Dear President Obama

[lexsooner]

Please introduce the bank tax, and make it extra stiff. Then we can sit back and watch Congressmen who are the bankers' cronies from both parties, yes both parties, scurry and come up with excuses why the tax is just wrong. Then hopefully some modified version will eventually pass and we can help cut the deficit a bit and recoup some of the money these greedy no-good warthog bastages begged for from the American public when we loaned them low interest money to bail their fat arses out, and they in turn took it and loaned it out at higher interest rates or used some of their legal scams to turn even bigger profits, and then gave themselves huge bonuses for making money when a first grader could have done the same at the rates we loaned money to them to save them. When it is all over, we can see who the biggest crony hos of the bankers are in Congress and vote them out. Trust me, there will be many from both parties. When it comes to selling us taxpayers out, it is clearly a bi-partisan effort. Cheers, Lex.

[yermom]

word.

[Frozen Sooner]

Here's a hint: don't bank with institutions that pay income taxes. I don't. :D

[Collier11]

and then watch as the banks pass it on to us

[Frozen Sooner]

But of course they're paying it back to us.

[soonerbrat]

wow, that third sentence was a doozy.

[MrJimBeam]

I've always considered higher taxation a form of punishment.

[lexsooner]

I've always considered higher taxation a form of punishment.

Eff those bankers. Since it would be illegal to physically injure them, we can at the very least impose a bank tax and try and recoup some of our money they took and misused for their own profit. The more difficult question is how to recoup the TARP money from the auto industry. Maybe there can be a fire sale of the part of GM and Chrysler we own and we can sell off pieces of those losers to wealthy and successful buyers who might actually know how to run a car company.

[OklahomaTuba]

The more difficult question is how to recoup the TARP money from the UAW.

Fixed it for you.

YWIA.

[OklahomaTuba]

This thread is ironic.

All this rage for bankers that paid back their loans, yet the disaster in chief just tripled the budget deficit and lost 4 million+ jobs in the process.

And no mention of the fannie mae and freddie mac????

Or the $200,000,000 we will be spending to bring KSM to NYC to give him his "due process".

[lexsooner]

This thread is ironic.

All this rage for bankers that paid back their loans, yet the disaster in chief just tripled the budget deficit and lost 4 million+ jobs in the process.

And no mention of the fannie mae and freddie mac????

Or the $200,000,000 we will be spending to bring KSM to NYC to give him his "due process".

Yes, I would throw the whole stinking lot of insurers and home mortgage lenders onto the public enemy list.

This administration inherited the mess caused by greedy bankers, insurers and lenders, and their crony politicos who allowed all of this to happen through lax regulation. They almost destroyed the world's economies and almost threw the entire world into a depression, forcing huge bailouts to save their sorry arses and avoid an economic catastrophe. Hence, we now have a much larger deficit which nobody likes, and plenty of lost jobs.

And you in turn feel we should be more angry at the current administration for all of this mess, and think it's "ironic" I directed anger at the bankers who "paid back their loans"? I have mixed feelings about Obama, but in this case give blame where it is due. The bankers and rest deserve to be slapped - hard. They screwed up royally, got in big trouble, got bailed out with our low interest money, and then were stingy in loaning it out to small business, and instead deviously invested it and then paid out fat bonuses. Give me a break.

[OklahomaTuba]

This administration inherited the mess caused by greedy bankers, insurers and lenders, and their crony politicos who allowed all of this to happen through lax regulation.
Fortunately for us Obama seems to be so economically challenged he doesn't understand that when you tax a business, the customers get to pay for it.

And somebody somewhere has to pay for the Democrat's spending binge and crony bailouts.

And fortunately we don't have any of those "greedy bankers" in positions of power in his administration.

Oh wait...

[SoonerBorn68]

wow, that third sentence was a doozy.


Then hopefully some modified version will eventually pass and we can help cut the deficit a bit and recoup some of the money these greedy no-good warthog bastages begged for from the American public when we loaned them low interest money to bail their fat arses out, and they in turn took it and loaned it out at higher interest rates or used some of their legal scams to turn even bigger profits, and then gave themselves huge bonuses for making money when a first grader could have done the same at the rates we loaned money to them to save them.

I count 103 words. That's got to be some kind of record. :D

[lexsooner]

Fortunately for us Obama seems to be so economically challenged he doesn't understand that when you tax a business, the customers get to pay for it.

And somebody somewhere has to pay for the Democrat's spending binge and crony bailouts.

And fortunately we don't have any of those "greedy bankers" in positions of power in his administration.

Oh wait...

As much as you want to take every issue and cram it into a neat little partisan package, nothing is really that simple. If you think it is, you have probably bought the shallow spin of the lightweight media pundits. The financial mess is the result of decades of irresponsible conduct by financial and insurance institutions, and politicians who helped them do it, cronies from both parties. Trust me, when it comes to making the rich richer, party affiliation is irrelevant. It's all one big seedy mass of power and money, IMHO. Personally, in terms of fiscal responsibility, I cannot distinguish either party in recent years, since both seem to spend money like it is going out of style, and both cater to mostly the same special interests.

[texas bandman]

And somebody somewhere has to pay for the Democrat's spending binge and crony bailouts.



Yet, you agreed with GWB as he spent our country into oblivion. Hypocrite!

[lexsooner]

I count 103 words. That's got to be some kind of record. :D

It was a "stream of consciousness" post, and I did not want any darn periods to stop it. :)

[Explodo]

It was a "stream of consciousness" post, and I did not want any darn periods to stop it. :)


Brad Childress lives on SF...

Why not just Audit the Fed and let the chips fall...

[BermudaSooner]

The bankers and rest deserve to be slapped - hard. They screwed up royally, got in big trouble, got bailed out with our low interest money, and then were stingy in loaning it out to small business, and instead deviously invested it and then paid out fat bonuses. Give me a break.

I love this kind of logic. Lex, what do you think got the banks into trouble? Let me give you a hint, it wasn't being "stingy" but rather being loose--taking big bets. You want the banks, rather than shore up their balance sheets and take it safe, you'd rather they go back to the same practices that got them in trouble? Anytime the government tells banks to make loans they wouldn't already make, we are going to have a problem. That's how we got into this mess with Fannie and Freddie.

Lex, what do you say to the guy who moved from a regional bank with no issues in 2009 to Bank of America? Does he get his bonus excess taxed? What about the guy in a division of the bank that had nothing to do with the bank's problems?

If Obama wants to loan to unworthy borrowers, start a gubment bank that does it. Don't send money to BofA and then tell them to make unsafe loans--that is frigan ridiculous.

[soonerscuba]

I love this kind of logic. Lex, what do you think got the banks into trouble? Let me give you a hint, it wasn't being "stingy" but rather being loose--taking big bets. You want the banks, rather than shore up their balance sheets and take it safe, you'd rather they go back to the same practices that got them in trouble? Anytime the government tells banks to make loans they wouldn't already make, we are going to have a problem. That's how we got into this mess with Fannie and Freddie.

Lex, what do you say to the guy who moved from a regional bank with no issues in 2009 to Bank of America? Does he get his bonus excess taxed? What about the guy in a division of the bank that had nothing to do with the bank's problems?

If Obama wants to loan to unworthy borrowers, start a gubment bank that does it. Don't send money to BofA and then tell them to make unsafe loans--that is frigan ridiculous.Yes, it's poor people's fault, THESE BANKS WERE TRYING TO HELP THEM!!!!!!!!!!!!! Rabble, rabble, Barney Franks, rabble.

Until Republicans build a time machine, go back to 2003, place a sock in their collective mouths and blow the "ownership soceity" out it's booty, I will still place the blame on debt incurred by individuals on a massive scale with entities all to happy to keep the gravy train rolling. It's laziness on a scale that I cannot comprehend to look at the current conditions in this economy and say "Democrats caused it", hell I can't even buy the fact that US gov't cause it.

[Explodo]

How about the taking the wayback machine to 1977 and keep Carter from signing the Community Reinvestment act into law...And then take it to 1995 when Clinton make those Regs even more onerous.

Fact is, the republicans TRIED to reform it. It was blocked by the two biggest recipients of Fannie Mae contributions, Barney Fwank and Chuck Schumer.

[yermom]

i don't know any poor people that bought $500k houses with ARM loans

[Explodo]

I know a whole bunch of folks who got approved for 500K when they could barely get approved for a car loan.

I guess no one wants to talk about Obama being on the law team that forced banks to loan money to unqualified minority applicants...Right?

[soonerscuba]

How about the taking the wayback machine to 1977 and keep Carter from signing the Community Reinvestment act into law...And then take it to 1995 when Clinton make those Regs even more onerous.

Fact is, the republicans TRIED to reform it. It was blocked by the two biggest recipients of Fannie Mae contributions, Barney Fwank and Chuck Schumer.Was this reform before or after they ran campaigns on increased home ownership? You cannot look at this US economy, the largest legal entity in the history of the world, and when things go south say any individual president, let alone member of Congress is responsible. If the problem was that simple the consensus for solution would in turn be easily apparent. It's not liberal or conservative to think that this problem extends beyond policy, it's intuitive.

If there isn't A) a market of individuals that desire a home beyond their means and B) banks willing to make the gamble with credit extension, in all reality, the problems we face today are probably significantly less daunting. Hindsight is always 20/20, and the Dems should have been onboard with Freddie and Fannie regs, but acting as if that was the pivotal moment that lead to this is a leap of logic I'm in no way prepared to make.

[Explodo]

It was before.

[OklahomaTuba]

i don't know any poor people that bought $500k houses with ARM loansReally?

I thought most people understood that a major part of this problem was "poor" people putting BS numbers for their income on mortgage applications, and then getting a nice "No Interest" loan assuming the value of their homes would go up so they could flip it later or take money out of it?

In any case thank you CRA!!!!!

And thank you Obama for putting all us tax payers on the hook for these mortgages as well.

[Bourbon St Sooner]

As scuba (I'm agreeing with scuba?) and lex said, everybody is to blame. The good folks of the financial services industry have made themselves rich by embracing a high risk short term strategy. The pols in Washington don't understand any of this stuff, but they're only too happy to take their campaign contributions and change the laws however they want it.

There were some people that understood what was going on though. Goldman Sachs was selling mortgage back securities on one end and shorting them on the other. Then when GS finally got in trouble when AIG was failing, they made sure their good buddy Turbo Tax Timmy Geithner got them a sweetheart deal at taxpayer expense. Now, while millions are unemployed or underemployed trying to scape buy as the result of these guys' actions, the good times are rolling again on Wall Street. The average bonus for GS this year is $500K.

F@$# the banksters! They are the ones that should be on the street if not in jail!