"Why, yes. I *DO* Believe You're Morons. ...
Why do would you ask? ...again?"
And who do you think will be paying those “fees”, Genius?
“My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at the very firms who owe their continued existence to the American people – who have not been made whole, and who continue to face real hardship in this recession,” said President Barack Obama. “That’s why I’m proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.”
The fee will be in place at least 10 years, but even longer if needed to pay back every penny of TARP. This will not be a cost borne by community banks or small firms; only the largest firms with more than $50 billion in assets will be affected. In fact, 60% of the revenue will come from the 10 largest financial firms.
Ah… Just another Marxist class war move, eh?
“We want our money back,” Obama said. “And we’re gonna get it."
What this “we” shiite, Wh... Buddy Boy?
the majority of the $700 billion in TARP money that was originally dished out has been recovered, though the program is still expected to cost taxpayers roughly $117 billion.
..."We’ve now recovered the majority of the funds provided to banks,” Obama said. “As far as I’m concerned however, that’s not good enough."
And what about the profits the Fed declared recently—the biggest in history? $52Bn?!? I still can’t figure how to track where, when, how,—or whether—those are being returned to the Treasury. Maybe via TurboTax?
“... the majority of the $700 billion in TARP money that was originally dished out has been recovered, ...”
Banks were required - or at least coerced - into taking those funds (mainly because they came with some big heavy strings). And the gummit offered it, banks didn’t ask for it.
Let’s examine his current Master Plan:
1. ““My commitment is to recover every single dime the American people are owed.”
2. The government will collect this money.
3. The People won’t see it. I’m absolutely certain I won’t see any dimes.
Federal reserve: $52 billion profit ... just a minute here - isn’t that an “obscene profit”?
Example: Wal-Mart declared a 3rd-quarter profit last year of $3.23 billion. Times 4 = $12.92 billion. Not a small chunk of change, but paltry compared to the Fed. And Wal-Mart actually sells real Stuff and employs real People.
Posted by ZZMike on 01/15/10 at 09:09 AM
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