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Obama Chides Wall Street’s “Audacity”

From a cheering Reuters:

Obama chides banks’ "audacity" for fighting fee

By Alister Bull Sat Jan 16

WASHINGTON (Reuters) – President Barack Obama on Saturday slammed Wall Street’s "audacity" for fighting a bailout fee he wants to slap on financial firms and said his Republican opponents had sided with big banks.

Well, Mr. Obama sure wrote the book on “audacity.”

He is chiding these banks for objecting to paying fines for having paid back loans with interest that they many of them didn’t want in the first place.

Moreover, these are the same banks who were put into financial difficulty in the first place by being forced by the Democrats to loan money to people they knew would never pay them back.

Besides, it’s not a “fee,” it’s a tax. And it will be passed along to every customer in every bank transaction.

But that won’t hurt Mr. Obama’s main constituents, who use Uncle Sam as their bank.

With Obama’s popularity hovering around 50 percent and congressional elections in November, the White House wants to cast itself alongside ordinary Americans while branding Republicans as the party for the rich.

This is all part of his newly reiterated resolve to bring us all together, to see.

"Like clockwork, the banks and politicians who curry their favor are already trying to stop this fee from going into effect," Obama said in his weekly radio and Internet address.

"We’re not going to let Wall Street take the money and run. We’re going to pass this fee into law," Obama vowed after proposing a levy to raise up to $117 billion over the next 10 years to recoup projected losses on a taxpayer bank bailout…

Once again, the banks have paid back the money with interest. It is the car makers, who Obama got included in the TARP bailout, who have not paid any money back.

And never mind that Mr. Obama is punishing the same sector of the economy, the banks, that TARP was supposed to be helping. The same sector of the economy that he wants to lend more to get the economy growing again.

But Mr. Obama won’t let any of that stand in the way of his vengeance.

He has hated capitalism all of his life, even when he was “a spy behind enemy lines” working as a low level flunky at a financial newsletter.

Tapping into public rage over Wall Street excess, Obama said the money owed taxpayers paled beside the riches banks plan to pay themselves after the government rescued financial markets in 2008 and early 2009.

"If the big financial firms can afford massive bonuses, they can afford to pay back the American people. Those who oppose this fee have also had the audacity to suggest that it is somehow unfair," he said.

"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."

Fannie Mae and Freddie Mac are reaping billions in profits. So is the Federal Reserve.

They are handing out massive bonuses – all approved by Mr. Obama and the Democrats.

And these companies are more to blame than any other for financial meltdown of the last two years.

Linking the fee with his administration’s goal of financial regulatory reform that it says is needed to prevent a repeat of the crisis, Democrat Obama also sought to channel public anger over the bailout toward the Republican Party.

"The industry has even joined forces with the opposition party to launch a massive lobbying campaign against common-sense rules to protect consumers and prevent another crisis," he said.


How wicked of these bankers to try to defend their jobs, their very existence from these rabid unfounded attacks.

What audacity.

This article was posted by Steve on Saturday, January 16th, 2010. Comments are currently closed.

8 Responses to “Obama Chides Wall Street’s “Audacity””

  1. JohnMG says:

    “…..Fannie Mae and Freddie Mac are reaping billions in profits. So is the Federal Reserve…..”

    But ‘Drooling Barney’ says they can’t do anything about “those obscene” payouts.

    What an asshole!! Make that, “couple of assholes”!

  2. proreason says:

    When he isn’t creating crises, he is creating enemies.

    But the country is on to the scam.

    Which makes him even more dangerous.

    • tranquil.night says:

      As the Universe of Lies deflates and the bottom falls out from his approval numbers (they can’t even claim he’s hovering at around 50% with any credibility) the level of deceit and downright illegality has skyrocketed. You’re right; we’re definitely reaching that apex ‘Zero Hour’ very soon, maybe even with this Brown campaign. At Zero Hour our little infant dictator decides its either time to mature fully and forcibly, or he accepts his defeat. Very dangerous. Expect anything, like 911truth.org status.

  3. Rusty Shackleford says:

    “The industry has even joined forces with theopposition party…”

    That language sounds frighteningly similar to proletariat-speak of the soviet style.

  4. Petronius says:

    Nerobama’s latest tax gimmick has already been given a name : The Financial Crisis Responsibility Tax.

    I’m so glad they remembered to insert the word “Crisis” in the title. Never let a good crisis go to waste, as they say.

    However, the tax will apply even to financial companies that were not in crisis. As Steve notes, the proposed tax applies to banks that did not want TARP money, that had TARP money forced upon them, and that have repaid the money to the government with interest . . . and repaid the money despite instructions from the government that they NOT repay it!

    In addition, the article is somewhat misleading in that the proposed tax will not be limited to banks.

    It will also include insurance companies.

    Thus it will apply to AIG, Hartford, and Lincoln National, all of whom accepted bailout funds. But, in addition, it will also apply to many insurance companies that turned down bailout money, including MetLife, Prudential, Aflac, Allstate, Travelers, Ameriprise, Genworth, and even Berkshire Hathaway.


    This Crisis Tax must be seen as a tawdry bit of class warfare, as part of the Administration’s ongoing war on capitalism, freedom, and prosperity.

  5. Right of the People says:

    I’ve said it before and I’ll say it again; We need to take this sucker back and now!

    “That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, having its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

    I think this qualifies, don’t you?

  6. Tater Salad says:

    What a hypocrit! While Obama and his Democratic/Progressive’s are chiding the bankers, Pelosi is spending huge sums of money while the nation is suffering and the President is playing golf all the time.


  7. Chuckk says:

    All money and all property belong to the government.The banks are lucky they get to keep anything.

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