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 ...
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.
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