Obama confident bank tax plan will pass Congress
President Barack Obama expressed confidence Saturday that lawmakers would approve his proposed tax on banks to recover bailout money, despite opposition from Republicans and the financial industry.
"Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," he said, using his weekly radio and Internet addresses to promote the plan he announced this past week.
"The very same firms reaping billions of dollars in profits, and reportedly handing out more money in bonuses and compensation than ever before in history, are now pleading poverty. It's a sight to see."
If banks can afford to pay out all those bonuses, he said, then they can repay taxpayers, too.
Link in next post.
Obama challenged those who say banks can't afford the tax without passing the costs on to shareholders and customers.
"That's hard to believe when there are reports that Wall Street is going to hand out more money in bonuses and compensation just this year than the cost of this fee over the next 10 years," he said. "If the big financial firms can afford massive bonuses, they can afford to pay back the American people."
I for one am happy to see our leader going after Wall Street to give back to Main St. I knew this would be ignored here though.
Answer by NightPhoenix at 11:09 AM on Jan. 16, 2010
Answer by SaraP1989 at 11:10 AM on Jan. 16, 2010
Answer by mancosmomma at 11:12 AM on Jan. 16, 2010
move your money to smaller community banks, If possible, pay off your credit cards and CUT THEM UP!
Answer by sweet-a-kins at 11:14 AM on Jan. 16, 2010
Answer by Bezu at 11:17 AM on Jan. 16, 2010
Answer by stacymomof2 at 11:20 AM on Jan. 16, 2010
Why don't I hear people complaining that the banks are charging the consumers for the cost of these bonuses, but they are flipping out about the fees the Gov is trying to get as being charged back to them.
Because you're not listening?
Answer by NotPanicking at 11:29 AM on Jan. 16, 2010
Thanks for posting this NightP. I'm happy to see him demanding accountability.
Answer by SRiveroC at 11:30 AM on Jan. 16, 2010
Answer by mancosmomma at 11:30 AM on Jan. 16, 2010
Answer by Anonymous at 11:45 AM on Jan. 16, 2010