Today’s Q for O’s WH
EmailTAPPER: 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.
*(Gibbs had previously said he didn’t want to give details about the President’s announcement, scheduled for tomorrow.)
-jpt
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Economics is the study of unintended consequences.
Should be, anyways. Unfortunately most of the public doesn’t think past first consequences, which means politicians who almost always need public votes soon don’t either.
Idea: start a foundation to send a copy of “Economics in One Lesson” to every public high school social sciences teacher in America.
Posted by: David | January 13, 2010, 12:08 pm 12:08 pm
Of course it will come from the consumer. Unless the President gives banks access to his money printing press.
Posted by: Ira Meanwell | January 13, 2010, 12:08 pm 12:08 pm
The only money that Gov’t has comes from citizens, and the only money banks have is from it’s customers.
The fees, levies, fines, whatever, will be passed on to customers, make no mistake about it.
Effectively eliminating bonuses at TARP banks, coupled with draconian salary caps will drive needed talent away from TARP banks, prolonging the time needed to repay TARP loans, when TARP banks are taken over by executives, traders, others that couldn’t get a better job (one without salary/bonus caps).
Posted by: N2vip | January 13, 2010, 12:28 pm 12:28 pm
There is no such thing as a corporate or business tax. It all just gets put into the costs and passed on to the consumers.
In essence, the Obama administration is creating new fees for consumers to pay so they can pay themselves back?
And we thought 3 card monty was only played in Harlem.
Posted by: Aaron | January 13, 2010, 2:08 pm 2:08 pm
“There is no such thing as a corporate or business tax. It all just gets put into the costs and passed on to the consumers.”
Taxes are on profits there genius.
Posted by: Ryan C | January 13, 2010, 2:30 pm 2:30 pm
Posted by: Aaron | Jan 13, 2010 2:08:36 PM
Relax, Tim Geithner is working on this program. What could go wrong?
Posted by: GS Rulz | January 13, 2010, 2:34 pm 2:34 pm
So the Democrats intend to re-sell HC reform since it is such a disaster.
I wonder if they intend to re-sell Obama too.
I’m thinking there won’t be as many saps–er uh buyers, this time.
Posted by: larry | January 13, 2010, 2:34 pm 2:34 pm
Posted by: larry | Jan 13, 2010 2:34:53 PM
Larry,
Health Care i$ a profit if you have a certain plan. Plan$ are going to be taxed. $ee how ea$y?
Posted by: GS Rulz | January 13, 2010, 2:43 pm 2:43 pm
***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.***
Wait a minute. Just last week they were telling us they’re going to SPEND “repaid” TARP money on a new stimulus plan!
So, in essence, we’re going to pay bank fees which go to the government so they can brag about all the money THEY are spending to help us?! Sheesh.
Posted by: jeanne | January 13, 2010, 3:06 pm 3:06 pm
So, in essence, we’re going to pay bank fees which go to the government so they can brag about all the money THEY are spending to help us?
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Where did you think government money came from? And no, it doesn’t come from bank fees necessarily – it can be cut out of the million-dollar bonuses being dished out by the banks – which you seem not to care about. You’re paying those with your bank fees at the same time you’ve been propping up the banks with your tax dollars.
Posted by: tierra | January 13, 2010, 3:11 pm 3:11 pm
If I were a betting man I would bet that Fannie and Freddie were responsible for the bulk of this mess and we don’t hear any politician complaining about the unlimited bailout funds to those institutions. To add more insult to the taxpayers we don’t hear anyone stating the ridiculous salaries the heads of those two institutins received or the bonuses handed out by them. And you certainly don’t hear from any politicians the names of the board members who watched and allowed fannie and freddie guarantee these ridiculous loans that the banks made.
And while Politicians jump on these big bonus types they don’t really complain that a million dollar bonus to one person generates 500,000 in taxes to the Government.
This is just more of an increasing amount of charades being played by the politicians.
Posted by: david | January 13, 2010, 3:37 pm 3:37 pm
Posted by: jeanne | Jan 13, 2010 3:06:45 PM
Jeanne,
This is going to work out fine. I can understand why you’re upset, but this whole thing is working for me. Your money has certainly been a stimulation for me!
Posted by: GS Rulz | January 13, 2010, 3:37 pm 3:37 pm
If I were a betting man I would bet that Fannie and Freddie were responsible for the bulk of this mess and we don’t hear any politician complaining about the unlimited bailout funds to those institutions.
Barry = Bush. And yay for more war spending! And China keep that printing press running!
Posted by: Tsingtao | January 13, 2010, 3:39 pm 3:39 pm
In other words, he was caught with his pants down.LOL.
Posted by: Rick McDaniel | January 13, 2010, 4:03 pm 4:03 pm
They can’t. End of story.
Posted by: Chiara | January 13, 2010, 4:27 pm 4:27 pm
Obama and his liberal cronies based the entire campaign on lies and most Americans bought them.
With all the corruption in our U.S. government, hardworking taxpayers can’t trust Obama, his administration or the liberal members of Congress. Please know that we will all be taxed more by this administration.
They need to concentrate on unemployment, the economy and more important issues that affect us!
What happened to transparency and allowing us to review everything on TV? Why have some senators been offered perks for their individual states at the cost of all American taxpayers?
I may never vote for another Democrat!
Posted by: 1carolinaunc | January 13, 2010, 5:04 pm 5:04 pm
I guess we have to wait for the particulars, but Gibbs promised the bank bailouts would be “paid back in full…” Many of the large banks have paid back TARP (with dividends) so are they going to be charged on top of that? Looks like taxpayers were already “paid back in full,” by these companies, so why the tax, levy, etc. As for those banks that haven’t paid back TARP, if they had the money they would, so how is charging them an additional amount going to lead anywhere? Seems like charging the banks in the worse shape more taxes will ultimately lead do their demise and even more pressure on the tax payer. But, I really can’t wait to hear how they’ll make sure it isn’t passed on to the consumer. Kinda like the drug companies promising $80 billion for health care wouldn’t be passed on to the consumer, then they turned around and raised prices across the board. All these ivy league geniuses really have no clue about the real world.
Posted by: Chris | January 13, 2010, 5:31 pm 5:31 pm
Looks like taxpayers were already “paid back in full,” by these companies
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Oh really?
Please list the companies who were funded, how much they received and how much has been paid back.
Posted by: tierra | January 13, 2010, 6:48 pm 6:48 pm
Tierra, ever hear of google? okay, I’ll do something you NEVER do, I’ll answer your question. JP Morgan Chase, Morgan STanley, Goldman Sachs, American Express, Bank of NY Mellon, Captial One Financial, State Street, Northern Trust and BB&T just to name a few. The list goes on. LOOK IT UP!!!!
Posted by: whatgsoingonhere? | January 13, 2010, 7:10 pm 7:10 pm
Tierra, you can look up how much they got and how much they paid back. I provided a list you do the rest.
Posted by: whatsgoingonhere? | January 13, 2010, 7:12 pm 7:12 pm
Looks like taxpayers were already “paid back in full,” by these companies
Posted by: whatgsoingonhere? | Jan 13, 2010 7:10:49 PM
______________________________________
You’re the one saying the taxpayer have been ‘paid back in full’ so you should have the information.
Which companies were funded for how much, and how much has been paid back?
Posted by: tierra | January 13, 2010, 8:38 pm 8:38 pm
Tierra, I never said that,it was chris, but I did provide you with a partial list of those that have paid the government back. You can look up for yourself how much they received and how much they have paid back. I already know.
Posted by: whatsgoingonhere? | January 14, 2010, 9:05 am 9:05 am