Posted on 01/16/2010 3:34:14 AM PST by Cheap_Hessian
WASHINGTON (Reuters) - President Barack Obama on Saturday slammed Wall Street's "audacity" for fighting a bailout fee he wants to slap on financial firms and said his Republican opponents had sided with big banks.
With Obama's popularity hovering around 50 percent and congressional elections in November, the White House wants to cast itself alongside ordinary Americans while branding Republicans as the party for the rich.
"Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," Obama said in his weekly radio and Internet address.
"We're not going to let Wall Street take the money and run. We're going to pass this fee into law," Obama vowed after proposing a levy to raise up to $117 billion over the next 10 years to recoup projected losses on a taxpayer bank bailout.
A number of the banks have already repaid capital they received under the $700 billion bailout, called the Troubled Asset Relief Program, which was conceived in 2008 by Obama's predecessor, Republican George W Bush.
(Excerpt) Read more at reuters.com ...
The only reason 0bama could even get away with proposing this sort of lunacy is because his constituents are too stupid to understand that banks will just pass those fees right on down to their customers.
Bambi’s hiding his failure by posturing.
What a moron this president is.
All of the big banks except Citi have paid the taxpayers back IN FULL with interest. That includes the banks that didn’t want TARP funding, but were forced to take the money so as not to arouse suspicion.
These banks are also being forced to pay three years ahead their FDIC insurance premium payments, to get that fund solvent again.
I have a better idea. Why don’t you force the banks to recognize the bad loans on their books, taking the losses so they’re out of our system? And forcing their shareholders to bear them, which is how it’s usually done?
Oh wait, that’s right..we can’t do that, because the gov’t bought warrants for bank shares. And keeping the stock prices high ensures big bonuses for your buddies.
He turns my stomach with this fake populism shit.
This is just theater. When the press looks the other way, Brack will fold. How’s that Pay Czar working out lately?
Lesson #1 How to tax the American people without them knowing it!!
I would posit that most Obama supporters are on the government dole and don't care. No "skin in the game".
Spot-on! I’m sure the MSM has been telling the truth about this. Weasels all!
It seems every week I hear about more bank failures, so how healthy are they in general?
The big banks are in deep shit.
The policy is called “extend and pretend.” He’s been talking about it for months:
http://market-ticker.denninger.net/
Would that be like unions who curry favor actually and successfully stoppping Obamas new taxes (but only themselves). Apparently there it was OK to oppose Obama’s proposals.
Valerie Jarret said just before Zero announced this that it didn’t matter that the BANKS had paid back the money WITH interest. That in the fine print of Tarp, they not only were responsible for their own loans, BUT for any and ALL receipiants of Tarp Funds. Since the auto companies (other than Ford) will not pay back the bailout, the Banks become responsible for their share of the funds. READ THE FINE PRINT DID YA BANKS.
And the stupid taxpayers will get the fees (tax) passed to them via higher bank charges and fees.
So not only did the taxpayers fund the original bailout, we are now going to payfor the bailout twice. DOUBLE TAXATION.
One thing about Dums ONLY the taxpayers get screwed from their hairbrain schemes.
What started as a one time bailout is turning into yet another tax on the american people.
Zero thinks the American people are so dumb that they can’t figure out his bait and switch schemes.
Making an honest profit, however, is verboten...even "audacious"!
“Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect,” Obama said in his weekly radio and Internet address.
Sounds like something Hugo would say...
I detest the big banks which are mostly run by globalists. For example the CEO of JPMorganChase, Jamie Dimon, is a major supporter of BO. They also created a PAC to support BOs policies.
That said, BO is a bufooon who is working to destroy America.
“Sounds like something Hugo would say...”
My first thought as well.
Birds of a feather.
The destruction of America by a thousand cuts is right on track.
He is such a joke. Does he think we buy this nonsense? Maybe it makes the poll numbers go up but he and the banks are on the inside with each other and they both know it! It’s really just another tax on us.
Point. But you have to admit it'd be kinda fun to see these fees put on check-cashing transactions. :)
“We’re not going to let the banks take the money and run! WE’RE going to take the money and run!”
oBAMa
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