This qualifies as a Daily Crime. We must do everything legally possible to stop the Obama Redistributive Nightmare. I think it is time for those Americans that still have accounts at the big banks to think about moving your money to a community bank. Send a message to the biggest banks that we did not like them almost collapsing our economy, and a message to this administration that their continued redistribution of wealth by forcing us to pay higher fees so that those risky banks can pay us back is ludicrous, and criminal.
The president, who said his resolve in recouping taxpayer funds has been stiffened by reports of “obscene bonuses,” formally unveiled his plan for a new tax on large financial firms. The tax, which the White House calls a “Financial Crisis Responsibility Fee,” is expected to raise $117 billion over about 12 years, and $90 billion over the next 10 years. Around 60% of the revenue will come from the 10 largest financial firms.
If approved by lawmakers, the fee would go into effect June 30 and last at least 10 years. It would amount to 0.15% of total assets minus high-quality capital, such as common stock, and disclosed and retained earnings. Federal Deposit Insurance Corp.-covered deposits and insurance-policy reserves would be untaxed because such assets are already subject to federal fees, according to the White House. The tax would hit around 50 banks, insurance companies and large broker-dealers. Of those, about 35 would be U.S. companies and 10 to 15 would be U.S. subsidiaries of foreign financial firms.
How can Obama b*tch and complain about bonuses when he rewarded failure? What does he expect? TARP has given his administration a populist bully pulpit to hammer away at his redistributive change methodology.
Is it at all possible that you, as an American consumer with the power of the purse strings, might not want to play Bambi’s game anymore? Just look at Ford who is rising from the ashes, and received no government handouts.