Punishment for paying off TARP loans with interest

[swampy]

So we ought to tax bank profits because...GM is losing money just like everyone said it would ... I'm failing to see why the banks in particular--or rather the customers of the banks who will enjoy higher fees and lower interest rates--ought to bear the financial cost of the Administration's ill-advised bailout of the UAW.

http://stossel.blogs.foxbusiness.com/2010/01/14/2303/

[Lux Interior]

I was under the impression that all corporate profits were taxed.

[swampy]

Ah, didn't read the link did you Lux? It's a short article.

Firms would pay a "Financial Crisis Responsibility Fee" at an annual rate of $1,500 for every $1 million borrowed to finance lending and other activities.

This is in addition to regular corporate taxes, Lux.

[mick e]

John_Fucking_Stossel?

You're hitching your wagon to HIM? REALLY?

[Seacrest]

The better option would have been never to do TARP in the first place.
So the a--holes whining now about "punitive taxes" could have just STFU and wept into their worthless "credit default swaps" while the rest of us tried to rebuild some kind of functioning economy.

That's what capitalism is all about: "Creative Destruction."

Sure TARP kept all the lies going and the bad debts hidden -- for a while.
But this kind of thing is what you get with government rescues of the markets and implicit or explicit guarantees of risky (putting it lightly) bets by the "playas."

[laarree]

Doesn't that work out to a rate of 0.15% ? That's real punishment! Owwwyyy!!!!!

[cbelt3]

It's called politics. Primarily, Democratic Party Politics.

What they say: "We're gonna tax those rich bastards and give the proceeds to you poor voters."

What happens: Cost of money goes up. Credit it tightened to the point that only people who don't need credit can get credit.

What the democratic party line voter never, ever, ever understands is that a tax on business is always trickled down to the consumer. Always.

Ask the Venezualans how they feel about their latest experience with currency devaluation and price 'controls'.

[mick e]

Obama did not institute TARP, btw. It was the previous president. You know - the one that SCREWED THE COUNTY OVER five ways to Sunday - REMEMBER HIM?

Then, the right wingtards decided that Obama was being RECKLESS - running up the debt - BECAUSE HE INHERITED THIS CORRUPT, IRRESPONSIBLE PROGRAM.

So now that he's attempting to mitigate some of the negative effects of it all - HE'S SCREWING IT UP???????

You are so obviously being a contrarian for the sake of being one, it's embarrassing to watch.

[the_poochies]

At first they came for the bankers, but I didn't speak up because I wasn't a banker...

[Kiva]

the_poochies wrote:
At first they came for the bankers, but I didn't speak up because I wasn't a banker...

i hope that's sarcasm....you didn't just evoke the holocaust to make your point here, did you?

kiva