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 ...
We cleaned house November 5, 2008 and we DON'T hire Democrats. We hire people who appreciate the benefits of capitalism.
then on Friday he will announce fees on top of the bank fees you know..
This needs to go viral to businesses.How can a business owner even think of hiring someone that votes against them?
Look around at businesses and look who they employ because they get them cheap and you will see what I mean.Starve the beast.
No, he took gubermint 401 where he learned that businesses launder tax increases on the public and the sheeple are too stupid to know they will ultimately pay the freight. "I didn't raise your taxes; I stuck it to those greedy bankers / doctors / wall street barons ..."
I have noticed that a double-take is needed lately at these financial meddling headlines to see if it’s us or Venezuela.
Gee, that’s great. The banks won’t feel it, but we will.
Idiot
“”Gee, that’s great. The banks won’t feel it, but we will.”
Obama knows this. He knows the banks won’t take the financial hit; we will. This is how he gets to tax the middle and lower class, through subterfuge, hoping we won’t figure it out. So, he looks like he isn’t taxing anyone but the rich, while he is really picking everyone else’s pockets. Politically very clever, isn’t it, and the dummies amongst us won’t figure it out. They’ll think their hero Obama is sticking it to the rich folk. What fools. And for those that do figure it out, we’re stuck with it, and have to hope that the demographics and/or the lack of brain power in this country hasn’t become so off kilter that we are all screwed.
An industry official said consideration of a levy now would be premature.
"Current law doesn't trigger this tax proposal for another four years," said Scott Talbott, chief lobbyist for the Financial Services Roundtable, an industry group for some of the largest financial firms.
"We look forward to seeing the details of the complexity of the formula, of who it's applied to and what the assessment is based on and when it is applied," he said.
Government officials have conceded that they don't expect to recoup billions in TARP money used to rescue insurance conglomerate American International Group Inc. and the auto industry. Banks have been repaying their infusions, in part to get out from under compensation limits imposed on the bailout recipients. Banks have also paid dividends from the government help.
The administration is projecting the losses to the government from the bailout program will be about $120 billion, most of it due to auto and AIG assistance.
Next, Obama will assess a substantial fee on Ford Motor Company to help pay for the losses the government incurred with General Motors and Chrysler.
Funny that we’ve heard nothing from those types of late. I want to know how the woman who went on TV saying how Obammy was going to pay her mortgage and car payment is getting along these days. If she has a bank account I wonder if she’ll be upset about all the new fees that will be attached to overdrawals?
We're really feeling it in our family, and I wonder just how long it will take the average, well-fed American masses to start feeling it?
I miscalculated the amount of a grocery purchase recently and asked the clerk to remove a couple of items. He looked at me like I was some kind of leper. But then, at 18 and living at home with his folks, he likely has no clue what's really going on. How long will it take people like him to realize what's already been taken from them?
...to recover Wall Street bailout shortfalls with a bank fee on the country's biggest financial firms... 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.That's nice, the Trouble Asset Relief Program might have losses, but it wouldn't have come into being but for the single party state agenda of the Demwits. Thanks Nachum.
“......you will not see your taxes increased a single dime......”
Can the man LIE anymore than he already does? =.=
“Funny that we’ve heard nothing from those types of late. I want to know how the woman who went on TV saying how Obammy was going to pay her mortgage and car payment is getting along these days. If she has a bank account I wonder if she’ll be upset about all the new fees that will be attached to overdrawals?”
Yeah, and wait till she she sees her paycheck since those Bush tax cuts went away this year. We get to start paying higher taxes in 2010. Haven’t got my check but noticed it in my husband’s military retired pay. Pretty soon there won’t be anything left.
See Obama did not lie ((truly he did stretch the truth),I will not raise a single dime for taxes. The tax will be multiples of 10. George Soros is telling him what to do, devalue the American Dollar, devalue the American Currency -He achieved this through killing the Sterling Pound in Great Britain. Look what Chavez just did in Venezula devalued the currency.
The Socialists of the World are striving to unite. The New World Order is striving to put into place, maybe 2010. Takes about 5 years for socialism to be achieved in any country when it is devalued of Capitalism.
China is taking over the world as chief exporter, chief money lender and chief money launderer. Obama has bowed to the Chinese, Japanese and the Arabs. Islamofascism is coming to America
Actually the ones who would be in charge of getting to the bottom of it are the ones who created the mess in the first place: Barney Frank and Chris Dodd.
Oh, the banks will feel it. They’ll be fined for not complying.
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