Thursday, January 14, 2010

Ronald Reagan just rolled over

What just was announced today, sounds were heard of Ronald Reagan rolling over in the grave. Today President Obama announced a Financial Distress Fee to the largest banks that have over $50B in assets to cover a $110B shortfall from the TARP bailout. All the blame has been cast on these firms , and they are getting penalized again for the use of taxpayer money. These banks have already paid back the funds plus interest and had to buy back warrants. All this resulted in the Fed making over $45B in profits. Let's all remember the banks were forced to take these funds, and what happened with AIG, GMAC, GM, and Chrysler? Banks have already been hit with a FDIC fee increase of 15 basis points on insured deposits. Once again this administration has taken this country into socialism and the heavy hand of the government is playing with people's minds. They are going to ride this bailout train till it crashes, but come November the polls will tell who will be pushed around and who does the pushing. Virginia and NJ have already made their statements heard, MA may be next with the running of Scott Brown. It is ironic as well, these large financial institutions were largely responsible for putting Obama in office with their large contributions. I wonder if Jamie Dimon (CEO of JP Morgan) and Lloyd Blankfein (CEO of Goldman Sachs) want their money back?

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