Obama seeking tax on biggest banks

[bytor2112]

My confusion is this:

Many firms were forced to take TARP money. Many firms attempted to repay TARP money and weren't allowed. Many firms have now repaid TARP money. SO, now we should tax them to "insure" that the "citizens" are repaid? Hmm. If I were a CEO or Board member from one of these firms I would.....simply pass the tax on to the consumer. Duh!!

How much is he taxing GM? Ooh....how about taxing countries that receive foreign aid and force them to pay back the billions we dole out to them, while thousands of Americans are being booted from their homes.....still.

GM, Chrysler, Freddie and Fannie are not being taxed and are not being forced to pay back TARP, yet most Wall Street firms have paid back and were forced to take the money to begin with. Flippin idiots.

Banks have been paying back their infusions. Any shortfall would probably come from money used to prop up AIG, to support GM and Chrysler through bankruptcy protection and to assist homeowners with their mortgages.

Edited January 14, 2010 by bytor2112

[NeuroTypical]

In a way, I'm mad, because of course this is a horrible thing and wrong and should be stopped and whatnot. In a way, I'm glad it's out there for everybody to see, because this is what happens when you let the gubment "help" private industry.

Yes, this is what is happening. This is what has always happened. This is what WILL happen on the next go-around when the gov. steps in to help a business.

I hope we can keep this in our brains past the usual 35 second short-term memory dump.

LM

[Moksha]

Many firms were forced to take TARP money.

You are right. It was a travesty how the goverment forced these banks into accepting these emergency tax dollars, when all they wanted to do what shut their doors and take a much needed vacation. What good is a golden parachute if one cannot open it?

These Men in Gray did not ask or want this corporate charity. All they wanted was to be left alone to pursue the sub-prime maket as they saw fit. But ohhhh nooooooo. Their arms were twisted till they turned blue and then they were forced to carry all that cash back to their offices.

Where was the humanity.

[jadams_4040]

My confusion is this:

Many firms were forced to take TARP money. Many firms attempted to repay TARP money and weren't allowed. Many firms have now repaid TARP money. SO, now we should tax them to "insure" that the "citizens" are repaid? Hmm. If I were a CEO or Board member from one of these firms I would.....simply pass the tax on to the consumer. Duh!!

How much is he taxing GM? Ooh....how about taxing countries that receive foreign aid and force them to pay back the billions we dole out to them, while thousands of Americans are being booted from their homes.....still.

GM, Chrysler, Freddie and Fannie are not being taxed and are not being forced to pay back TARP, yet most Wall Street firms have paid back and were forced to take the money to begin with. Flippin idiots.

let us not forget it was your good {and highly intelligent:D} freind george bush whom gave that money to the banks with absolutely no strings attached; now obama gets hell no matter what he does to try and straigten this mess out?

[Palerider]

let us not forget it was your good {and highly intelligent:D} freind george bush whom gave that money to the banks with absolutely no strings attached; now obama gets hell no matter what he does to try and straigten this mess out?

you mean the Obama mess.....

[bytor2112]

You are right. It was a travesty how the goverment forced these banks into accepting these emergency tax dollars, when all they wanted to do what shut their doors and take a much needed vacation. What good is a golden parachute if one cannot open it?

These Men in Gray did not ask or want this corporate charity. All they wanted was to be left alone to pursue the sub-prime maket as they saw fit. But ohhhh nooooooo. Their arms were twisted till they turned blue and then they were forced to carry all that cash back to their offices.

Where was the humanity.

Your logic is highly flawed and your blinded by the lies my friend. whatever.......

[miztrniceguy]

I still say the best bailout/stimulus would have been to divvy all that money up and give it to the public. It would have then been used to pay of credit card bill, mortgages, buy cars, etc. everyone would have won. The banks and automakers would still have all the money, it just would have gone thru our hands first.

[bytor2112]

let us not forget it was your good {and highly intelligent:D} freind george bush whom gave that money to the banks with absolutely no strings attached; now obama gets hell no matter what he does to try and straigten this mess out?

Huh?

Edited January 15, 2010 by bytor2112
rude....truthful..but rude.

[Just_A_Guy]

Bytor, I hear this thing about firms being forced to accept TARP money a lot, but can you point to any specific instances where this happened? Ford managed to avoid the auto bailout, IIRC.

[bytor2112]

Bytor, I hear this thing about firms being forced to accept TARP money a lot, but can you point to any specific instances where this happened? Ford managed to avoid the auto bailout, IIRC.

Ever since the U.S. government forced the top American banking institutions to take TARP money to prevent a total collapse of the banking industry, many have shifted focus to Goldman Sachs (GS) and the company’s next move with this cash. In October, Goldman was forced to take $10 billion of the TARP money. Top executives at Goldman spoke out about taking money, insisting that they did not need any assistance, but graciously accepted the government’s money to appease regulators and the markets.

More here....

[Maxel]

From Rules for Radicals, page 20:

"Force those in a bad spot to become indebted to you, and perpetuate that indebtedness by demanding they divert their assets elsewhere. When your debtors pay you back (or try to), get angry, ignore facts, strut and posture, make it very hard for them to pay up, and then levy taxes on them for being so irresponsible."