Comments on: Basics of the Financial Crisis Responsibility Fee (Bank Tax) http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Mon, 13 Feb 2012 04:45:42 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: CM http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-203676 CM Sat, 13 Feb 2010 05:34:26 +0000 http://www.consumerismcommentary.com/?p=7731#comment-203676 I'm afraid you have your facts wrong.GM and Chrysler filed bankruptcy,new stock was issued to the government and the union.The only way the government gets paid back is if the stock reaches a price of about $60. There's a catch though.This all comes at the expense of the bondholders, who got the worst deal in U.S. History.The american public owned most od the debr either directly,or through mutual funds,401Ks,or insurance companies. The government stripped the bondholders of assets that belonged to them and passed the money to the union and the government,when they sell the stock. How did this happen without public outrage? They did it while they kept you focused on the $165 million bonus pool. The thiefs are in the governmant, not on Wallstreet.The longer the American public is fooled by this fantasy that "Wallstreet did it", the more they will steel from you. By the way, why don't we drop the talk of pitchforks and torches,it's geeting old and it's a waste of time. I’m afraid you have your facts wrong.GM and Chrysler filed bankruptcy,new stock was issued to the government and the union.The only way the government gets paid back is if the stock reaches a price of about $60. There’s a catch though.This all comes at the expense of the bondholders, who got the worst deal in U.S. History.The american public owned most od the debr either directly,or through mutual funds,401Ks,or insurance companies. The government stripped the bondholders of assets that belonged to them and passed the money to the union and the government,when they sell the stock. How did this happen without public outrage? They did it while they kept you focused on the $165 million bonus pool. The thiefs are in the governmant, not on Wallstreet.The longer the American public is fooled by this fantasy that “Wallstreet did it”, the more they will steel from you. By the way, why don’t we drop the talk of pitchforks and torches,it’s geeting old and it’s a waste of time.

]]> By: LeanLifeCoach http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201629 LeanLifeCoach Sat, 16 Jan 2010 19:50:38 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201629 It's all a shell game. One way or another the population will pay. It will be with either increased fees or with decreased shareholder value. Flexo, cutting government expenses is the only realistic way to get our countries financial mess under control. Can I name every opportunity or even many of them? No, but that doesn't mean they don't exist. http://www.cagw.org/newsroom/releases/2009/earmarks-rise-to-196.html However we could start with the salaries of many of our leaders in Washington and public employees. While most Americans salaries and benefits were going down theirs were going up. Shouldn't the people that serve the nation be the first to make sacrifices? Maybe they should have pay for performance pay plan like much of the private sector? If they manage our money well they can have more of it, if they piddle it away in pork and mismanagement then they get less. It’s all a shell game. One way or another the population will pay. It will be with either increased fees or with decreased shareholder value.

Flexo, cutting government expenses is the only realistic way to get our countries financial mess under control. Can I name every opportunity or even many of them? No, but that doesn’t mean they don’t exist.

http://www.cagw.org/newsroom/releases/2009/earmarks-rise-to-196.html

However we could start with the salaries of many of our leaders in Washington and public employees. While most Americans salaries and benefits were going down theirs were going up. Shouldn’t the people that serve the nation be the first to make sacrifices? Maybe they should have pay for performance pay plan like much of the private sector? If they manage our money well they can have more of it, if they piddle it away in pork and mismanagement then they get less.

]]> By: Link Stifle http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201628 Link Stifle Sat, 16 Jan 2010 19:27:38 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201628 Read closer, it's 0.15%, less then a quarter of one percent. This bill also doesn't take any money out of the economy, because it doesn't effect FDIC deposits aka your and my money. It only effects money *owned* by the bank and it's shareholders. Now, if you bother to complain about this Fee *and* the deficit, don't bother expecting any credibility from me. Read closer, it’s 0.15%, less then a quarter of one percent. This bill also doesn’t take any money out of the economy, because it doesn’t effect FDIC deposits aka your and my money. It only effects money *owned* by the bank and it’s shareholders.

Now, if you bother to complain about this Fee *and* the deficit, don’t bother expecting any credibility from me.

]]> By: Link Stifle http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201627 Link Stifle Sat, 16 Jan 2010 19:22:34 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201627 GM in a sense did pay back the government with it's own assists, and now the majority of GM is owned by the US and Canadian Governments. Fiat has also payed off Chryslers debt to the US Government. AIG's debt was also paid back by them selling that 70%+ of their own company. Rewind the tape 6 months and I remember the criticism was exactly the opposite. People thought Obama was being far to soft on the banks by not giving them reconstruction deadlines like GM, now he's answered that criticism. Also, the money the Government made back on TARP was specifically adjusted for any inflation, which right now may seem like a lot of money. GM in a sense did pay back the government with it’s own assists, and now the majority of GM is owned by the US and Canadian Governments. Fiat has also payed off Chryslers debt to the US Government. AIG’s debt was also paid back by them selling that 70%+ of their own company.

Rewind the tape 6 months and I remember the criticism was exactly the opposite. People thought Obama was being far to soft on the banks by not giving them reconstruction deadlines like GM, now he’s answered that criticism. Also, the money the Government made back on TARP was specifically adjusted for any inflation, which right now may seem like a lot of money.

]]> By: Financial Samurai http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201621 Financial Samurai Sat, 16 Jan 2010 15:59:46 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201621 What's stupid is that the gov't MADE money on all the TARP money to banks, and yet are punishing them, while the gov't is NOT punishing AIG (?!?!) and the Auto companies who haven't paid back the gov't. Guess why? B/c the gov't owns 70%+ of AIG, so it doesn't want to punish itself, and the auto companies employ the middle class people of america. Double standard? Yes. Oh well. What’s stupid is that the gov’t MADE money on all the TARP money to banks, and yet are punishing them, while the gov’t is NOT punishing AIG (?!?!) and the Auto companies who haven’t paid back the gov’t.

Guess why? B/c the gov’t owns 70%+ of AIG, so it doesn’t want to punish itself, and the auto companies employ the middle class people of america.

Double standard? Yes. Oh well.

]]> By: Pastor Jim Kibler http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201616 Pastor Jim Kibler Sat, 16 Jan 2010 13:01:12 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201616 This 15% tax on the banks will be passed on to business people who borrow money. Banks usually lend $10 for every dollar then have on hand and this bill will take about one trillion dollars out of the economy. This is by design. This 15% tax on the banks will be passed on to business people who borrow money. Banks usually lend $10 for every dollar then have on hand and this bill will take about one trillion dollars out of the economy. This is by design.

]]> By: Link Stifle http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201612 Link Stifle Sat, 16 Jan 2010 05:10:08 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201612 And that's why you invest in, at the minimum, a few hundred dollars of gold. Even after this recession when the dollar get's it's strength back (and believe me, it will), gold will still gain value faster then any bank Savings or CD account rate. If you really want security, buy gold jewelry and simply hide it somewhere secure. Dump Bank of America, go with a smaller community bank or credit union, although they lack the capital to keep their interest rates as high as BofA, they'll likely be a better choice in the end. Also, if you account is "small" and under $250,000, it's not like you need to worry about losing your deposit (unless you make the mistake of putting the money in a non-FDIC partner bank). And that’s why you invest in, at the minimum, a few hundred dollars of gold. Even after this recession when the dollar get’s it’s strength back (and believe me, it will), gold will still gain value faster then any bank Savings or CD account rate. If you really want security, buy gold jewelry and simply hide it somewhere secure. Dump Bank of America, go with a smaller community bank or credit union, although they lack the capital to keep their interest rates as high as BofA, they’ll likely be a better choice in the end. Also, if you account is “small” and under $250,000, it’s not like you need to worry about losing your deposit (unless you make the mistake of putting the money in a non-FDIC partner bank).

]]> By: Tim http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201605 Tim Sat, 16 Jan 2010 00:15:49 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201605 It's also an extremely hard sell to tell your customers you can't afford the fee (and therefore have to pass it on) when you're handing out billions in bonus money. It’s also an extremely hard sell to tell your customers you can’t afford the fee (and therefore have to pass it on) when you’re handing out billions in bonus money.

]]> By: Harm http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201597 Harm Fri, 15 Jan 2010 17:38:44 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201597 I imagine the end result would be (at best) the big banks paying .15% less interest on deposits and charging .15% more on all sorts of loans. Wait, EVERY bank, because they can get away with it. Another salvo in the war on savers.... .15% less interest? I have a relatively small (now) mm account at BofA, that would mean I'd be paying THEM to keep my money, rotfl. ouch, it only hurts when I laugh I imagine the end result would be (at best) the big banks paying .15% less
interest on deposits and charging .15% more on all sorts of loans. Wait, EVERY
bank, because they can get away with it. Another salvo in the war on savers….
.15% less interest? I have a relatively small (now) mm account at BofA, that would
mean I’d be paying THEM to keep my money, rotfl.

ouch, it only hurts when I laugh

]]> By: Geoff http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201596 Geoff Fri, 15 Jan 2010 15:45:24 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201596 I don't know what I think, but it is something. As for the fees being passed on to others, as I understand it, the hope is that the small banks' fees will keep the large banks from implementing higher fees to pay this federal fee. I don’t know what I think, but it is something. As for the fees being passed on to others, as I understand it, the hope is that the small banks’ fees will keep the large banks from implementing higher fees to pay this federal fee.

]]> By: Investor Junkie http://www.consumerismcommentary.com/basics-of-the-financial-crisis-responsibility-fee-bank-tax/comment-page-1/#comment-201594 Investor Junkie Fri, 15 Jan 2010 14:02:29 +0000 http://www.consumerismcommentary.com/?p=7731#comment-201594 My questions regarding the whole thing, Why should a bank be punished if they didn't ever accept TARP? While it directly states it's not about FDIC insured deposits, won't it indirectly affect them? ie the banks will increase their fees and lower their rates to help pay for this? Obama states "we want our money back”. Haven't most paid back with interest?? The ones that we aren't seeing money coming back from is AIG, and the auto companies. This to me all sounds like window dressing. My questions regarding the whole thing,

Why should a bank be punished if they didn’t ever accept TARP?

While it directly states it’s not about FDIC insured deposits, won’t it indirectly affect them? ie the banks will increase their fees and lower their rates to help pay for this?

Obama states “we want our money back”. Haven’t most paid back with interest?? The ones that we aren’t seeing money coming back from is AIG, and the auto companies.

This to me all sounds like window dressing.

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