Thursday, January 14, 2010

Obama's Grand Scheme "Tax You to Punish Banks"



How many of you fell for Obama's attempt to silence the outrage coming from all sides of the political spectrum with his Financial Transaction Fee plan??

"The new tax will be levied against bank assets. The banks will pay a tax of 0.15% of their total assets minus their deposits, high-quality assets such as common stock and retained earnings.

Any financial institution that received TARP money or government guarantees of their debt and has $50 billion in total assets will be taxed.

The new tax exempts General Motors and Chrysler. The administration says this exemption is fair because those companies collapsed by the financial crisis it blames on banks. That’s a bunch of baloney. The real reason is we are already stuck paying for them. Hooray no Triple Dipping right now the
$68.5 billion already lost by the Taxpayers on this exemption and the Half Trillion lost on Fannie and Freddie will do for a
while.

This is wrong on so many levels, it's hard to know where to begin. Let's start with a point made by Jamie Dimon, CEO at JP Morgan Chase:

"Using tax policy to punish people is a bad idea...All businesses tend to pass their costs on to customers."

Exactly. But don't worry, the Administration thought of that. They have a plan: But by imposing the tax on only the largest firms, government officials said, they hope to protect consumers. Firms that raised prices would give smaller rivals a competitive advantage, creating an incentive for companies instead to swallow the cost, potentially by reducing employee pay.

Oh, now I see.

You can read the Article by John Stossel titled "I Will Tax You to Punish the Banks" in full here but I wanted to stop it right there to make a point. The point being this is a Joke and once again the Joke is on us because as you can see Obama's favorite banker just told you right out YOU will pay for it.

Who in their right mind would believe the Banksters will take it out of there bonus's? Remember Dirty Dodd's plan to limit the interest payments on Credit Cards and how that worked out? Fee's as high as 79%. He gave his contributors (the financial sector) plenty of time to implement the higher fee's before the law goes into effect helping them by further ensuring less competition for lower rates. Usury used to be illegal in America before the Democrats changed all that.

"Usury used to be illegal in the United States but it was "decriminalized" in 1980--the dawn of financial deregulation. A Democratic president and Congress repealed all interest-rate controls and the federal law prohibiting usury. Thirty years later, American society is permeated with usurious practices--credit cards charging 30 percent and higher, subprime mortgages and other forms of predatory lending, the notorious "payday" loans that charge desperate working people an effective interest rate of 500 percent or more. Businesses, especially smaller firms, are also prey to usury in less direct ways."

Thanks but no thanks I know Obama said his biggest accomplishment was the bank bailouts but he can Keep the Change for the Worse! As one of the banksters said when they were called for the Fat Cat Bankers meeting by Obama....

"It's a p.r. stunt," says an executive at one of the banks that will be getting a dressing-down at the White House meeting"

While it may be a "p.r. stunt to the banks" it will be real money to you.



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