I am becoming more and more confident every day that the Obama admin is actually trying their hardest to keep the economy as shitty as possible. Which one of these jokers thought that it would be a good idea to raise fees on banks just as credit markets start to ease up a little bit. Either they are truly this stupid, and believe this is good policy, or they are deliberately trying to screw the country up as much as possible so everyone needs to live off the government I don't know which one is scarier.
Listen to John A. Allison IV, former CEO of BB&T Corporation, , starts at about 3:30: <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/7QmAzEsrtyo&hl=en_US&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/7QmAzEsrtyo&hl=en_US&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
There is no reference in the video to newly imposed fees as alluded to by the person who started this thread. Stossel is an idiot and he talks down to his audience. Listen to him do his Bobby Jindal at the opening of the video. In any event, Fox is nothing more than a long-playing infomercial for the Far Right. As with the bible, True Believers will read whatever they choose into Rand's bloated and poorly written two-dimensional cartoon novel. And speaking of her shrugging atlas, I think it would be refreshing if all the malcontents would pack their bags and go live on a secluded island somewhere where they can weave baskets and barter with one another. "Just do it!"
I would not be surprised. Punish the successful institutions that did not require TARP so that the money from the fees could be made from the huge shortfall that is on the government books from bailing out the screwups. Yet the screw ups who got the Tarp money are capable of paying huge bonuses yet it seems that no one mentions a special one time bonus fee to only TARP recipients. I would be on board if Obama says. "We will tax 60% of bonuses to anyone receiving more than 5K bonus if you work in an institution that received free tax payer money aka TARP" I have a problem with "We need to recover TARP so we will initiate a big ass fee to all Financial/Banking companies regardless" and they can pass that to the regular joe obviously by increasing fees on ATM withdrawals etc.. So this in essence is another bailout for a select group of individuals who received big fat bonuses at the expense of everyone once more. I guess this is change we can believe in
Few Spared Banks that have already repaid TARP capital will not be spared the fee, and nor will firms that got no TARP money to start with, but nevertheless benefited from the stability it brought to the U.S. economy, the official said.
Still Funny, Tragic And True How's this for apocalyptic literature. This was written by a pastor's wife in biblical prose as a commentary of current events. It is brilliant. "And it came to pass in the Age of Insanity that the people of the land called America , having lost their morals, their initiative, and their will to defend their liberties, chose as their Supreme Leader that person known as "The One." He emerged from the vapors with a message that had no meaning; but He hypnotized the people telling them, "I am sent to save you." My lack of experience, my questionable ethics, my monstrous ego, and my association with evil doers are of no consequence. I shall save you with hope and Change. Go, therefore, and proclaim throughout the land that he who preceded me is evil, that he has defiled the nation, and that all he has built must be destroyed. And the people rejoiced, for even though they knew not what "The One" would do, he had promised that it was good; and they believed. And "The One" said " We live in the greatest country in the world. Help me change everything about it!" And the people said, "Hallelujah! Change is good!" Then He said, "We are going to tax the rich fat-cats." And the people said "Sock it to them!" "And redistribute their wealth." And the people said, "Show us the money!" And the he said, âredistribution of wealth is good for everybody." And Joe the plumber asked, âAre you kidding me? You're going to steal my money and give it to the deadbeats??" And "The One" ridiculed and taunted him, and Joe's personal records were hacked and publicized. One lone reporter asked, "Isn't that Marxist policy?" And she was banished from the kingdom! Then a citizen asked, "With no foreign relations experience and having zero military experience or knowledge, how will you deal with radical terrorists?" And "The One" said, "Simple. I shall sit with them and talk with them and show them how nice we really are; and they will forget that they ever wanted to kill us all!" And the people said, "Hallelujah!! We are safe at last, and we can beat our weapons into free cars for the people!" Then "The One" said "I shall give 95% of you lower taxes." And one, lone voice said, "But 40% of us don't pay ANY taxes." So "The One" said, "Then I shall give you some of the taxes the fat-cats pay!" And the people said, "Hallelujah! Show us the money!" Then "The One" said, "I shall tax your Capital Gains when you sell your homes!" And the people yawned and the slumping housing market collapsed. And He said. "I shall mandate employer-funded health care for every worker and raise the minimum wage. And I shall give every person unlimited healthcare and medicine and transportation to the clinics." And the people said, "Give me some of that!" Then he said, "I shall penalize employers who ship jobs overseas." And the people said, "Where's my rebate check?" Then "The One" said, "I shall bankrupt the coal industry and electricity rates will skyrocket!" And the people said, "Coal is dirty, coal is evil, no more coal! But we don't care for that part about higher electric rates." So "The One" said, Not to worry. If your rebate isn't enough to cover your expenses, we shall bail you out. Just sign up with the ACORN and you troubles are over!" Then He said, "Illegal immigrants feel scorned and slighted. Let's grant them amnesty, Social Security, free education, free lunches, free medical care, bi-lingual signs and guaranteed housing..." And the people said, "Hallelujah!" and they made him king! And so it came to pass that employers, facing spiraling costs and ever-higher taxes, raised their prices and laid off workers. Others simply gave up and went out of business and the economy sank like unto a rock dropped from a cliff. The banking industry was destroyed. Manufacturing slowed to a crawl. And more of the people were without a means of support. Then "The One" said, "I am the "the One"- The Messiah - and I'm here to save you! We shall just print more money so everyone will have enough!" But our foreign trading partners said unto Him. "Wait a minute. Your dollar is not worth a pile of camel dung! You will have to pay more... And "The One" said, "Wait a minute. That is unfair!!" And the world said, "Neither are these other idiotic programs you have embraced. Lo, you have become a Socialist state and a second-rate power. Now you shall play by our rules!" And the people cried out, "Alas, alas!! What have we done?" But yea verily, it was too late. The people set upon The One and spat upon him and stoned him, and his name was dung. And the once mighty nation was no more; and the once proud people were without sustenance or shelter or hope. And the Change "The One" had given them was as like unto a poison that had destroyed them and like a whirlwind that consumed all that they had built. And the people beat their chests in despair and cried out in anguish, "give us back our nation and our pride and our hope!!" But it was too late, and their homeland was no more." You may think this a fairy tale, but it's not. It's happening RIGHT NOW P.S. -- Yeah, this is tragic, but maybe not too too funny; just true.
Clearly, Team Obama is all about punishing success and rewarding failure from a monetary standpoint. That is the core value of socialism. Banks did pay back the money, with interest, and now are being asked, for all pratical purposes to subsidize GM and other failing institutions. Make no mistake, I have no love for these bankers. However, they should not be paying fines at this point, they should be in f'n jail for what they did to begin with while creating this mess. It's all a game. Team Obama using this to extend their socialist idealogy, and the fat cats paying fines with OPM rather than doing jail time. The only losers in the game, John and Jane Public. Average Joe takes it up the ass again.
That's not socialism, it's laissez faire capitalism. Read the essay, "Obama's Big Sellout". http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout