Obama Questions the 'Audacity' of Those Who Say the Bank Fee Is Unfair

ABC ^ | 1/16/10 | -Sunlen Miller

[mgist]

Obama Questions the 'Audacity' of Those Who Say the Bank Fee Is Unfair

January 16, 2010 6:00 AM

In his weekly address, President Obama unloaded on critics of the bank fee, questioning how anyone could have the “audacity” to suggest his proposal is unfair.

“Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," he 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. It’s a sight to see.”

The president said the poverty plea is hard to believe when Wall Street banks are handing over more money in bonuses and compensation this year than the cost of the fee over the next 10 years. If they can afford that, they can afford to pay back the American taxpayers, the president said.

“Those who oppose this fee have also had the audacity to suggest that it is somehow unfair,“ President Obama continued, “that because these firms have already returned what they borrowed directly, their obligation is fulfilled. But this willfully ignores the fact that the entire industry benefited not only from the bailout, but from the assistance extended to AIG and homeowners, and from the many unprecedented emergency actions taken by the Federal Reserve, the FDIC and others to prevent a financial collapse. And it ignores a far greater unfairness: sticking the American taxpayer with the bill.”

The president said that this is unacceptable to him.

“We’re not going to let Wall Street take the money and run. We’re going to pass this fee into law,” the president said, pledging to work with Congress to get his proposal passed.

“After a very tough two years," he said, "after a crisis that has caused so much havoc, if there is one lesson that we can learn, it’s this: We cannot return to business as usual.”

[mgist]

“Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," Obama said.

Talk about the pot calling the kettle black. Like clock work Obama was giving sweet deals by "selling" federally seized banks to donors like Soros for pennies on the dollar. Included in the deals were FDIC gaurantees for bad loans and billions in Tarp funds.

The very same administration was handing out trillions of our children's money in "stimulus" and "tarp" bonuses to ensure industries become state owned.

Since Obama doesn't seem to care what the American people think. I assume he is reacting to our nervous creditors who are probably now on the verge of collapse.

China is next.

[manc]

why is it so hard for the left to understand basics.

If they put more taxes on companies then the companies pass it on to the consumer.
if they wan tot tax the more richer folks and I am not one infact I’m classed probably as peasant class right now then those richer types don’t create more jobs they do cut backs

is it so frigging hard for the to understand that.

So my banks gets more taxed so I get now more charges

yea that’s great, thanks lefty fools

[FlingWingFlyer]

The banks won’t be paying these “fees”. The customers (Us) will. BO is an incompetent, braindead ass. He is clueless as how to business and the world works. He should have been properly vetted before he was allowed to run for the presidency.

[dhs12345]

Plus isn’t it directed at ALL banks and not just the banks that received TARP money?

It is just another excuse for a tax.

[Tuscaloosa Goldfinch]

From what I heard the other day I had assumed he was just going to institute a new policy, sort of a "so shall it be written, so shall it be done" kind of a thing like he's been doing with the czars.

At least he plans to try to go through Congress, which after Tuesday, may be far less inclined to rubber stamp his brilliant ideas.

[jakota]

Obama is a punk who ought to go back to high school.

[stephenjohnbanker]

“Obama is a punk who ought to go back to high school.”

He never left.

[manc]

yes good point

[Faith]

I question the audacity of a president who thinks Americans shouldn’t be allowed to voice their own opinions.

[manc]

yes good point
why not get money off the unions and GM

ARF

[SkyDancer]

No concept of reality - doesn’t that idiot know banks pass on fees to us? I know that and I’m not even a street organizer or whatever the heck he was before ....

[blackbart.223]

"Obama is a punk who ought to go back to high school."

Or back to Indonesia where he belongs. He certainly doesn't belong in America.

[SuperLuminal]

Cartoon-Character Communist Caligula Alert!

[antiRepublicrat]

You take money from Big Gov, you are under the thumb of Big Gov.

I really don’t have any sympathy.

What makes me mad about this is Obama’s rhetoric about fairness and making these people pay for how they benefitted, while giving Fannie Mae and Freddie Mac a pass on the tax. That automatically negates any higher fairness reasoning.

[Red Boots]

You take money from Big Gov, you are under the thumb of Big Gov. I really don't have any sympathy.

Well, you should, because once the government can retroactively change any terms of contract, which is what they are doing here, no one is safe from their strong arm tactics.

Did your kid attend public school ? YOU took money from the government, and now, you owe. Did you accept a fed student loan? YOU took money from the government, now you get a new fee .

See how easy ?

[dhs12345]

Good question. Think I know the answer. :)

[LALALAW]

Life, Liberty & the Pursuit of Property nee Happiness. Bank profits are private property, and taxing them is taking them. It is not for the President, Congress or the Government to say any amount of profit from private endeavor is obscene. The Obama Government is obscene. He is a LIAR!. He swore to uphold the Constitution. He clearly was not competent to take an oath he so clearly does not understand.

[joethedrummer]

Yeah! How DARE we question MORE TAXES???

SHAME on us!

[traditional1]

"they can afford to pay back the American taxpayers"

What a lying asswipe this doofus is.

There's NO WAY that "taxpayers" will get a dime from this; only the "chosen ones", who are, for the most part, those who pay no taxes and then get rebates (so-called), FROM THE TAXPAYERS' STOLEN EARNINGS, which are re-distributed to the "needy".

I am so tired of this fleecing of the taxpayer to buy votes that I could puke. Just the same ol' "GET WHITEY" crap The Messiah is intent on.

[pepsi_junkie]

“Those who oppose this fee have also had the audacity to suggest that it is somehow unfair, that because these firms have already returned what they borrowed directly, their obligation is fulfilled. But this willfully ignores the fact that the entire industry benefited not only from the bailout, but from the assistance extended to AIG and homeowners, and from the many unprecedented emergency actions taken by the Federal Reserve, the FDIC and others to prevent a financial collapse. And it ignores a far greater unfairness: sticking the American taxpayer with the bill.”

Translation without the stirring eloquence of the dear leader: We bought those banks, just because they paid it back doesnt mean we don't still own them. Now we take our share, and forever more.