Coffee and Markets: Obama’s Big New Bank Fee
by The New LedgerFor the past year, Francis Cianfrocca and Ben Domenech sat down every weekday morning to chat about politics, economics and the shifting global marketplace. For 2010, we’ll shift to recording once a week. We hope you don’t mind, and we’ll still jump in with an emergency episode or two if breaking news demands it. Thanks for listening, and welcome to today’s edition of Coffee and Markets, a weekly podcast from The New Ledger, brought to you by BigGovernment.com.
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Bloomberg: Obama to Announce Fee on Large Banks
TAPPER: On the fee for banks, without asking for any details,* how can you guarantee that this, that this fee, tax, levy, whatever it ends up being, is not passed on to consumers and they take another hit when it comes to Wall Street?
GIBBS: Yeah, well, look, obviously, Jake we’ll have a chance to go through the structure of this. The economic team has worked for quite some time on a structure that will ensure that what taxpayers gave to banks to ensure their safety and security, in a time of crisis, is paid back in full. And I can assure you that is one of the things the economic team has taken into account in the structure.
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25 Comments
I smell another crisis looming…
And if ANYONE thinks for one minute that the 'banks' are not going to pass on the 'costs' of TARP to the end consumer, then they are either a party-line liberal, or just generally incompetent and shouldn't be trusted with the luxury of credit to begin with…
http://apnews.myway.com/article/20100114/D9D7FIMG...
“Those firms – estimated to amount to about 50 institutions – would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back their government infusions.”
Thank you G.W. Bush for abandoning free market principles to save the free market. You gave Obama everything he needed to destroy it.
http://apnews.myway.com/article/20100114/D9D7FIMG...
“Those firms – estimated to amount to about 50 institutions – would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back their government infusions.”
Thank you G.W. Bush for abandoning free market principles to save the free market. You gave Obama everything he needed to destroy it.
ITS A BANK CUSTOMER TAX, THOSE ROTTEN, GREEDY FAT CATS MUST BE PUNISHED, SO WELL TAX THEIR ROTTEN, GREEDY AMERICAN PEOPLE. THAT WILL FIX THEM. OHH, A REPUTABLE ECONOMIST STATED 100S OF BANKS WILL FAIL THIS SPRING, WHAT SHOULD BE DONE- TAXES???. THE AMOUNT OF MONEY FROM THE TAX WILL BE SPENT IN LESS THAN AWEEK
Rober Gibbs is a jackass and that's a clear reflection of those above him.
Much as I loath this fee concept – if Obama is going to implement one, where's the fee on Fannie Mae and Freddie Mac, and Congress?
Of course there is another crisis coming. Obama knows exactly what he's doing, he's struggling for every excuse he can to nationalize as much of the economy as possible. Banks, they didn't get toxic asset relief, they had a hostile take over. And the small banks that knew better than letting government buy shares? They had not only no toxic asset relief but how many small banks were closed last year? Well over a hundred.
If Obama wanted to fix the problem, he would address the cause. The community redevelopment act.
It's not about raising money, you're right on. It's about focusing on the people Obama wants punished.
Anyone with money, that might be living off the funds he wants for his marxist dreams.
Shhhh…you're not supposed to mention Fannie or Freddie. Nothing to see there. Move along please, move along…
I just read from Heritage Foundation this morning that Obama's team is planning to exempt unions from the "cadillac" tax on healthcare plans by imposing a higher tax on dividend and capital gains. It will hit seniors the hardest! They are going to hit investors of all size and type hard as a pay-off to unions.
More "redistribution of wealth" you can be proud of!
I wondered what major bribe they gave the Unions to keep supporting the Health Care Reform bill.
Plus, blaming bankers now takes attention away from his dismal policies, dismal ratings, and the secret "healthcare" negotiations…
But but but – it sounds so to say you are going to stick it to that rich guy getting the bonuses! Why, Obama (the savior) valiantly rides in on the light toned horse and slaps on a giant fee to those evil doers and NEVER YOU MIND all those crazy "common sensers" try to shove down your throat the notion of YOUR having to … take it in the end.
Yeah, I thought it was pretty funny that in the same speech he was all puffed up about how he got most of the TARP back from those "Fat Cats" and then went into punishment mode.
The irony is that the ones that haven't and will not be paying back TARP are the likes of Fannie and Freddie… adn they will be the ones NOT subject to those charges.
Take a moment to appreciate that.
It does not stop there. Obama said himself he consults SEIU's Andy Stern before making any decisions.
I hope we will be able to right this ship.
We, the ultimate owners pay it every april 15th.
The only benefit of it is the following…. it disproportionately hurts larger banks….so it would encourage banks NOT to increase liabilities…while this hurts lending short run…it would skew some favor towards smaller banks thus increasing competition and thereby aiding in increased lending over the medium to long term….if implemented properly….
Gibbs always sounds like a manure salesman with a mouthfull of samples. Quick! Somebody check his breath.
I have a feeling that every time The Gibblet finishes a press briefing, he has an urgent need to take a shower…
So I saw the White House Gnome, Oompa Loompa Jarrett, this morning on Fox & Friends talking about this and they let it slide. Judge Andrew Napolitano shows up and says this whole mess is unconstitutional and will be uprooted, like healthscare. I would agree if our Constitution hadn't already been shredded by Bush and used as toilet paper by Benito Amilcare Andrea Mussolini Hussein Obama.
We're beyond screwed, folks.
mouthfull of samples…. HA!!!!
GREAT ARTICLE!
Another crisis looming?? YOU CAN BET YOUR LIFE ON IT AND MAY!
I'VE HEARD FROM A RELIABLE SOURCE THAT 2011 WILL BE THE BIGGEST YEAR OF ECONOMIC LOSS IN THE HISTORY OF AMERICA!!
I SEE NO REASON NOT TO BELIEVE THIS INFORMATION GIVEN IN THIS ARTICLE !
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Despite what anyone think, a french press is absolutely greater than any other style of coffee I’ve ever tried. If you have some of time, take a look over to the guide we’ve assembled at frenchpresshowto.com. Thanks for the article!
No matter what some people believe, a french press is absolutely greater than any other kind of coffee I’ve ever tested. If you have some of time, take a visit over to the guide we’ve written at frenchpresshowto.com. Thanks a lot for the post!
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