Obama Pushes Bank Tax to Recover Bailout Costs

[NJmaverick]

Run time: 02:18 https://www.youtube.com/watch?v=35TYDohEQb0   Posted on YouTube: January 16, 2010 By YouTube Member: Views on YouTube: 0   Posted on DU: January 16, 2010 By DU Member: NJmaverick Views on DU: 499

 
President Barack Obama pitched his proposed tax on banks to recover the cost of bailing them out during the financial crisis, saying if they can afford billions more in bonuses, they can pay back the taxpayers, too. (Jan. 16)

[ooglymoogly]

1. Ooooh, more words.

The meme the corporate media is dishing up is that, the money has already been paid back + 80 some odd billion and touting the bailout as a wonderful thing and of great benefit to the taxpayer who has footed the bill while striving to survive. It would be something to behold to see an actual and truthful accounting of what has been paid back, who paid it back and who owes what and above all how much in reality was handed over and to which of the banksters at the point of a gun, though the gun was only for show because it was not needed. The money was already waiting in brown paper bags with no receipts required and we have no clue of much of its whereabouts except the relatively small amount that went to buy congress for their complicity in the robbery.

[sulphurdunn]

2. All it takes to kill that idea

or any other legislative idea (health care reform) is the threat of 41 nay votes in the Senate. That means that if the Republicans vote as a block (and they will) only one Democrat needs to sell out (and one will). This is what passes for representative democracy in America. What we need is less representative and more democracy.

[Juche]

3. An attempt to ride the populist bandwagon

Too late.

I actually find this kindof insulting. Not because it is a bad idea, but because it is calculated and implies that we are going to roll over and give him a 10 point boost in his approval ratings after watching the health care issue and seeing how the powerful interests own our democracy. Obama normally isn't this tone deaf when it comes to politics. You can't sell out to powerful, wealthy interests for a year by making backroom deals and going back on campaign promises, then talk about taxing banker bonuses when you see your support slipping.

Seeing how we can't even get milquetoast financial reform through congress (let alone reform that will prevent another depression), I'm not really impressed.

If meaningful financial reform that isn't calculated for political gain and that doesn't involve backroom deals designed to protect the same industries it is supposed to regulate happens, and it passes congress, then I will be happy.

[democracy1st]

4. more BS while no mention of Glass Steagall!