Obama to tax banks even more

[woolfe9999]

Pre tax: I hate Obama, he's in the pocket of the bankers against us all! BAWWWW.

Post tax: I hate Obama, he's hurting the poor banks! BAWWWW.

The ultra right crazies like spidey and a few others in this thread will hate Obama no matter what he does. They are blinded by partisan hatred and there's nothing that's going to change it.

Yup that pretty much sums it up.

BTW, for those who are complaining that the banks paid everything back with interest and are now getting taxed, since apparently wall street is your new friend today, the bulk of the money not recovered under TARP was given to AIG, and from there it went out to these big banks. So no, in effect, the banks have not and will not pay back everything they were given under TARP without some sort of levy.

- wolf

 

[dmcowen674]

At least he's doing something.

Best of all he is pissing off the Republicans especially the OP

 

[feralkid]

Damn, I guess people will just have to switch to Credit Unions.

That's the smartest post of the day.

Thank you.





But wait...

Aren't Credit Unions by their very nature.....SOCIALIST?


Oh my God, the humanity! (Oh wait, that's rather socialistic, too).

 

[werepossum]

It's unfortunate for those who received no funds but of those who did, imo you made a deal with the devil you're his bitch now. You said at the time you'd be fvcked without the money, you got it, too bad you are now owned. I will shed no tear for these banks.

This is true. Government, like the mafia, is always the dominant partner in any business endeavor.

 

[senseamp]

Good, until AIG bailout is repaid with interest, they should be taxed.

 

[Patranus]

I guess Obama's economic philosophy is trickle down poverty.

 

[Robor]

Pre tax: I hate Obama, he's in the pocket of the bankers against us all! BAWWWW.

Post tax: I hate Obama, he's hurting the poor banks! BAWWWW.

The ultra right crazies like spidey and a few others in this thread will hate Obama no matter what he does. They are blinded by partisan hatred and there's nothing that's going to change it.

Exactly. It's pointless to debate/argue with this logic...

Again, this applies to banks that didn't receive a cent or repaid it all as well. It is a purposeful effort to harm our economy even more.

Yeah, that's the plan. That will definitely get Obama re-elected. As crazy as that sounds I know people in real life who actually believe this crap.

 

[werepossum]

I guess Obama's economic philosophy is trickle down poverty.

LOL! Obamanism for all!

 

[Robor]

I guess Obama's economic philosophy is trickle down poverty.

Reganomics! :awe:

 

[Darwin333]

Even if I as a successful bank did not receive nor want any TARP money? You don't TAX banks just as they're starting to get their head outta water unless you want to purposefully, willfully and intentionally harm them.

Come on, lets cut the bullshit. So far Obama has been bought and paid for by the big banks. He may talk a little shit in public but he has litterally sold out the public in order for the banks to profit. This is nothing but bullshit to make people think he is fighting the elites. If there was any way to positively prove it I would bet my house that he came up with this plan to save face with the banks.

Who did the housing credit really benefit? Amazing how the treasury program that is going to dump a huge number of short sales on the market right after the credit ends is kept quiet isn't it? What do you suppose those short sales will do to home values? If you just got an $8K credit only to see your house lose $20K (or more, potentially much more) in value, did those that gave you the $8K do you a favor?

This is smoke and mirrors again. Why do all of you keep falling for it?

 

[Darwin333]

Pre tax: I hate Obama, he's in the pocket of the bankers against us all! BAWWWW.

Post tax: I hate Obama, he's hurting the poor banks! BAWWWW.

The ultra right crazies like spidey and a few others in this thread will hate Obama no matter what he does. They are blinded by partisan hatred and there's nothing that's going to change it.

Ironic isn't it? The reality of the situation is much worse than what they are screaming about. Plain and simply they have been manipulated, something that Obama has so far done quite well. As long as Obama is out to "get" the banks he can't possibly be in the pocket of the banks...

 

[senseamp]

There was more to it than TARP, AIG money needs to be repaid too.
These banks would have gotten hosed if it wasn't for AIG bailouts, which they proceeded to distribute as bonuses. This has to be repaid in full.

 

[ebaycj]

The whole thing seems like a populist move. According to Bloomberg, this will amount to an extra 90 billion dollars over a minimum of 10 years. I think they are just throwing the dogs a bone.

I would much rather time be spent eliminating these banks altogether. What can be done to create a more competitive market with many smaller players (if this is possible at all)? We can we do to combat regulatory capture? How do we prevent such a massive principal-agent problem and subsequent systemic failure in the future?

I'm rather indifferent to the tax when I think about much larger systemic problems.

I'd also like to see a lot of politicians (on both sides), executives, and newly minted criminals (fraud was rampant) thrown in jail or at least heavily fined. I will probably never see this though.

Break the big guys up (ala AT&T).

Create a new 10% tax on Mergers and acquisitions where one (or both) of the banks is over a certain size (assets under management, or some other relevant metric).

Big (qualifying) bank is paying $500M for a small bank? Nope, they are now paying $550M ($500M + $50M in tax).

Small (non-qualifying) bank is paying $10M for another small bank? OK they pay $10M (no tax).

Two big banks ($10B mkt cap, and $2B mkt cap) want to merge? Merged company pays $200M in tax.

All taxes go straight to national debt.

Give them incentive not to merge/acquire, without preventing them from being able to merge/acquire.

 

[StageLeft]

This is smoke and mirrors again. Why do all of you keep falling for it?

I think it is smoke and mirrors, too.

 

[Fear No Evil]

Obama is a smart guy (Perhaps the smartest to ever live) - Do people really think he's dumb enough to think that by taxing the banks they will just give up their profits? Of course not.. He knows they will just pass it on to the poor and middle class, and he will get the tax increase he wants on them without having to break his promise. He knows exactly what he's doing.

Obama: I am going to tax you banks(wink wink, nudge nudge) for all your bad behavior..

Banks: Ohhh! Yeah.. Bad us! Yeah, we'll pay those taxes Mr. President.. (Behind the scenes we got interest rates going up, fees going up, etc.) There! That showed us!

Poor and Middle Class: WTF? Why am I paying $60 when I overdrew my account by 3 cents and $5 every time I want to use a teller, and $3 every time I want to use an ATM? Why can't I seem to afford as much anymore? Hey! But at least Obama isn't increasing our taxes!

 

[spidey07]

Obama is a smart guy (Perhaps the smartest to ever live) - Do people really think he's dumb enough to think that by taxing the banks they will just give up their profits? Of course not.. He knows they will just pass it on to the poor and middle class, and he will get the tax increase he wants on them without having to break his promise. He knows exactly what he's doing.

Obama: I am going to tax you banks(wink wink, nudge nudge) for all your bad behavior..

Banks: Ohhh! Yeah.. Bad us! Yeah, we'll pay those taxes Mr. President.. (Behind the scenes we got interest rates going up, fees going up, etc.) There! That showed us!

Poor and Middle Class: WTF? Why am I paying $60 when I overdrew my account by 3 cents and $5 every time I want to use a teller, and $3 every time I want to use an ATM? Why can't I seem to afford as much anymore? Hey! But at least Obama isn't increasing our taxes!

Didn't you listen to his historic speech and moment to explain this economic killer? He pleaded to banks to pay for this tax out of the "obscene" bonuses of high income earner employees instead of consumers.

Banks will say - "FUCK YOU OBAMA! FUCK YOU!" You already limited our compensation and now you're taxing us, time to give you the middle finger.

 

[Vic]

I thought the banks were back to being so profitable as to pay record bonuses again?

Careful, you'll make spidey's head asplode.

But yes, the more-or-less express purpose of this tax is to punish the "too big to fail" banks, give the smaller banks an advantage, and thus encourage the "too big to fail" banks to split up and once again become small enough to fail.

I don't see the problem with this, or understand why, after trillions in bailout to "too big to fail" banks, anyone else would.

 

[spidey07]

Careful, you'll make spidey's head asplode.

But yes, the more-or-less express purpose of this tax is to punish the "too big to fail" banks, give the smaller banks an advantage, and thus encourage the "too big to fail" banks to split up and once again become small enough to fail.

I don't see the problem with this, or understand why, after trillions in bailout to "too big to fail" banks, anyone else would.

Once again, this tax is on banks that didn't receive TARP funds or already repayed it in full.

 

[Vic]

Once again, this tax is on banks that didn't receive TARP funds or already repayed it in full.

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.

 

[Bitek]

Careful, you'll make spidey's head asplode.

But yes, the more-or-less express purpose of this tax is to punish the "too big to fail" banks, give the smaller banks an advantage, and thus encourage the "too big to fail" banks to split up and once again become small enough to fail.

I don't see the problem with this, or understand why, after trillions in bailout to "too big to fail" banks, anyone else would.

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.

 

[Pneumothorax]

$9B a yr is a drop in the bucket for these banks.

Fine, tax these fsckers at $9 billion a month. Let's see the bonuses flow, everyone will be jumping to a local credit union quick.

 

[Zorkorist]

He bails out the banks (screw the people) and taxes the banks (screw the people).

Classic liberalism, socialism, comunism.

Conservative thought, would have let the banks fail, and we wouldn't be in the situation we are today. We'd only have screwed the people once... instead of over, and over, and over again.

Health Care, anyone? No one?

-John

 

[Vic]

He bails out the banks (screw the people) and taxes the banks (screw the people).

Classic liberalism, socialism, comunism.

Conservative thought, would have let the banks fail, and we wouldn't be in the situation we are today. We'd only have screwed the people once... instead of over, and over, and over again.

Health Care, anyone? No one?

-John

If the banks had failed, the only thing today's 'conservatives' would be doing is blaming the govt for letting the banks fail.

And please do not equate classical conservative thought with what passes for conservatism today while equating classical liberalism with socialism and communism. That's just... ridiculous.

 

[extra]

Awwww, those pooooooor banks. They are suffering so much. This is an outrage!!! lolololol. Should be taxing them 10x as much as he's proposing.

I love it: giving them our money "helping to save the economy, if we don't do it omg the world will end"... taxing them: "oh god, it's going to destroy the industry, the government is stealing from the banks!"

lol. God people are retarded.

 

[Zorkorist]

If the banks had failed, the only thing today's 'conservatives' would be doing is blaming the govt for letting the banks fail.

And please do not equate classical conservative thought with what passes for conservatism today while equating classical liberalism with socialism and communism. That's just... ridiculous.

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