Results 1 to 10 of 10

Thread: White House reportedly mulls bank fee in budget

  1. #1
    Guru
    Binary_Digit's Avatar
    Join Date
    May 2005
    Last Seen
    01-09-18 @ 05:33 PM
    Gender
    Lean
    Libertarian
    Posts
    3,548

    White House reportedly mulls bank fee in budget

    The Obama administration is considering imposing a fee on banks to help recover some of taxpayers' costs of bailing banks out from the financial crisis

    Such a fee, which would likely be highly popular with taxpayers still angry at bankers who are preparing to reap huge bonuses, could be part of next month's budget. Exactly what form such a fee might take will be hotly discussed but it is unlikely to be a broad-based fee on transactions.

    Source

    Assuming Obama is serious about this, I think it's a terrific idea. Every penny of the bailout money should have been a loan with interest, not a handout. They should pay back every red cent they borrowed and then some.

  2. #2
    Sage

    Join Date
    May 2009
    Location
    USA
    Last Seen
    Today @ 12:17 AM
    Gender
    Lean
    Conservative
    Posts
    9,815

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by Binary_Digit View Post
    Assuming Obama is serious about this, I think it's a terrific idea. Every penny of the bailout money should have been a loan with interest, not a handout. They should pay back every red cent they borrowed and then some.
    The fees will just be passed on to us, so I'm not quite as estatic as you.

  3. #3
    Guru
    BWG's Avatar
    Join Date
    Jun 2005
    Location
    South Coast
    Last Seen
    Yesterday @ 06:02 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,218

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by buck View Post
    The fees will just be passed on to us, so I'm not quite as estatic as you.
    The trickle down theory that actually works.
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

  4. #4
    Norville Rogers
    Kernel Sanders's Avatar
    Join Date
    Jul 2008
    Location
    Pittsburgh, PA
    Last Seen
    07-23-12 @ 10:20 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,730

    Re: White House reportedly mulls bank fee in budget

    If such a fee had been a condition of recieving bailout money I would have supported it. It should not be levied after the fact. Indeed it should have been a loan with interest, but it wasn't. Going back and rewriting the law to make it so is wrong no matter how much popular support there would be.

  5. #5
    Girthless
    RightinNYC's Avatar
    Join Date
    Mar 2005
    Location
    New York, NY
    Last Seen
    01-23-11 @ 11:56 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    25,894

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by Binary_Digit View Post
    The Obama administration is considering imposing a fee on banks to help recover some of taxpayers' costs of bailing banks out from the financial crisis

    Such a fee, which would likely be highly popular with taxpayers still angry at bankers who are preparing to reap huge bonuses, could be part of next month's budget. Exactly what form such a fee might take will be hotly discussed but it is unlikely to be a broad-based fee on transactions.

    Source

    Assuming Obama is serious about this, I think it's a terrific idea. Every penny of the bailout money should have been a loan with interest, not a handout. They should pay back every red cent they borrowed and then some.
    It was and they did.

    The Treasury Department expects to recover all but $42 billion of the $370 billion it has lent to ailing companies since the financial crisis began last year, with the portion lent to banks actually showing a slight profit, according to a new Treasury report.

    ...

    The estimated $42 billion in losses is a net figure that accounts for some profits to offset the losses. The Treasury officials said the government had lost about $60 billion, roughly half to Chrysler and General Motors and the other half to the insurance giant American International Group.

    But the government is projecting a $19 billion profit and perhaps more on the $245 billion lent to banks, through interest, dividends and the sale of warrants the government received as collateral.
    The banks will have paid the government back in full, with a substantial profit to boot. If Obama proposes a special tax (which will obviously be passed on to consumers), it will be because of politics, not policy.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  6. #6
    Filmmaker Lawyer Patriot
    Harshaw's Avatar
    Join Date
    Oct 2005
    Last Seen
    Today @ 12:52 AM
    Lean
    Libertarian - Right
    Posts
    29,970

    Re: White House reportedly mulls bank fee in budget

    Not to mention that a few months ago, the government was refusing to let some of the banks pay back the loans.

    This fee is nothing more than a tax that the Administration thinks public anger will give them a pass for. Apparently it's working to some extent.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

  7. #7
    Guru
    Councilman's Avatar
    Join Date
    Apr 2009
    Location
    Riverside, County, CA.
    Last Seen
    11-04-11 @ 10:16 PM
    Gender
    Lean
    Conservative
    Posts
    4,454
    Blog Entries
    10

    Re: White House reportedly mulls bank fee in budget

    The attack on America by Obama and the rest of the Socialists/Communists requires they completely destroy the economy and they are well on their way. They know that raising taxes on business and individuals adds to the problems and tax cuts actually feed the economy and cause it grow as it did under Reagan.
    California and Socialist RINO Schwarzenegger is neck deep in the ruination of the State and he the rest of worthless people in Sacto. haven't done one smart thing in many years.

    If the people who can still read and think for themselves don't put an end to the Socialist/Communist agenda we will end up slaves like those behind the gates that claimed that work makes you free, or those poor millions Stalin put into gulags to die. We are headed that direction and the proof is all around us. Just look at the way the Liberals are ignoring the will of the people, and in the process telling us we are too stupid to know what is good for us.

    I tell you stop then while you can with a vote and your opinions before it does too far.

  8. #8
    Conservative Independent
    DarkWizard12's Avatar
    Join Date
    Sep 2007
    Location
    Tyler TX
    Last Seen
    Yesterday @ 09:04 AM
    Gender
    Lean
    Independent
    Posts
    7,571

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by Binary_Digit View Post
    The Obama administration is considering imposing a fee on banks to help recover some of taxpayers' costs of bailing banks out from the financial crisis

    Such a fee, which would likely be highly popular with taxpayers still angry at bankers who are preparing to reap huge bonuses, could be part of next month's budget. Exactly what form such a fee might take will be hotly discussed but it is unlikely to be a broad-based fee on transactions.

    Source

    Assuming Obama is serious about this, I think it's a terrific idea. Every penny of the bailout money should have been a loan with interest, not a handout. They should pay back every red cent they borrowed and then some.
    EDIT: NVM, I stand corrected.

    /subscribe.
    Last edited by DarkWizard12; 01-12-10 at 04:05 AM.

  9. #9
    Professor
    Dutch's Avatar
    Join Date
    Feb 2007
    Location
    Northern Arkansas
    Last Seen
    08-23-17 @ 09:19 PM
    Gender
    Lean
    Conservative
    Posts
    1,808

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by Kernel Sanders View Post
    If such a fee had been a condition of recieving bailout money I would have supported it. It should not be levied after the fact. Indeed it should have been a loan with interest, but it wasn't. Going back and rewriting the law to make it so is wrong no matter how much popular support there would be.
    Rising taxes will be a fact of life. It looks like we're going to have to pay for all that change.
    He has all the virtues I dislike and none of the vices I admire. ~ Winston Churchill

  10. #10
    Tavern Bartender
    #NeverOprah
    American's Avatar
    Join Date
    Mar 2006
    Location
    Virginia
    Last Seen
    Yesterday @ 02:52 PM
    Gender
    Lean
    Conservative
    Posts
    76,610

    Re: White House reportedly mulls bank fee in budget

    Quote Originally Posted by Binary_Digit View Post
    The Obama administration is considering imposing a fee on banks to help recover some of taxpayers' costs of bailing banks out from the financial crisis

    Such a fee, which would likely be highly popular with taxpayers still angry at bankers who are preparing to reap huge bonuses, could be part of next month's budget. Exactly what form such a fee might take will be hotly discussed but it is unlikely to be a broad-based fee on transactions.

    Source

    Assuming Obama is serious about this, I think it's a terrific idea. Every penny of the bailout money should have been a loan with interest, not a handout. They should pay back every red cent they borrowed and then some.
    Oh yeah, Einstein thinks that the banks will pay for the bailout! Does anyone question that we put a moron into the White House now??? We (taxpayers) paided for the bailout, and now we'll pay ourselves back with a tax that banks will pass on to us.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •