…the banks which he wants to “blame and tax” are the ones which brought PROFITS to the government.
More of Obama’s love of the labor unions, which have destroyed entire industries. He either thinks the labor union is going to knock him off, or he thinks he needs their support for the next election. Can he be THAT confused????????
Um, Sarah, they’ve all used telepromters on every single speach.
So, the tarp recipients will then pass the fees back onto the customers. So we paid once as taxpayers, and will now pay as consumers.
Since we all know that customers will leave TARP recipients when their own fees go up, perhaps Obama is just trying to make it more difficult for TARP recipients to repay the government..when their revenue is down and expenses are up, surely this will be more challenging….so he can keep his thumb on them this way.
One other intended result I’m sure is that Obama will recoup his wasteful TARP spending from THOSE WITH MONEY, WHO DO BANKING BUSINESS. He has evidently finally understood that you can’t squeeze blood from the turnip of the bottom feeders that he champions to pay for all this mess.
He knows the average TAXPAYING WORKING citizen will now pay TWICE and he can continue to control bankers paychecks.
When will one of these TARP recipients get some balls? Can we assume one of these recipients will allow themselves to be SUED BY THE IRS OVER THIS?????? Surely that’s a courtroom hearing that will be heard on CSPAN!!!!
So that’s 250 billion in new fees and taxes on health insurers over the next ten years, and 90 B in new taxes and fees on banks over the next ten years….
Does anyone plan to stand up to this idiot?
Here is an idea-Any corporation that has been bailed out by the tax payers will pay each tax payers Federal and State Income Tax each year until they have paid back all that was loaned to them.
Hmmm. There is a thought now.
I think Bush 2 was worse. Close second?
Devin, you haven’t started writing checks to pay for Obama’s ignorance yet. Just wait! The only check I wrote Bush was to pay for the Iraq war, and we still have that, a new war in Afghanistan, and billions of dollars wasted by Obama. He’s just now trying to decide whose going to pay for his spending spree…if you have a job, health insurance and a bank ccount at Bank of America, you’re going to start paying soon.
If the government had done the right thing, and not handed these businesses money to begin with, Obama wouldn’t have to decide between taxpayers paying or consumers paying………either way, that’s you and me. It sure isn’t the recipient.
That’s what happens when you have a “community organizer” run a country.
Perhaps the mainstream media should have spent a little more time exposing him and less time on Palin.
Makes no sense to tax the banks that a) never received the money and b) already paid it back. When the government bought into these companies and took the stock they made an investment and in almost all cases if they sold the stock now the FEDs would come out way ahead (fyi they made a 32% ROI on Goldman alone).
And 2, doesn’t anyone find it funny that people (mainly the media) are up in arms about banks and AIG getting bailout money and no one mentions Fanny and Freddie? Afterall those two companies got almost 200M between the two of them, larger than AIGs bailout…
Makes no sense to tax the banks that a) never received the money and b) already paid it back. When the government bought into these companies and took the stock they made an investment and in almost all cases if they sold the stock now the FEDs would come out way ahead (fyi they made a 32% ROI on Goldman alone).
And 2, doesn’t anyone find it funny that people (mainly the media) are up in arms about banks and AIG getting bailout money and no one mentions Fanny and Freddie? Afterall those two companies got almost 200M between the two of them, larger than AIGs bailout…
Yeah, and who owns Freddie Mac and Fannie Mae? That should be a clue these DC idiots don’t know what they’re doing. Throw it at the wall and see if it sticks.
He is not the “stupidest” President. He is, however, one of the most dangerous.
He is either planning this great destruction of our country or he is the pawn of the ones who want to rest control of it from its citizens.
Duplicitous and evil.
Rumor has it, in my neck of the woods, he’s a jihadist that is going to destroy the country from the inside.
If he is not planning to ruin the US, then he truly did just fall off the turnip truck…
To pay back the taxpayers money they shouldn’t have gotten in the first place!!!
Who in their right mind voted for this OBAMAPALOOZA !!!!
We’re all going to crash and burn and rich just keep getting richer (and smarter figuring out how to skru J.Q.Public) and the middle class bears the weight of the rest of the country
Its all just another political stunt to boost his lousy approval rating. Anyone who thinks this guy actually gives a crap about the taxpayers needs a swift kick in the beans. He may portray on tv that this is “justice for the taxpayers” but that’s not his intention. Nothing w/ this administration is done w/o some backdoor antics and hidden agenda.
It’ll be interesting to see what kind of crap he pulls with regards to filling Ted Kennedy’s seat. You know he’s not going to stand by and risk losing that 60th vote.
In a related article on comcast after the presidents speech President Obama was quoted as saying that the bank bonuses were obscene. Why doesn’t anyone from the free market side ever say that the way congress and the president operates is obscene? Are they are afraid of the anal probe they would get from this batch of out of touch leaders. What happened with Healthcare is obscene. The double standards are obscene. The bowing to special interest is obscene. Unfortunately both of our major parties are at fault.
I definitly agree he’s dangerous…and I know it is POSSIBLE that he understands the ramifications of his proposed policies, but I believe he lacks common business sense, never having been in business….It is definitly within the realm of possibility that he DOES understand the ramifications of his policy decisions, but I can’t seem to accept that because it’s too scary.
More than likely, I think he is surrounded by people that aren’t smart, and they are suggesting he pander to what THEY perceive are unsmart Americans…in other words, he thinks he can count on the fact that WE ARE THE STUPID ONES. That in itself is quite scary. And also quite stupid.
I sure don’t understand the last paragraph in this article. Copied below.
The fee will be levied on financial firms even if they have already repaid capital received from TARP, as well as on firms that may not have received any TARP money at all because they benefited greatly from the stability TARP helped bring to the U.S. economy, the Obama administration says.”
Seems companies are assessed a fee because they “benfited” from the stability of TARP
As I recall the original Boston Tea Party was due to assessed taxes on a people the govt felt “benefited from the support they were providing, yet no benfit received….
Someone explain to me how he can assess fees on companies to recover TARP monies they did not receive. Is he also changing the rules after the TARP loan and charging fees that were not in the original oontracts? Sounds illegal. At least with the mafia they tell you up front their going to screw you on the back side.
It sounds ABSOLUTELY illegal.
I thought the purpose of TARP was to solidify the banking system, TO WHICH WE WOULD ALL BENEFIT. So does that he means he wants to tax everyone for having benefitted???????
This whole farce is such a joke that he can only have come out and said such stupid things thinking he would gain politically……yet again, he won’t…his numbers will continue to erode because he knows not how dumb his ideas sound.
Would congressional action be required to enact such a tax? What other private businesses can we “blame and tax” for the recession? Mortgage companies? Mortgage brokers? Realtors? Real Estate Appraisers? The ultimate in the responsible party…FANNIE And Freddie…who guaranteed every deadbeat’s loan would be purchased?
How about taxing Barney Frank and Christopher Dodd??????????
“How about taxing Barney Frank and Christopher Dodd??????????”
Now you’re talkin’and we’ll call it a STUPIDITY TAX.
Geitner was just quoted as confirming that not only would tarp recipients pay the tax, any bank, whether they took money or not, whether paid back or not, with a balance sheet in excess of 50 billion, would pay it…
He added that the “cost of the mess” WHATEVER THAT IS!!!!!!!is “one hundred billion” and that the United States of America has a “legal obligation to cover the cost”……
What???????????????? What legal obligation is that??????????? Somebody call Eric Holder, I’m sure he’ll come up with some form of legal authority.
Oh, and lastly, Geitner said it was a “plan to restore Americans confidence in the country”….Yep, it was another miscalculation of people’s intelligence.
It’s the “rich business” tax. Discouraging companies from growing beyond 50B on the balance sheet eh?” Bad Bad companies, you are too big to fail, and now you are too big to succeed.
Has anyone noticed that this guy cant discuss anything intelligently without a teleprompter. Its actually funny if you watch a press statement of his when they pan back and you can see him swivel his head back and forth from the teleprompter on the right and left.
This guy looks like he is talking while watching a tennis match and reading the words on both sides of the court. Now that takes talent, but not leadership!
the stupidest presidunce we’ve ever had was heil hitler, george scumbag bush
True, so far.
The $117 billion is a liability for the banks that they already pay interest on. It’s an asset for the government. Aren’t they already paying 8%? They could get a better rate from a loan shark. Taxpayers are already way ahead with that kind of interest.
He is an empty suit Sarah. But then again, anyone smart enough to know what garbage a national politician goes through is not our best and brightest. I remember one radio show where caller proposed a fake constitutional amendment. That anyone willing to do what it takes to become President should be forever barred from the office. Sounds good to me.
And to PROVE that this ISN’T about recovering for the American people, Obama isn’t going to tax GM or Chrysler, even though their TARP money will have generated the largest losses…the banks which he wants to “blame and tax” are the ones which brought PROFITS to the government.
More of Obama’s love of the labor unions, which have destroyed entire industries. He either thinks the labor union is going to knock him off, or he thinks he needs their support for the next election. Can he be THAT confused????????
This rings a bell. “Taxation without repenstation” comes to mind.
Those who do not know history are doomed to repeat it.