Posted on 07/17/2010 9:19:10 AM PDT by Libloather
Congress Should Take Up $90 Billion Bank Tax, Frank Says
By Alison Vekshin
Friday, July 16, 2010; 3:59 PM
Frank said Treasury Secretary Timothy F. Geithner had urged him not to look for bank fees, which Frank had sought to help pay for the legislation, because the administration plans a major push for a broader tax.
"I don't understand how members can say they're for reducing the deficit and then let Goldman Sachs and JPMorgan Chase off the hook entirely. They were the major beneficiaries of the intervention," Frank, the chairman of the House Financial Services Committee, said today in an interview on Bloomberg Television's "Political Capital With Al Hunt" airing this weekend.
Frank, a Massachusetts Democrat, also said he plans to begin writing legislation in September on a system to replace housing finance companies Fannie Mae and Freddie Mac.
The structure of Fannie Mae and Freddie Mac as companies with private shareholders that have a public mission "doesn't work," Frank said. Fannie Mae and Freddie Mac have been under federal conservatorship since September 2008 because of their losses.
"I'm more on the side now of trying to separate out this hybrid thing," Frank said. "I believe we should go out of here with a version of what's going to replace it."
(Excerpt) Read more at washingtonpost.com ...
Sure Barney (POS)
Take $90 Billion
Take $900 Billion
It still won’t balance your insane books ...................
If the GOP were smart they’d simply show a big picture of this freak under the caption ‘leave this clown in charge of the economy, vote democrat’.
Taking money out of the productive economy and diverting it into the resource incinerator known as government.
Someone needs to seriously, and I mean seriously, take Barney Frank behind the nearest woodshed and beat the living crap out of him. The SOB is stuck on sheer and utter idiocy.
..And underneath that facade lies infinite evil!
Barney Fwank should be sitting in jail for the next 100 years along with his partner in crime; Dodd.
Frank is right there; Fannie and Freddie should be dissolved and privatized.
The same big bad banks that they insisted on throwing money at 18 months ago to save them. Makes perfect sense to me....
Don’t worry the fees will be passed on to the consumer. Hee, hee, hee,,,Never trust a queer or a RAT.
Yeah, and the only reason he's saying it now is to try to stop the Repubs from using it against the Dems in the elections.
He has been dead against it for years, and refused to address it in the recent reform bill even though Repubs pressed hard for it.
NEVER say Barney Frank is right. He is ALWAYS on the wrong side and ALWAYS has an evil ulterior motive.
Three Republican Senators, Brown, Snowe & Collins, voted for the bad and ugly finance bill after the bank tax was removed. Now, the cheating Democrats want to enact the bank tax after getting the bill passed. Lucy and the football politics. Never think you can work with the Democrats on important and core issues. Only work with them on little stuff like national library day endorsements.
“Frank said Treasury Secretary Timothy F. Geithner had urged him not to look for bank fees”
Frank don’t get it. It wasn’t the shareholders, the depositors or other consumers at fault. It was the CEO’s and Board Members along with Washington that built the “House of Cards” Take the money out of their personal wealth.
But you know that’s not what he wants. He wants to make them entirely Government-run, owned and operated.
Agree. But with Frank’s reverse Midas touch. we’ll soon face something worse.
But wait, Barney! I thought there’s nothing wrong with Fannie and Freddie! Isn’t that what you kept telling us over and over again?
Think about how depraved Barney Frank’s district must be, even allowing for Massachusetts.
Barney is a pitcher, not a catcher. And he’s going to “pitch” at us again!
BOHICA!
In reality, it is a new tax representing $300 each for every man, woman and child in America. Does anybody seriously think any banker is going to take that kind of money out of his own pocket? If not, where do you think it is coming from?
... you guessed correctly!
Water board this moron and cart the babbling idiot off to Leavenworth.
The FDIC went through its $50 billion insurance account some time ago. The FDIC a few months ago, demanded and received $45 billion representing a 3 year advance premium payment from all the FDIC banks (over 8 thousand of them). The $45 billion is almost gone. Frank is acting on behalf of the FDIC to replenish the FDIC fund thru Congressional action, as Sheila Bair cannot replenish the FDIC insurance funds any further on FDIC authority.
The $90 billion Frank is asking Congress for, out of the member banks hides, is NOT ENOUGH. IT has been estimated by non-govt observers and analysts that anywhere from a thousand to 1800 banks will fail in the next couple of years. Frank should expose the severity of the problem and ask for $500 billion. Frank is understating the risk....again.
The FDIC has an admitted list of 700 “troubled” banks. These banks are probably, simply, insolvent NOW. The FDIC does NOT have the personnel (human resources in cultural Marxist terminology) to handle more than 4-5 a week on average. They have hundreds of banks in the waiting line right now (big govt. is all about waiting lines, and not all of it in healthcare related issues).
To quote Douglas Adams:
“a bunch of mindless jerks who will be the first against the wall when the revolution comes”
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