Posted on 01/12/2010 10:06:16 PM PST by Nachum
WASHINGTON (AP) - A senior administration official says President Barack Obama is ready to announce an administration plan to recover Wall Street bailout shortfalls with a bank fee on the country's biggest financial firms.
The announcement is expected Thursday. The official was not authorized to discuss the fee publicly.
The official said the fee would be designed to recoup as much as $120 billion. That's the most administration officials expect to lose from the government's $700 billion Troubled Asset Relief Program that bailed out banks, automakers and other financial firms.
(Excerpt) Read more at breitbart.com ...
Oh good, a fee and not a tax. Because adding an extra tax to an industry that is hurting financially would be stupid.
He means punishment, no?
Isn't this ex-post facto? Not that any kind of rule of law matters anymore.
Where are these fees called for in the TARP and bailouts?
Oh they're not in there?
See question 1.
..any fee could potentially be imposed on banks that have already repaid their TARP infusions in full.....
He won.
The Euro/S&P 500 pattern has been well documented since the March ‘09 bottom.
I don’t suppose he is thinking of seeking fees from GM or GMAC is he? What about Chrysler? Oh, I forgot...that would impact his union buddies.
Can we get Barack interested in a free trip to Alpha Centauri? We don’t have to tell him its one way until he’s on his way there.
When I was five, mom and I were at the checked out counter at a grocery store. Mom said she didn't have enough money. Smart me, chimed "go to the bank!".
Yes, I thought that one went to the bank when one had no more money. I didn't know about savings and checking accounts then and that one had to put money into them in order to take it out. I thought banks gave out money freely.
I figure zero has the same mentality at his age now.
What has led you to believe that he ever took an economics course?
how will you buy groceries with silver and gold?
I’m certain that once the TARP money is recovered, the bank fees will end. Nothing to worry about.
Frankly, I disagree. I think he has one strategy on his mind: Make the U.S. a socialist country. To that end he is using all the power of the presidency to take over the economy.
I don't think he even thinks about economics in the traditional sense. If he were to ever apply economics to his plan he would see, that in a few years, there would be no one left to pay for his programs. It's the one downfall of all socialists - they think that the capitalism they are cannibalizing can go on forever. Or, at least until they can "make socialism work this time".
The DJIA is fictional at this point.
It does track partially against the Euro because the Euro tracks partially against the dollar. So, what you are really seeing, is the DJIA tracking against the dollar.
Now, as you say, there is no rhyme or reason. Petroleum used to track very reliably against the dollar, but even that is not the case any longer (the dollar can go up and petroleum can go up to, but for some other reasons).
There is so much devaluing of currencies by other nations (Japan and China) that each currency is bouncing around like atoms in a metal being heated.
To make sense of it, we only need to look at the fundamentals:
Unemployment is over 17%
The subprime situation was not fixed.
The OptionARMs are due to reset.
Commercial real estate is tanking.
The key fundamentals of a Chinese boom are not there (electricity usage, businesses actually occupying those buildings they are erecting).
Tax revenues at the state and federal level are way, way down (so retail is not selling, despite the spin).
Commodities are soaring.
No one is buying US instruments (T-bills, bonds, and notes)
The unstimulating spending is going to have to be repaid.
I check the DJIA a few times a day when I need a laugh. No way should it be at 10,600. It’s been forced there by federal meddling for payola to the mega-banksters (Goldman, JPM, etc.) and is a better market for how much closer to the edge of the financial cliff we are twirling on tiptoes.
Well, we know that obama does not lie[ except when he is talking], thinking, or breathing.
I always have to go back to he was what the voters that the media refers to as “Americans” wanted.
I have heard tht there is “buyers remorse” among obama voters, but I have not personally seen it.
I have also heard that there are women who pick up men hitch hiking and rape them. I have not seen that either.
I, personally, believe the second one before /i would believe the first one. Because if they were stupid enough to vote for obama in the first place, they lack the mental abilities to form independent thoughts, which is necessary to changing one;s mind.
Maybe not, but it's there. I've seen it.
What are they doing with the HUGE profit the Fed just made?
If they are going to tax banks, does this include Freddie and Fannie, etc.?
B of A is our mortgage company...it was sold to them by a different company about a year ago. I wonder what impact this will have on us?
Since these are "fees" rather than taxes, BO will claim this doesn't raise taxes on the middle class. This should be a "read my lips" scandal.
Apart from bank fees, Obamacare, and crap and trade, how many ways is he trying to break his "no new taxes on the middle class" promise? I can't even remember all the destruction. This administration is Cloward-Piven on steroids.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.