Obama wants to tax banks

[BlueRooster]

Obama is like a psycho girlfriend. Me just makes it up as he goes. Creating drama wherever it suits him. I read that he implied that the auto companies biggest problems were mostly the big banks fault...simply amazing. Many were forced to accept the money and already paid it back with interest. He still blames everyone else but himself.

[fastd]

Let's see if Ex cares about some facts; he said according to what he has read, he hasn't seen that banks have paid back TARP. A 2 minute internet search provided the answer:

According to the AP, $247 billlion of TARP funds have been given to more than 700 banks. Of that $162 billion has been repaid and $11 billion has been paid in interest and dividends. Of the top six banks, only Citibank (which the government now owns) still owes (they borrowed $45 billion and have repaid $20 billion).

FYI, $70 billion went to AIG; $66 billion to the auto companies and are not expected to be fully repaid.

[Excaliber]

Many were forced to accept the money and already paid it back with interest.

Out of 700 banks, how many have paid Johnny back, children?

[Tommy]

Originally Posted by Excaliber

Out of 700 banks, how many have paid Johnny back, children?

I don't have a clue where you found a reference to "700 banks" as it relates to TARP. For some facts on the matter, I suggest this: http://en.wikipedia.org/wiki/Trouble...m#Participants

P.S. The condescending attitude doesn't help your case.

[Ralphy]

Bailout Recipients Updated: Jan 13, 2010
http://bailout.propublica.org/main/list/index

Companies That Have Refunded Bailout Money
http://bailout.propublica.org/main/list/refunds


Total Actually Invested or Loaned:
$331,668,631,451

Total Returned:
$143,113,379,000

[bomelia]

You guys who are in favor of taxing the banks are (said with love) fools.

All you are doing is ensuring that you will pay more for everything in the future. All costs are passed on eventually. Economics (in my book) is not a zero-sum game, but its always funded (eventually) by the individual. Who else? (even if Obama says they will not pass it on)

So, tax the banks. Tax the corporate failures. Tax tax tax tax tax them all. In the end, YOU pay the tax. And people smarter than you (oddly, the politicians) laugh all the way to the bank while you feel better that the big bad corporate machine paid more taxes (which they passed onto you in ways you do not understand). Phuck me, the more I think about it, the more I feel like we really do exist in a Matrix.

Mike

[bomelia]

You want to know why we will never have a flat tax or fair tax system? It's because of this stuff we are seeing now. If there were such a system, government would not be able to control you like they do now (hiding individual taxation under corporate guises). Federal & State taxation as experienced by the individual now extends from January to April or early May. Total taxation (hidden taxes, fees, etc) extends that to late September. Under Obama, this could go as far as November. Thats right. 1-2 months out of the year is YOUR money. This is what you get to spend or save however you like.

In 1900, Tax Freedom Day was Jan 22.

Anytime you say Yay for taxes because it is on somebody else, you fool yourself. Because eventually, it falls on you.

Dumbasses.

[Ralphy]

Take from the rich give to the poor. Problem with most voters. They don't know it doesn't work Bomelia.

[fastd]

This is the AP story that I found in the Star Tribune regarding the 700 banks:

http://www.startribune.com/business/...KArks:DCiUUUUr

[Excaliber]

Yup, condescending, guilty as charged!

Come on man, the tone of this thread suggests that MOST if not ALL the banks have paid back the TARP money. That is simply not true, I don't know how else to say it.

If Johnny loaned 700 banks X number of dollars and got back Y number of dollars how much is Johnny still due? It's way simple math.

Every number posted in this thread points back to the same conclusion, the MAJORITY of banks STILL owe the Government TARP money.

I'm not addressing the best way to recover the funds, just saying there ARE funds that could be collected!

[bomelia]

"It is wrong," said Republican Judd Gregg in a statement today, "to propose to use the taxing authority of the government in a manner that is arbitrary, punitive, and targeted on a single group of people who they have deemed as having acted improperly." While not calling it "unconstitutional," Gregg's words seem to align with the sentiments in the Constitution. Addressing Congress directly it says, "No Bill of Attainder or ex post facto Law shall be passed." (Article 1, Sec 9.)

It is friggin unconstitutional to levy taxes on these banks.

[mdmull]

Constitution? Get with it man - it's a living document. Those old rich white men in the 1700's didn't know beans. None of that limited government, personal freedom stuff works anymore.

[bomelia]

If Americans ewere suddenly given back all of the liberty that they have lost due to the growth of government, they would be shocked.

How do you boil a frog in water? Slowly.

[BlueRooster]

Out of the 700 banks that got TARP money, which ones will be forced to pay this Tax/Fee?

The answer is-the largest of the 700. Of which many were forced to take and already paid it back. The auto companies should not get a free ride. Or AIG.

[bomelia]

Democrats=tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax tax

Prove me wrong. Do a nexus search using "tax" and "congress", etc.

[Excaliber]

Of which many were forced to take and already paid it back.

I think the "count" of those 700 banks is up around "6" that have paid back the loan in full. Not exactly "many", but were getting there.

Forced to take the loan I think is a little miss leading. The choice was fairly straight forward, risk letting them go broke or secure them to secure the US economy. Some banks were left to go broke, others were secured to stabilze the National economy.

I guess the other option was to simply let nature take it's course. Let AIG fail, let GM fail, let Wall St. fail. The best economic minds under two administrations, Bush and Obama, laid out a plan to do what they thought was best for the National economy. Of course they are all idiots and anyone of us here on the forum could have done a much better job.

[fastd]

Ex,

How is your (and your fellow Democrats) blind acceptance of all of these government policies not akin to the facism you so blithely warn Republicans of because they support free market Capitalism? The government has changed 200 year (actually more) of bankruptcy law, now owns Citibank, GM and AIG, and you are a little cheesed off because some people are questioning these moves? You said "the best minds" ("under two administrations" is very misleading) have laid out a plan? That is supposed to give us comfort? You said yourself that you don't trust politicians to do the right thing, and now you feed us this line?

You said that you "think the count of those 700 banks is up to around 6". You thought it was "1" until someone else referred to one bank that paid (BofA, I think); I told you that 5 or 6 of the largest banks have paid the loan; so you think is it 6 only because you (mis)read something here but you obviously did not do the research; so let me help you.

As of September 30, 2009 the number is 39 (more than 50% of the proceeds of been repaid, with interest. By the way, I am not defending the program - I would just like (you) to get the facts straight). To me, the weakness of your arguments are underscored by the lack of credibility when it comes to these number you pull from the air). Below is the link to the government report, go to page 16 is you are interested :

http://www.treas.gov/press/releases/OSF%20AFR%2009.pdf

[Excaliber]

Not MY fellow Democrats, I'm an independant. But I do in fact support many of the Demo's current plans however.

New count on the banks that have paid back. According to Fstd it is now up from 6 to 39 out of 700. Still FAR from "many" as MOST in this thread would like to believe.

You said "the best minds" ("under two administrations" is very misleading) have laid out a plan?

Let me help you out with that miss leading quote.

TWO ADMINISTRATIONS formulated a bail out plan, Bush and Obama. Nothing miss leading about it, that's a fact. Bush started TARP when he was still in office.
10/14/08 - Bush orders 7 major banks to accept an infusion of $250 billion taxpayer dollars. The banks involved are: Bank of America, J.P. Morgan Chase, CitiGroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of N.Y. Mellon, and State Street Bank.

Both Bush and Obama acted on the advice of the Nations best economic minds as to how to stabilze the economy. You can question it all you want, but I'll take their advice over the right wing radical tea leaf fools that think they have a better idea.

As the majority stake holder in a company you have the right to call the shots. That doesn't mean you "own" the company. In this case if you don't want the majority stake holder calling the shots the solution is simple: Buy 'em out. The Government is waiting, show me the money. Until then STFU and you will do business with the Gov.

fstd, perhaps you are the one who needs to do a little more research.

[Dan40]

RESEARCH:

Does anyone have links to:

Who the "700" TARP recipients are?

How much each received?

How much each has repaid?

I cannot find any of the 3 above questions.

I have found that only $368 Billion of the $700 was disbursed.

I have found that 42 companies have paid back partial to full amounts.

The largest number I have found referring to participants is 161. But that was nor stated as a total.

I have found references to "hundreds" but that is meaningless.

Here it is stated as 700. Is this an accurate number or did someone transpose $700 Billion to 700 companies?

Would appreciate links to accurate info.

[Ralphy]

I guess people have not seen my post. #25 Seems the most complete.

Originally Posted by Dan40

RESEARCH:

Does anyone have links to:

Who the "700" TARP recipients are?

Bailout Recipients Updated: Jan 13, 2010
http://bailout.propublica.org/main/list/index

Companies That Have Refunded Bailout Money
http://bailout.propublica.org/main/list/refunds

764 received bailout $$$$$$$$
58 have refunded not counting the ones in proses.


Total Actually Invested or Loaned:
$331,668,631,451

Total Returned:
$143,113,379,000