Obama to tax banks even more

[Vic]

Conservative thought would have been right... which is often wrong for individuals.

If you are one of the fucks that thinks Conservatism, is Religous, let me be the first to educate you.

-John

No, I think I just asked you not to equate classical conservative thought with what passes for conservatism today. I also asked you not to equate classical liberalism with socialism and communism. Because you somehow managed to do both those in your post above. And then... when I call you on that, you act like I'm trying to do the first one...

 

[Carmen813]

You didn't read the articles. This applies to banks that did not receive any money or that repaid all money in full.

If they received any TARP money, paid back or not, than I would be in favor of taxing them. Why? Because I'm a vindictive bastard. Also, maybe it will make them think twice about doing it again.
I'd like to see that money (and all money that is recovered from TARP) to go straight to paying off the loans we took out to pay for it (i.e., pay down the deficit). I'd also expect the tax to go away after all lost taxpayer assets are recuperated.

I suppose it could just end up screwing us again (taxpayers bailout banks, banks get taxed, banks pass on costs to taxpayers)...but maybe not.

If they didn't receive TARP money than I'm not in favor of taxing them.

Not sure where this particular stance would put me on the political spectrum, but I think its towards the middle. From what I've found about the bill Obama is proposing does the former and not the latter, so I don't really have a problem with it.

 

[Dulanic]

This is the most ass backwards crap I have ever heard from Obama. I voted for Obama.... NEVER again if he runs for reelection. I hate almost everything he has done. The health care bill, complete piece of shit. This tax? Come on now, even if the government get's some tax, it accomplishes nothing. I mean after all, who hasn't repaid TARP and other "loans"... hmmm auto... and AIG? Let's just list some examples of how the banks "took advantage" of the government. Oh and did I mention? It was the banks who BEGGED for this money right? That's why paulson and his morons PUSHED banks to take it, even the ones who didn't need any help.

The government has no buisness in any of this, they never should have done anything. The only big bank that MAY have failed was Citi. What would have happened? They would have went solvent, been split up by the FDIC, and then purchased by other companies in pieces. Horrible right? Yup, we get rid of the mega bank Citi, it costs the FDIC billions to handle. Oh no! I mean, who pays for FDIC? Oh that's right! The banks!

So what have the banks done with the TARP funds? For the most part repaid it WITH extra costs to the government.

BofA - Repaid all $45 billion with $2.45 billion in dividends to the government.
Chase - Repaid all $25 billion with ~$750 million in dividends to the government.
Citibank - Unsure of exact amount of TARP funds, has repaid at least $20 billion, paid ~$3 billion in dividends

What the banks who have repaid TARP do with their money is their business. This is not a socialist society, at least I didn't think it was. Do I agree with some of the bonuses that went out? Oh hell no, but that leaves the choice in the CONSUMER's hands. Don't use that company! Isn't that a great part about capitalism?

I blame the government for messing this whole thing up. Did they get repaid by the banks? Almost all have repaid. Oh wait what about auto makers? What happened there? Oh that's right they got a blank check and won't even end up repaying a lot of it due to the bankruptcy. Oh and then how much did we spend giving tax credits for new autos? Oh that's right, tax the banks, takes care of it all.

Screw you Obama, you have done NOTHING that you said you would and everything you said you wouldn't.

This message is brought to you by one pissed off democrat who can't stand Obama anymore.

 

[Craig234]

This is the most ass backwards crap I have ever heard from Obama. I voted for Obama.... NEVER again if he runs for reelection. I hate almost everything he has done. The health care bill, complete piece of shit. This tax? Come on now. Let's just list some examples of how the banks "took advantage" of the government. Oh and did I mention? It was the banks who BEGGED for this money right? That's why paulson and his morons PUSHED banks to take it, even the ones who didn't need any help.

The government has no buisness in any of this, they never should have done anything. The only big bank that MAY have failed was Citi. What would have happened? They would have went solvent, been split up by the FDIC, and then purchased by other companies in pieces. Horrible right? Yup, we get rid of the mega bank Citi, it costs the FDIC billions to handle. Oh no! I mean, who pays for FDIC? Oh that's right! The banks!

So what have the banks done with the TARP funds? For the most part repaid it WITH extra costs to the government.

BofA - Repaid all $45 billion with $2.45 billion in dividends to the government.
Chase - Repaid all $25 billion with ~$750 million in dividends to the government.
Citibank - Unsure of exact amount of TARP funds, has repaid at least $20 billion, paid ~$3 billion in dividends

What the banks who have repaid TARP do with their money is their business. This is not a socialist society, at least I didn't think it was. Do I agree with some of the bonuses that went out? Oh hell no, but that leaves the choice in the CONSUMER's hands. Don't use that company! Isn't that a great part about capitalism?

I blame the government for messing this whole thing up. Did they get repaid by the banks? Almost all have repaid. Oh wait what about auto makers? What happened there? Oh that's right they got a blank check and won't even end up repaying a lot of it due to the bankruptcy. Oh and then how much did we spend giving tax credits for new autos? Oh that's right, tax the banks, takes care of it all.

Screw you Obama, you have done NOTHING that you said you would and everything you said you wouldn't.

This message is brought to you by one pissed off democrat who can't stand Obama anymore.

The thing I see missnig in your post is something stopping Ovbama and the Democrats in their tracks from doing the things they said you you want: the Repblic obstructionism.

Their strategy is that if they can just stop any Democratic bills passing, and get the public furious, the public will blame th Democrats next election, not them. And it's working like a charm on you and some others.

They've been filibustering most important bills - the rate used to be 8% of major legislation, now it's the highest ever at 70% of major legislation.

I'm not saying Democrats are blameless, they're not at all, but you are missing the leading problem and playing into the hands of the people who aren't on your side.

The progressives have been trying to do those things. They've voted for some and lost. They've voted for others that passed the House and got killed in the Senate.

Democrats have been gutting their bills to try to get the 60 votes they shouldn't need but for Republican abuse.

Is the public going to hold Republicans accountable? They're betting they won't.

Your post suggest they're right.

 

[MotF Bane]

This is the most ass backwards crap I have ever heard from Obama. I voted for Obama.... NEVER again if he runs for reelection. I hate almost everything he has done. The health care bill, complete piece of shit. This tax? Come on now, even if the government get's some tax, it accomplishes nothing. I mean after all, who hasn't repaid TARP and other "loans"... hmmm auto... and AIG? Let's just list some examples of how the banks "took advantage" of the government. Oh and did I mention? It was the banks who BEGGED for this money right? That's why paulson and his morons PUSHED banks to take it, even the ones who didn't need any help.

The government has no buisness in any of this, they never should have done anything. The only big bank that MAY have failed was Citi. What would have happened? They would have went solvent, been split up by the FDIC, and then purchased by other companies in pieces. Horrible right? Yup, we get rid of the mega bank Citi, it costs the FDIC billions to handle. Oh no! I mean, who pays for FDIC? Oh that's right! The banks!

So what have the banks done with the TARP funds? For the most part repaid it WITH extra costs to the government.

BofA - Repaid all $45 billion with $2.45 billion in dividends to the government.
Chase - Repaid all $25 billion with ~$750 million in dividends to the government.
Citibank - Unsure of exact amount of TARP funds, has repaid at least $20 billion, paid ~$3 billion in dividends

What the banks who have repaid TARP do with their money is their business. This is not a socialist society, at least I didn't think it was. Do I agree with some of the bonuses that went out? Oh hell no, but that leaves the choice in the CONSUMER's hands. Don't use that company! Isn't that a great part about capitalism?

I blame the government for messing this whole thing up. Did they get repaid by the banks? Almost all have repaid. Oh wait what about auto makers? What happened there? Oh that's right they got a blank check and won't even end up repaying a lot of it due to the bankruptcy. Oh and then how much did we spend giving tax credits for new autos? Oh that's right, tax the banks, takes care of it all.

Screw you Obama, you have done NOTHING that you said you would and everything you said you wouldn't.

This message is brought to you by one pissed off democrat who can't stand Obama anymore.

He made promises, he lied... it's all just about getting into office. You want real change? Stop voting D or R.

 

[Dulanic]

The thing I see missnig in your post is something stopping Ovbama and the Democrats in their tracks from doing the things they said you you want: the Repblic obstructionism.

Their strategy is that if they can just stop any Democratic bills passing, and get the public furious, the public will blame th Democrats next election, not them. And it's working like a charm on you and some others.

They've been filibustering most important bills - the rate used to be 8% of major legislation, now it's the highest ever at 70% of major legislation.

I'm not saying Democrats are blameless, they're not at all, but you are missing the leading problem and playing into the hands of the people who aren't on your side.

The progressives have been trying to do those things. They've voted for some and lost. They've voted for others that passed the House and got killed in the Senate.

Democrats have been gutting their bills to try to get the 60 votes they shouldn't need but for Republican abuse.

Is the public going to hold Republicans accountable? They're betting they won't.

Your post suggest they're right.

Trust me when I say that you're not right. I know all to well what the morons on the right have done too. I know they will stop anything they can to screw with the democrats. I truly wish we didn't have 2 parties, but we do, and we know unless you could convince millions to change how they vote, nothing will ever change. I expect that. It is basically try to pick the lesser of evils. Unfortunately, anyone who is not democrat or republican will never be voted into the white house.

 

[MotF Bane]

Trust me when I say that you're not right. I know all to well what the morons on the right have done too. I know they will stop anything they can to screw with the democrats. I truly wish we didn't have 2 parties, but we do, and we know unless you could convince millions to change how they vote, nothing will ever change. I expect that. It is basically try to pick the lesser of evils. Unfortunately, anyone who is not democrat or republican will never be voted into the white house.

If you keep voting the lesser of two evils, then you're right, nothing will ever change. I, for one, will vote for the candidate I want to see in office, even if they cannot get there, rather than vote for someone I don't want to see in office at all. And perhaps someday, we will have a third party candidate who can win.

 

[Craig234]

Trust me when I say that you're not right.

I take your word for it. I was responding to the post. It's good to hear.

I know all to well what the morons on the right have done too. I know they will stop anything they can to screw with the democrats. I truly wish we didn't have 2 parties, but we do, and we know unless you could convince millions to change how they vote, nothing will ever change. I expect that. It is basically try to pick the lesser of evils. Unfortunately, anyone who is not democrat or republican will never be voted into the white house.

You understand the problem with the very uindertandable frustration of people turning into R votes.

This is why I'm posting repeatedly that the people who are doing the right thing are not the Republicans, and not the sellout Dems, but the progressive Dems. It's them or corruption.

It's a long shot but the alternative is more Bush-like government and bad policy with the public sold out.

 

[dmcowen674]

This message is brought to you by one pissed off democrat who can't stand Obama anymore.

(Joe Wilson) "You Lie"!!!

You never were a Democrat.

 

[Dulanic]

(Joe Wilson) "You Lie"!!!

You never were a Democrat.

True probably not. I may have voted Democrat, but I don't agree with all they say or do. That's OK, I have a real chance to screw Obama. I'm in MA and we have our special election to replace Kennedy. I'll prob end up voting republican. It's going to be a close race, and if they lose that spot nothing is getting passed. I don't want Obama to have his free run like he does right now, it's a very scary thought.

And not to mention the democrat put 0 effort into this election and she is a corrupt self serving bitch.

 

[MotF Bane]

(Joe Wilson) "You Lie"!!!

You never were a Democrat.

Then you never were either, since you voted for Bush, McOwned.

 

[woolfe9999]

Its nice to see a certain segment of the forum understands this. Too bad the hysterical Obama haters can't stop foaming long enough to think.

There is a free market in this country. If you have an acct at a 2B2F bank and they raise the rates on you, you have the ability to move your acct to another bank. That way the fees don't get passed to you. If they try to raise fees a lot, they see a lot of customers take their deposits, and their capitalization levels go down further.

Its a win-win. The banks are still making more money than they would have had they not been rescued, taxpayer gets our money back, and banks are punished for bad behavior w/o collapsing them all and dragging the country into a depression (aka the GOP Economic Rescue Plan of 2008.)
The only thing lacking in this is that the tax is not high enough to be a serious deterrent to mega-banks. $9B a yr is a drop in the bucket for these banks.

Exactly. The banks that will get hit with the tax have to compete with the banks who will not. Bank customers are traditionally very sensitive to bank charges and fees, and they can and do routinely switch to competitors for this reason alone. If this tax hit all the banks, then you could expect a pass through to customers, but not in this situation. The tax will probably hit the shareholders and the employee bonus/compensation about equally, with very little passed on the customers.

This idea is not a be-all end-all that is meant to solve any great problem. It is just a way get the taxpayer's money back from the TARP, and to ensure that the institutions responsible for the collapse foot that bill.

The irony is that the source of this idea that banks will pass the tax to customers is *lobbyists* for the banks themselves. It's what they are saying to argue that they shouldn't be taxed. This is the point source of this claim that is being propagated, and people don't even realize where it is coming from.

Populist anger and partisanship aside, I don't see *any* downside at all to this idea, and haven't read a single valid criticism of it in this thread.

- wolf

 

[hal2kilo]

The OP has "even more" in the title. Pray tell what tax has Obama already levied on the banks?

 

[hal2kilo]

The OP has "even more" in the title. Pray tell what tax has Obama already levied on the banks?

The silence is deafening.

 

[spidey07]

The OP has "even more" in the title. Pray tell what tax has Obama already levied on the banks?

The point is more than they are currently.

 

[hal2kilo]

The point is more than they are currently.

Is this the Obama Administration "they" or the previous administration "they".

 

[ciba]

There are no banks this size that did not receive TARP funds, and the only one so far that has actually repaid in full is Wells Fargo.

You are incorrect on both counts. My only questions is if you knew this before you posted, or if you're just making things up.

Hint:

Didn't receive tarp (a sample):
HSBC
MetLife
Hudson City Bancorp

Paid back TARP (a sample):
BB&T
US Bancorp
Northern Trust

 

[Darwin333]

Exactly. The banks that will get hit with the tax have to compete with the banks who will not. Bank customers are traditionally very sensitive to bank charges and fees, and they can and do routinely switch to competitors for this reason alone. If this tax hit all the banks, then you could expect a pass through to customers, but not in this situation. The tax will probably hit the shareholders and the employee bonus/compensation about equally, with very little passed on the customers.

This idea is not a be-all end-all that is meant to solve any great problem. It is just a way get the taxpayer's money back from the TARP, and to ensure that the institutions responsible for the collapse foot that bill.

The irony is that the source of this idea that banks will pass the tax to customers is *lobbyists* for the banks themselves. It's what they are saying to argue that they shouldn't be taxed. This is the point source of this claim that is being propagated, and people don't even realize where it is coming from.

Populist anger and partisanship aside, I don't see *any* downside at all to this idea, and haven't read a single valid criticism of it in this thread.

- wolf

And the fact that Obama has been basically on his knees blowing the bankers up until now is somehow dismissed or forgotten by you as well as the vast majority of others.

His actions have said that he has either been purchased by the banksters or he is just in love with them and is blowing them for the enjoyment.

His words, just like these words, might say otherwise but which is more important in your book?

FFS the housing credit alone is enough proof, it did nothing but hurt consumers but golly gee isn't it amazing how much it helped the banks? Besides the fact that house prices have not fallen far enough on their own, just wait until Turbo Tax Timmy's short sale program ramps up in a month or two and watch what home values do. That "free money" is gonna wind up being real expensive for a lot of folks but he was just trying to help them right?