Posted on 01/18/2010 4:35:03 AM PST by Desperado67
President Barack Obama has proposed a new tax on large financial institutions as a method to fully recover all of the TARP funds which the federal government has doled out since late 2008. In announcing this proposed tax, Obama made the emphatic statement, “We want our money back and we’re going to get it.”
The obvious absurdity, if not hypocrisy, of Obama’s statement and this new tax proposal is that most of the very companies targeted by the tax have already repaid all of their TARP funds. One big exception to that rule is AIG, which essentially has no chance of repaying its funds from TARP and likely would be unable to pay any of this new tax either.
According to The New York Times, under this tax proposal Citigroup would have to pay over $2 billion per year, JP Morgan Chase nearly $2 billion, Bank of American over $1.7 billion, Goldman Sachs nearly $1.2 billion and Morgan Stanley nearly $1 billion. All of those institutions have already repaid their TARP funds, so if any companies should be exempt from the new tax it would be them. Instead, they are not exceptions at all but rather the main targets of this tax proposal.
However, some glaring exemptions in the new tax proposal are General Motors and Chrysler, the union-controlled (and now union-owned) domestic automakers which received $13.4 billion and $4 billion in TARP funds, respectively. There is no secret (or transparency) about the reason for that exclusion – it is simply another payback to the unions for their support of Obama and the Democrats.
(Excerpt) Read more at examiner.com ...
CONTROL, CONTROL,CONTROL.
Obama wants to control. He is a fascist.
As I said most of the banks paid back their loans with interest.
But we’re on to him now. His is a COLOSSAL failed presidency.
Robbing Hood strikes again.
He's a narcissist and an ideologue, an unfortunately common combination in politicians. Obama, Pelosi, and other politicians like them, want to increase the importance of the federal government in part because is makes them more important.
If politicians, R and D, had a lick of common sense, there would have been no TARP in the first place.
Thank GWB and Hank Paulson, his Secretary of Goldman Sachs/Treasury, for that.
Obama and his Secretary of Goldman Sachs are awful, but this didn’t start with them.
Going back further, Clinton complained during his tenure that he wasn’t going to be “held hostage to some f*@?#»!g bond traders.” Of course, Secretary of GS Rubin disabused him of that fantasy.
There’s no getting around Proverbs 22:7, “The rich ruleth over the poor, and the borrower is servant to the lender.”
As the Feds run up the deficit, the American more and more subject to the rule of the rich, and less and less free.
As the Feds run up the deficit, the American people are more and more subject to the rule of the rich, and less and less free.
Yes, the sweep and extend of Obama’s move to control the individual choices made by every American in relation to their lives is astoouding. Ttalitarian method, Technoilogy makes it easy. The GPS location of each of our homes is now part of a US Cemsus data base, talen without any thought to the prohibition abgainst unreasonable search and seizure in out Bill of Rights. This is one mere example. They are legion.
Taxation is being designed to promote Unions and denigrate free enterprise and small business.The Department of Justice enacts policies prejudicail to white America and our national security,while Holder calls white America cowardly.Such raging ideology of carefully crafted, controlled administrative violence against America, all because the nation dared to risk electing a black man.We are sorely punished for it.Is this what it means to have a “black” president? I think not.America has been fooled and swindled.
Americans now revolt by using the ballot box. Let us hope and pray that the voting revolt is successful and spares America the necessity of one more civil war.
We will oust every one of him and his cadre of POS anti freedom nationalist socialists.
It can’t happen soon enough.
And then we destroy Fannie Freddie utterly and replace it with a highly regulated institution with NO political ties to Congress or the executive branch.Those asshaoles are to blame for ruining the world economy.And they are still at it.
AIG, which essentially has no chance of repaying its funds from TARP and likely would be unable to pay any of this new tax either. It’s called being owned,it’s all about control for the democrats.
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