GOOD MORNING FLINT!
01/16/2010
BY TERRY BANKERT
A Flint Family Law Lawyer sharing his opinion.
How can the troubles we face compare to to those in Hati?
But there are other issues.
In reading the news today I am appalled at the the “audacity” of the Republicans and their Banking Industry Leaders in their opposition of President Obamas “just demand” that the loans be repaid.
I agree when the president voiced our repulsion with the Banking Industry and its huge bonus. We agree Mr. President .....Collect every dime.
Collectively we should have little sympathy for the big financial institutions. Unchecked they will just take the money and run.
Who really knew what to do when the financial systems collapsed?
History taught us that when government did nothing earlier in the last century we ended up with the great depression.
So a bi-partisan bailout began.
So much for the free market nonsense we have been spoon fed by the FOX net work , Rush and the O man.
We did fear the taxpayer would never see this money again.
President Obama said “Many originally feared that most of the $700 billion in TARP money would be lost. But when my administration came into office, we put in place rigorous rules for accountability and transparency, which cut the cost of the bailout dramatically. “[5]
We agree with Obama’s pledge to get every dime back.
What Obama pledges is a fee payable over 10 years to get back our 90 Billion dollars. Good Job Mr. president. Only the really big banks will be affected.
We need the president to act quickly because these “sots” that run the biggest banks are getting ready to give billions in bonus to their friends and themselves.
This must be stopped.
But my leader President Obama sums up how I feel.
"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.[2]
The proposed 0.15 percent tax would last at least 10 years and generate about $90 billion over the decade, according to administration estimates. It would apply to about 50 of the nation's biggest banks, those with more than $50 billion in assets, and include many institutions that accepted no money from the $700 financial industry bailout.[4]
The Banks and the republican that have underpinned their failed economic policies must not take the money and run.
They must give us our money back.
Posted here by
Terry Bankert, citation on my blog
http://www.flintfamilylaw.com/
NOTES-----
THE AUDACITY OF A REPUBLICAN BANKERS GREED
Obama chides banks' "audacity" for fighting fee[2]
President Obama Vows to "Collect Every Dime" of Taxpayer Funds that Helped Big Banks[5]
A TOUGH OBAMA
Showing little sympathy for critics of his proposed fee on big financial institutions, President Barack Obama vowed to recover all the cash taxpayers spent on the Troubled Asset Relief Program, saying he won't let Wall Street "take the money and run." [1]
Many originally feared that most of the $700 billion in TARP money would be lost. But when my administration came into office, we put in place rigorous rules for accountability and transparency, which cut the cost of the bailout dramatically. [5]
We have now recovered most of the money we provided to the banks. That's good news, but as far as I'm concerned, it's not good enough. We want the taxpayers' money back, and we're going to collect every dime.[5]That is why, this week, I proposed a new fee on major financial firms to compensate the American people for the extraordinary assistance they provided to the financial industry. And the fee would be in place until the American taxpayer is made whole. [5]
Only the largest financial firms with more than $50 billion in assets will be affected, not community banks. And the bigger the firm - and the more debt it holds - the larger the fee. Because we are not only going to recover our money and help close our deficits; we are going to attack some of the banking practices that led to the crisis.[5]
GIVE YOUR BILLIONS TO THE TAX PAYERS
In his weekly radio address Saturday, Mr. Obama said the large banks that are gearing up to dole out billions in bonuses can afford to pay his planned "financial crisis responsibility fee," which is designed to generate $90 billion over 10 years. [1]
President Obama unveiled a plan Thursday for what he called a financial crisis responsibility fee that is designed to recoup taxpayer funds and reduce risk-taking at banks. It is expected to raise $90 billion over the next 10 years.[3]
"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.[2]
The proposed 0.15 percent tax would last at least 10 years and generate about $90 billion over the decade, according to administration estimates. It would apply to about 50 of the nation's biggest banks, those with more than $50 billion in assets, and include many institutions that accepted no money from the $700 financial industry bailout.[4]
Obama said that although the banks were facing a "crisis of their own creation," the "distasteful but necessary" taxpayer-funded bailout prevented an "even greater calamity for the country."[4]
Most of the banks have returned the money they borrowed, and Obama said that was "good news."[4]
EUROPE DOES NOT AGREE
European governments likely are cool toward the U.S. tax because of its potential impact on lending at a time of slow economic growth.
"I think it does make it less likely because I can't see a global-transaction tax without the U.S. joining it and, having gone down this route [of a tax on liabilities], the U.S. is probably less likely to add another tax," said John Hitchins, U.K. banking leader at PricewaterhouseCoopers LLP.[3]
POLITICIANS FOR SALE
"Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," Mr. Obama said. "The very same firms reaping billions of dollars in profits, and reportedly handing out more money in bonuses and compensation than ever before in history, are now pleading poverty." [1]
"It's a sight to see." [1]
Congress must approve the tax and that was not assured, given the immediate opposition from Republicans. Democrats also appeared in jeopardy of losing their 60-vote majority in the Senate, with Democrat Martha Coakley in an unexpectedly close race against Republican Scott Brown in Massachusetts to fill the seat held for decades by the late Democrat Edward M. Kennedy.[4]
Brown opposes Obama's bank tax. Obama was heading to Massachusetts on Sunday to campaign for Coakley.[4]
BANKS, PAY BACK THE AMERICAN TAXPAYER
The proposed tax, which must be okayed by Congress, has triggered stiff opposition from the banking sector. Opponents say it will hinder banks' ability to lend and unfairly saddle Wall Street with the cost of the auto-sector bailout. Many banks would be hit by the fee, even though they have already repaid their TARP funds. [1]
WE PROTECTED YOUR ILLUSIONARY FREE MAKET, PAY US BACK
But Mr. Obama said the criticism ignores the fact that the entire financial sector benefited not only from the bailout, but from government aid to #American International Group Inc. and homeowners, and the Federal Reserve's emergency measures. [1]
BUSINESS COMMUNITY UNFAIR TO THE AMERICAN TAXPAYER
STEELE WANTS THE REPUBLICAN BANKS TO STEAL THE MONEY
"And it ignores a far greater unfairness: sticking the American taxpayer with the bill," Mr. Obama said. [1]"President Obama's plans to institute a 'financial crisis responsibility fee' to recoup the bailout funds from major banks is nothing more than another tax on the American public," said Republican National Committee Chairman Michael Steele.[2]
But European governments indicated they wouldn't introduce similar taxes because they don't need to raise as much money, or will recoup taxpayer cash in other ways.
The U.K. Treasury said it is studying the U.S. government's plan but suggested it won't need such a tax because it expects to retrieve bailout money by selling the shares it owns in the banks it rescued.[3]
However, the government is considering the possibility of a global-transactions tax to raise funds for future crises.[3]
In Germany, a Finance Ministry spokesman said the government doesn't have any plans to impose a special levy on banks. But Chancellor Angela Merkel reiterated her support for the introduction of a global-transaction levy.[3]
Outlined this week, the bank fee will be included in the White House's fiscal 2011 budget, set for release next month. [1]
Linking the fee with his administration's goal of financial regulatory reform that it says is needed to prevent a repeat of the crisis, Democrat Obama also sought to channel public anger over the bailout toward the Republican Party.
"The industry has even joined forces with the opposition party to launch a massive lobbying campaign against common-sense rules to protect consumers and prevent another crisis," he said.[2]
=
[1]
http://online.wsj.com/article/SB10001424052748703959804575006550254834626.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond
[2]
http://www.reuters.com/article/idUSN1514552120100116?type=marketsNews
[3]
http://online.wsj.com/article/SB20001424052748704381604575005211928270140.html?mod=article-outset-box
[4]
http://abcnews.go.com/Business/wireStory?id=9578980
[5]
http://blogs.suntimes.com/sweet/2010/01/obama_in_weekly_address_we_wan.html
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