Obama chides banks' "audacity" for fighting fee

Reuters ^ | January 16, 2010 | Alister Bull

[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.

[KTM rider]

barak Hussein is the most radical marxist in world history

[KTM rider]

he is not a dunce, he is doing all this damage deliberatly for a reason, which is ; demolish the system, and take control over it .

[Red Steel]

Just like the credit card companies did when Gooberment created new rules. What did the CC companies do? They greatly increased interest rates, et al.

[Nachum]

The list, ping

[vlad335]

This is just theater.

Agreed. Totally contrived since these are the democrat's biggest supporters. Just some smoke and mirrors playing the class envy game while givivg the banks a reason to increase fees and rates even higher. Then, more donations to the democrats. To think rank and file dems actually spout how their party is for "the little guy, the working man." The evidence is right in front of them but they refuse to see it.