President Obama to Big Banks: “We Want Our Money Back”

If Obama were really interested in getting our mopney back, he would fire Geithner, etc and appoint people who really care about our country such as Paul Krugman and Robert Reich.
Obama is just pretending to be mad at the banks.

-If Obama were really interested in getting our mopney back, he would fire Geithner, etc and appoint people who really care about our country such as Paul Krugman and Robert Reich.-
Where’s Dodd when ya need him?!

GSEs caused this. There are other less important factors, but ultimately government intervention into the free market removed the risks that banks used to undertake when loaning money. Barney Frank and Chris Dodd were chief architects of this debacle. I encourage folks to listen to speeches given by Ron Paul on the house floor back in 2002 and 2003 concerning Fannie and Freddie.

I’d like our money back from the UAW and AIG too. When is Obama going to get up on that soapbox?

How can we get our money back from the
auto companies? How can we get our money
back from those committing fraud in
the medicare system which acknowledged
just this week is in the billions. How
can the taxpayers be reimbursed the
bonus’s from the exec’s at Fannie and
Freddie who manage a deeply flawed
program. How can we get our money back
from the government officials made a
holiday of it by taking themselves and
their families to Copenhagen for
the Global Warming summit which was a
total waste of time and money and
charged it as business. If we are going
to ask how taxpayers get their money
back you better be asking more than
the bankers.

“Some critics of the proposal have suggested that banks will simply pass that tax onto consumers”
Yes, and if they do that the top 50 largest financial institutions in the nation will lose customers to the top 75-50th largest financial institutions and the too big to fail problem solves itself.
This fee approach is a text book market-based approach to removing the competitive distortion that exists since too-big-to-fail banks get special insurance for free. Make them pay for their insurance and if their customers can’t bear the cost pass through, they’ll leave and that’s the invisible hand fixing the system right there.
First becoming rabid defenders of every cent of Medicare funding wasteful or not, and now firing economically ignorant soundbites against removing an enormous market distortion (making the biggest banks pay the value of their taxpayer insurance policy)… I guess Republicans hope to win by becoming the worst of what the Democrats used to be.

Face it, the American people elected an anti-freedom, anti-business, anti-capitalism person as President and stacked the Congress to be his partner. This Administration and Congress do not understand even the most basic principles of economics. We are experiencing the biggest intrusion into our private lives in the history of the country and the biggest perversion of our economic system as well. Obama is pointing us to a future of stagnation. Obama is the worst president in a half a century. He is going against the will of the people and his vow of transparency and non-partisanship have turned out to be outright lies. VOTE THEM OUT!!!

Real projects, real roads, real roofs, real bridges.
Trips to Copenhagen, Fannie Mae and Freddie Mac (and their bonuses), war spending…

Trips to Copenhagen, Fannie Mae and Freddie Mac (and their bonuses), war spending…
Nancy P | Jan 14, 2010 1:46:34 PM
Gee, I wonder why the RNC isn’t publicizing all this illegal stimulus spending? Did you not follow the discussion, or are you blatantly lying by claiming stimulus bill spending went to “war spending” or Freddie Mac bonuses?

Did you not follow the discussion, or are you blatantly lying by claiming stimulus bill spending went to “war spending” or Freddie Mac bonuses?
And how come GM and Chrysler aren’t mentioned?

What do they mean he wants his money back? If they get it all they are going to do is spend it on pork and not pay back the loan it came from. Practice what you preach Obama.

We want our money back too! From the failed stimulus, from ACORN, Fannie Mae, Freddie Mac. No, we want our country back!

If Obama were serious about any of his phony anger he would have placed the conditional safeguards in place before a penny of taxpayer money was given to these bungling fools…sorry the Government had regulations in place and chose not to enforce which allowed the banks to go haywire….”stupid is as stupid does”.
Ron Paul is right, this country needs a SERIOUS REVOLUTION to take back our country from a Government out of control!

Yeah, I agree with pauldia.Give us our country and our right to privacy back!You’ll get your money in 2012,just in time for your re-election campaign!

Finally, a responsible, sensible President. Thank goodness we dont have Bush around, especially during these hard times.

jhw539 is absolutely right. If my bank enacts any fees onto my account I will simply take my money else where.

Obama is simply playing off the populist anger over throwing tax money at the bank villians. It’s another show.

I’m waiting for Bank of America to screw around with my VISA credit card agreement which we pay off every month for the last 20 years. Go ahead, force me to go to the local community bank up the street.

Obama has to find some capitalist enterprise to “demonize”!! — Two years ago it was “big oil” — but you don’t hear about them anymore! — The with the healthcare reform it was “evil insurance”! — Now it’s “big banks”, and tomorrow it will somebody else (follow the Dem’s legislative emphaisis)!! — Demonizing some entity into the “rich” class has kept the uneducated and entitlement-driven folk holding on to the Dem’s coattails for decades — part of the “master plan”!!!

This started before Obama. In a free market economy, if a business runs itself poorly, they will eventually fold and new businesses arise to do the job better. It is ludicrous to bail out poorly run businesses in a free market economy, but that is exactly what we did. Why should the banks ever think that they should change their practices, when we foolishly bail them out when they screw up.

“jhw539 is absolutely right. If my bank enacts any fees onto my account I will simply take my money else where.”….
…
LOL, now that is funny.. go ahead move your Money to the other bank. I am not going to get into it here, because I do not have the time, nor does this Forum have the space. You better do a little bit more reading on how money gets moved from one bank to another, how banks lend to each other, and they charge each other fees and interest. YOU TRULY think you going to NOT help PAY THIS?? LOL, HAHAHA to you.

I am a Liberal that is fiscally conservative. No smart remarks are needed. I vote for President Obama and I agree that those that were given TARP funds should pay back their share with interest. That interest should be in alignhment with what they charge on their respective credit cards. This tax or fee should only be on those banks that received TARP money and NOT on those that were sound, responsible and did not accept these funds.
Regardless of the fact that GM and Chrysler went through bankruptcy they should not be protected from repaying their share with interest also!
Now for AIG and the others. AIG should be broken up, sold off and the government paid back immediately. How did AIG get away with lying to the SEC, Wall Street and shareholders when they had to be part of Sarbaes Oxley requirements. Why are companies not being charged under SOX for any violations in truthful reporting? This did not happen overnight but in Sept 2008 it sure felt like it did.

& we all know conservatives dont want this (just like the tax increases) becauase some how, someone informed them they are fiscally responsible (which is a lie.. look at the deficit after 2008) because they dont want it regulated. That would mean their cut would be less and that can’t happen!! Such greedy folks in the world but someone need to tax all these businesses that make all this money. It’s obvious they have used the American public for years and I feel they should have been taxing these big banks. I wish they could put a cap on how much some of these CEO’s make. You would think they would be more responsible and lessen some of their bonuses, but they wont because they are all greedy!!

No you can’t. Keep the CHANGE you filthy animals – Big Banks

Be a true American, RE-ELECT NO ONE!!!!

I can’t see the mirrors .. for all the smoke being blown about…

his approach to Iran is almost identical to the approach that Jimmy Carter took
____________________________________
You’re making the wrong comparison. What about the Bush administration approach?
On Bush’s watch Iran developed its secret nuclear facility. On Bush’s watch North Korea tested its first nuclear weapon. On Bush’s watch Bin Laden and al Qaeda escaped in Afghanistan.

Hey can I join a union? They are getting an exemption on paying taxes on cadillac health plans. Ahh good ole Rahm, not letting a crisis go to waste. Focus on Haiti and bad old banks and screw the general populace while no one is looking.(or news networks not covering it)

wjss75606 | Jan 14, 2010 4:54:24 PM
…Well, they had to repay all that money the union spendt getting Obama elected. A debt’s a debt, right?

OBOMA IS CORRECT. Do you know why real estate isn’t moving? It’s not because of a lack of buyers, it’s because the lenders don’t want to sell the properties. Lern about short sales. They are a nightmare and the banks rather keep REAL property, verses a lousy 1 or 2 year mortgage payment, when they hold on and sell it later. Regardless of what is happening today, the fact is that there will be almost 80 million boomers retiring in next several years. WE have a total of 300 million people living in this country, so real estate in the states that are hurt the most (warm states), are hurting even more because lenders want to hold on and sell it slowly. The loam modification is only buying people time before they foreclosure, because their value already is down, and the aggreement with the modification is that the owner cannot sell until it pays back a certain percentage to the bank, which means the owner is paying rent and unless values rise dramatically they will be upside down. It’s sickening to think that banks were the cause for our countries demise, yet they got bailout money. They promoted the negative mortgage loan which is what has destroyed people and even those who worked for banks. Everyne trusted the banks knew what they were doing, and the more successful one was the harder they fell. The banks were thiefs and were encouraged to stay in business are allowed to do short sales that never close, do loan modifications that will only get them richer and you say we have a socialist regime, or even a free trade economy. What we have is a country run by the banks, and who will bring all of us down, plus the government. We used to have a military run regime under Bush, and now we have a country run by the banks. How fun. I really feel free with the right to life, liberty and persuit of happiness. I’m just so happy right now I could crack my face. It was great to hand it all to the banks and to see Bush and Obama give the crooks what they wanted. What fools. I taught one had to have a political background to understand dangers we could face. I’m not sure anyone retained the lessons because we the people are no longer in charge, nor is your government. The banks are in charge and what you’ll see will be extreme poor and extreme rich, and soon you will be begging immigrants to care for the elderly as they retire, and soon we’ll be so desperate for their work and tax money so we can care for almost 80 million people and people listen to Limbaught and help him bring us down even more. Not a very fun country, and I for one no longer care to have the white picket fance and would rather rent. When you add your interest, taxes, insurance, plus 30 years you’ll pay ten times what your home is worth, plus your stuck and can’t move if you can’t sell the home, or for a job. Renting gives me the freedom, and much cheaper, yet it took buying a couple of homes and be screwed by banks yo learn that lesson. So much for analysts and economists who could tell the country was being screwed and still is.