Obama Is Really Loosing It! Bank TAX!

http://www.reuters.com/article/idUSTRE65P0VP20100626


TORONTO
Sat Jun 26, 2010 7:51am EDT

TORONTO (Reuters) - President Barack Obama, fresh from a win on a sweeping overhaul of Wall Street regulations, on Saturday urged Congress to take up his proposal for a $90 billion, 10-year tax on banks as the next step in reform.



Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.

"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.

Obama, who is in Canada to attend gatherings with leaders of the world's biggest economies, also used the address to welcome a deal by congressional negotiators on a historic rewriting of U.S. financial regulations.

Obama hopes to tout the changes as a model for other countries at the Group of 20 summit on Saturday and Sunday.

"I hope we can build on the progress we made at last year's G20 summits by coordinating our global financial reform efforts to make sure a crisis like the one from which we are still recovering never happens again," he said.

The financial regulation package would set up a new financial consumer watchdog, create a protocol for dismantling troubled financial firms and mandate higher bank capital standards, with the aim of avoiding a repeat of the 2007-2009 financial meltdown.

The bill, marking the biggest changes to the financial regulatory structure since the 1930s, still needs final approval from both chambers of Congress.

Obama, who hopes to sign the legislation by July 4, urged Congress to push the bill "over the finish line."

With congressional elections looming in November, Obama hopes the financial reform and the bank tax idea will resonate with U.S. voters furious over Wall Street risk-taking that led to the financial meltdown and the worst recession in decades.

Some lawmakers have indicated they are receptive to the bank tax proposal but others have questioned whether it is fair to impose the tax on banks that have already repaid money from the Troubled Asset Relief Fund to make up for losses by American International Group Inc and General Motors.

Financial companies with more than $50 billion in assets and hedge funds with more than $10 billion in assets will be hit with the new levy upon enactment and lasting until 2020.

(Writing by Caren Bohan, Editing by Mario Di Simine)
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Some comments that really make sense:


Jun 26, 2010 8:00am EDTSo then the bank will just put a another fee on our banking services to compensate that.

NickinAround Report As Abusive
Jun 26, 2010 8:56am EDTAnother fee for us and one step closer to Americans getting used to international banking.

finneganG Report As Abusive
Jun 26, 2010 8:58am EDTTHE ONLY WAY FOR THE BANKS TO GET AWAY FROM THIS SOB IS HAVE ALL EMPLOYEES JOIN A UNION AS HE IS NOT TAXING UNIONS OR GENERAL MOTORS AND BANKS HAVE PAID THEIR TARP MONEY BACK AND THE TAXPAYERS MADE A PROFIT BUT UNIONS HAVE NOT ONLY NOT PAID MONEY BACK THE OTHER DAY A SENATOR FROM PA. SUBMITTED A BILL THAT TAXPAYERS TAKE OVER A 180 BILLION DOLLAR UNION PENSION PLANS THAT UNIONS CAN NOT PAY BENEFITS THEY PROMISED AS THEY MISMANAGED THE MONEY

Report As Abusive
Jun 26, 2010 9:07am EDTRepeat after me: “Tax and spend. Tax and spend. Tax and spend….”

SB52IA Report As Abusive
Jun 26, 2010 9:13am EDTI am surprised Obummer has not proposed taxing the oil gushing out of BP’s well. Taxes are the solution to everything else for this pathetic President.

Except for AIG, which was a closet bailout for Goldman, the U.S. MADE MONEY ON TARP. There is no cost to recoup. Perhaps the government should give a dividend to the banks it profited from, instead of taxing them. Dear God, please get me to 2012 so I can vote against this loser.

toeser Report As Abusive
Jun 26, 2010 9:16am EDTThe current financial overhaul has some interesting features. They violate the 4 & 5th amendment of the US Constitution.
They talked about Bush, but this moron takes the cake. Hi new name should be;
“Barrack Jimmy Carter Obama.
Get the fire extinguishers ready as this guy is going down in flames.

Quote :

"We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.

You have a problem with this? What do you want next....an apology to BP? Oh wait,the Republicans have already done that.