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 ...
BTTT
Fees. Pass on to you and I.
The list, ping
Gee....who gets the bill Obammy....You are so out of here in 2012.
I wonder who is going to pay those fees? Women and children hardest hit!
In his normal fashion, he is going to charge the banks that made sound decisions for the losses of the ones that didn’t. Equal outcomes regardless of choices, it’s the communist way.
And of course we get to pay it.I’m really getting tired of this crap.Dont employ democraps ever again.
not just fees passed on.... the more money we have in savings/checkings...the more we will pay.
closing account 2morrow.
wonder if credit unions will be affected
Of cuss! Why would the Rats want it to be any cheaper for financially struggling Americans to bank? That would make too much sense.
So banks that acted responsibly are going to pay for the banks that did not... And that’s going to make the banks that acted responsibly more healthy... Not... And the bottom line is we, the customers, are really the ones that are going to pay all the fees...
FOB.
My first thought is that the Bank of America is one of the 40 Dow Jones Industrials, so how will “the market” react, insofar as it is a market anymore. Things are really out of kilter now, it seems to me.
Have you noticed that the DOW very faithfully tracks, without exception that I’ve seen in recent weeks, the Euro? Maybe not in exact proportion, but if the Euro is up against the dollar, the DOW is up without fail. I know there are explanations for this, but they reside in the sloshing too and fro of money, and have nothing to do with industry, per se.
im taking mine out and buying gold and silver asap.
wonder how many banks will fail this year...this month.
This just can't keep going on. Light skinned, dark black or lily white Obama is a financial idiot and no one with a brain can question that.
My Bank (Virginia National) never took TARP funds. God Bless them for their foresight. When/if they ever go public, their IPO will be the first to perhaps signal the banking boom akin to that of the early 90s.
He must have flunked econ 101. Businesses are not taxpayers. They are tax collectors. Everyone who uses a bank will be paying this, rich guys and poor guys all the same and on top of all the other hidden taxes.
That’s great because 99.99 percent of the idiots in America will chortle in glee in the misguided belief that Obama just stuck it to those big nasty rich Jewish bankers... Simpletons won’t even notice the new and creative ways that the banks will recoup the money. Lets see, increased overdraft penalties (wonder who that will hurt the most), ATM charges, wire transfer charges, automatic payroll charges etc. We live amongst a a whole herd of poltroons.
Wouldn’t this be a decision Congress makes? The Prez just giving commands now???
At some point, yes. Inflation will nail all of us. Obama, like Hillary, is an ignorant socialist. He is neither brilliant or articulate as some were led to believe.
Pardon me, but where does this dumbass think the money comes from? Or does he care? I guess he thinks if you’ve got money in the bank you ‘should’ be punished anyway.
Yeah, the idiots in this country will think this is designed to make Wall Street take it in the shin.
Considering the current crop in there this should give you concern. Nancy Pelosi comes to mind.
Same as before: it has to go to committee, specifically banking. This idiot pResident just makes up crap to shove down Americans throats.
He doesn't even know where his own ass comes from. He's just movin' on up.
Another “fee” to be passed on to the middle class....Pay attention America. When your bank charges you more fees, thank Barack “Barry” Hussien Obama Jr.-Sotero-Obama
I wish that people would understand that this is really voters with no principles voting for people with no principles.
Principled people are accountable and hold others accountable. Neither is in play in the Democratic party. They are neither accountable nor do they hold the responsible people accountable.
Oh he knows EXACTLY where this money is going to come from, that is the whole idea. Destroy the private sector is his plan
What authority does he have to do this?
Welcome to FreeRepublic, and thanks for telling me what you will do with your money. ;)
It is hard to calm down. There are so many things, in so many threads that I want to say....but know that I should not.
US Constitution, Article 1, Section 7, Clause 1: “All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.”
So, exactly where does it say in the Constitution of the United States of America, that the Executive Office of the President can create a FEE, indistinguishable from a TAX, to be applied to raise revenues to pay for anything???
He has no authority. Congress holds on to the purse strings.
Something about unreasonable search and seizure, eh?
Cheers!
Right. Even the fools who think they’re getting free “Obama Money” will be paying for this.
I guess Obama doesn’t think the 30% plus rates we pay for credit these days is enough.
What an a.h.
We cleaned house November 5, 2008 and we DON'T hire Democrats. We hire people who appreciate the benefits of capitalism.
then on Friday he will announce fees on top of the bank fees you know..
This needs to go viral to businesses.How can a business owner even think of hiring someone that votes against them?
Look around at businesses and look who they employ because they get them cheap and you will see what I mean.Starve the beast.
No, he took gubermint 401 where he learned that businesses launder tax increases on the public and the sheeple are too stupid to know they will ultimately pay the freight. "I didn't raise your taxes; I stuck it to those greedy bankers / doctors / wall street barons ..."
I have noticed that a double-take is needed lately at these financial meddling headlines to see if it’s us or Venezuela.
Gee, that’s great. The banks won’t feel it, but we will.
Idiot
“”Gee, that’s great. The banks won’t feel it, but we will.”
Obama knows this. He knows the banks won’t take the financial hit; we will. This is how he gets to tax the middle and lower class, through subterfuge, hoping we won’t figure it out. So, he looks like he isn’t taxing anyone but the rich, while he is really picking everyone else’s pockets. Politically very clever, isn’t it, and the dummies amongst us won’t figure it out. They’ll think their hero Obama is sticking it to the rich folk. What fools. And for those that do figure it out, we’re stuck with it, and have to hope that the demographics and/or the lack of brain power in this country hasn’t become so off kilter that we are all screwed.
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