A Quiet Windfall for US Banks (While You Weren't Looking)
Posted By: Washpo on 2008-11-10
In Reply to:
Here's you starter-kit that went under the radar screen, tax and spend lovers...
» Washington Post: A Quiet Windfall for US Banks
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Close...but no cigar. She did levy a windfall...
profits tax, which went into the state coffers. When she ended up with a big surplus in the state coffers, instead of keeping it, she distributed it in a rebate. She did not tax the oil company for the express purpose of funding rebates to the lower class in Alaska.
Obama wants to levy a tax for the express purpose of funding checks to the people who don't pay any taxes. BIG difference.
Obama's tax plan is a huge redistrubtion of wealth, along with the windfall profits tax and rebate to people who already don't pay any taxes. Socialism 101.
Why doesn't Obama impose a windfall profits tax on the...
Hollywood bunch and redistribute some of THAT wealth if he is so he11 bent on redistributing wealth?? At least THAT windfall profits tax wouldn't raise gas at the pump!!
McCain Resurgence Plan windfall for lenders.
Initially, when McCain announced his "new" mortgage buyout plan, it was simply a restatement of the existing provisions already authorizing the Treasury Department and Federal Housing Administration to purchase, restructure and guarantee mortgages. In fact, these provisions had been promoted and supported by Obama during the legislative process when they were included in the original legislation.
At first, the buyout would have purchased mortgages at their current devalued amount, meaning that the lenders would have to "recognize the loss" they had already suffered. Lenders were required to back only 90% of the original value and homeowners would have been required to share any increase in value with the government, reflecting shared responsibility.
Under McCain's "revised" plan, the treasury would pay FULL face value of mortgages, even though they are no longer worth that amount. He deleted the shared responsibility phrase, thus creating what amounts to a windfall for the banking industry, rewarding the most irresponsible lenders. Under this revision, banks receive full payment, even on artificially inflated values for the homes and assume no loss while tax payers take all the loss of the mortgage value and perhaps even end up losing more in the event that the housing values do not recover. Taxpayers would also not get any benefit should the houses increase in value.
Some lenders, voluntarily or as part of settlements, are working on solutions to the mortgage meltdown that modifying mortgages to help homeowners stay in their homes –WITHOUT costing taxpayers a dime. But if the McCain plan were in place, this process would stop because lenders would know they could always sell their mortgages at full face value to taxpayers.
So, contrary to sam's claims, O is simply promoting protection for the homeowners AND the taxpayer. This is not "punishment" of the lenders. This is an effort to hold the guilty parties responsible for their longstanding shady lending practices and ensure that THEY too shoulder the burden of the costs.
I am left wondering what the bum's rush is on this McCain plan. A mortgage bail-out should not be conceived, defined, proposed, debated or passed as part of another halting, frenetic political stunt designed to make McCain look like he knows what he is doing when it comes to addressing the economic woes of the nation. It requires careful, thourhgtful, informed consideration...the kind that can only take place AFTER the election and in the absence of underlying agendas aimed at rescuing a failing presidential campaign.
So he has Downs? Is that why he was so quiet?
in that noisy situation! He WAS cute, though, as were all of his sibs.
The conservative board is quiet because SM
you and your bully friends made numerous and repeated drive-by postings. Do you know what a drive-by is. It's where you go merely to harrass and cause dissention and then scoot on back over here and brag about it. If you behaved like this in your own personal life, you be shunned and ridiculed. Instead, you and your friends here fall into that dysfunctional class of people who can only be tough on-line.
That baby sure was QUIET throughout that whole noisy
?
Exactly! They're eerily quiet on some issues, no?
The media is being quiet because it doesn't mean what you say it means. sm
Have you considered reading up on this bill a little more? I am not trying to be confrontational, but it seems to me this is all a misunderstanding on your part as to what this bill is really about.
Notice how all the O lovers get strangely quiet
@@
The wasilla meth labs were kept quiet too... and sm
for all the rabid repubs talk about the "media"... nobody really bothered Willow or Brillo or Bristol and nobody really publicized the big anti Palin rally by Alaskan women! You gotta wonder! Palin should keep her piehole closed. She got an enormous break and still screwed up.
Gotta be thankful to her though, for giving Obama more votes.
Notice how O lovers got suddenly quiet
x
Hmmm..... Obama supporters suddenly quiet
nm
Keeping information quiet because we worry about the pirates??????
That never stopped the MSM from giving out troop movements, information etc during the height of the Iraqi war did it? What about the "embedded" journalists over there. And I use the word journalist loosely.
Banks
Out of 10,800 banks in this country, only .5% of 1% of the banks failed...............
which means Obama should have left it all alone. If he truly had people around him that cared about this country, they would have informed him to let the banks fail, that there were plenty of strong ones out there and he should just let the chips fall where they may.
He has stuck this country to the tune of trillions and we will be paying the price big time in a year or so when the inflation boom hits...... he preyed on fear, knowing so many would just think he suddenly knows the best thing to do. The best thing to do was nothing. Private companies fail all the time and the stronger ones survive. Simple as that. Strong ones buy out the weaker ones. That would have happened with no interference from the governement at all, as usual! Just like all the car manufacturers aren't failing. Fiat is looking at buying Saturn..... and life goes on. Private businesses should always be left alone.
The only reason AIG got such a big bailout is because many democratic friends of Obama and his cronies work there.... the names aren't that hard to find but you have to look for who knows who to start getting the picture. Such a pathetic shame!
And if the gov't had not deregulated banks,
brought about by pubs.
Deregulation of what, may I ask? Banks,
Two more banks go belly up..... sm
bringing the total to 19 failed banks now. 
http://money.cnn.com/2008/11/07/news/companies/bank_failure/index.htm?postversion=2008110721&eref=rss_topstories
don;t forget foreign banks
successfully lobbied to be included in this bailout. (John McCain's financial advisor Phil Gram is head of USB, Swiss bank)
And government ownership of banks.
x
it is called "job banks" and -
http://www.foxnews.com/politics/2008/11/21/automakers-ask-bailout-paying-workers-sit/
Here's the link to read all the information. They can do volunteer work for the community if they want to - but it is not required. Mostly they just sit there and collect the $31 an hour.
It should be $$ for banks, big oil and wall street, right?
x
And banks didn't have a choice?
They loaned money to people to buy McMansions that they could not afford - on purpose. The housing industry was booming. That way, they could forclose on these bad loans - keep the down payments and subsequent payments and resell the house. They were trading paper. Maybe you ought to educate yourself. Nah. Too far of a stretch. After all, the constitution-abiding president who just slunk off with his tail between his legs wasn't at all concerned about civil rights or the constitution. He was playing monopoly and destroying everything in his path - like rich, spoiled little boys do. You know, the ones who go AWOL from their service and receive no punishment. He probably still suckles grandma Barbara.
Oh, I get it. Kinda like the bailed out banks
I feel so much better now.
How many mortgages got sold to other banks?
Look at the big picture. They were selling houses to anyone who would sign on the dotted line - they did not give a fig whether or not you could afford it. They then boxed up a pile of these mortgages and sold them to other banks or mortgage companies with the premise - here's a box of rocks, there's gotta be a diamond in there somewhere. They WANTED these mortgages to fail. The housing market was booming - take the down payment, pass the mortgage around - foreclose on hapless patsies - and resell the house. They were MAKING MONEY OFF OF DOING THIS!!! But, they got greedy, and that box held all rocks and no diamonds. They screwed themselves as well as the American people who fell for this sham. But who is going to suffer the most?
That happened when the **banks got drunk**
//
This is truly socialism. These banks and rich Wall
Street types would be crying out if they gov't did this for the people, but they are begging for the help now. They had better come up with a plan that includes not big pay days for CEOs, etc. I was watching The View and Whoppi said they need to include something for the people, like wiping out half of the mortgages so the actual people who will benefit the economy, i.e. us because we spend money here in the U.S. can get back on our feets and go out and put some money back in the economy and not have to worry about losing a home, etc. I totally agree with that, but I can pretty much guarantee that will not happen.
Marx: Centralize credit in the banks.
private property. Right any bells?
How about Bush's plan of buying banks?
What's that called?
Who gave the banks all that money with no oversight?
This site would be much more interesting if you knew what you were talking about. You'll be sniveling in the bread lines along with the rest of us as a result of Bush's "I'm the Decider" BS. Better add some vodka to that Kool-Aid - it's going to be a miserable ride.
Same with the banks - they've lost MY business,
- if EVER. Take my Mastercard, for instance. Been a loyal customer, same bank for 30 years, yada, yada. Always make my payments, often in full, and other times way over the minimum. Never late, my checks don't bounce. So they raise my finance charges from 9% to 29% in one fell swoop!
Needless to say, that's it for me. I cleaned out my bank savings (which was only earning about .02% interest), and paid off the Mastercard with it. Will close the account. Now that there are checking account debit-cards, who needs the charge card? Plus it'll keep me from spending more than I have. In a dire emergency, I can always siphon a little out of my money market (which still earns something like 4-5% interest) to pay for emergencies in FULL, without running up credit card fees. So, there goes part of the banks' income!
If all of us rearranged our finances in such a way that we pay NO fees or finance charges, maybe the banks would have to find an HONEST way to make a profit. Wouldn't THAT be a revelation.
you weren't there - you don't know
XX
She said ACORN bullied banks into giving the loans....
she just said Obama was associated with them. ACORN did bully banks, and Obama WAS associated with them, through Project Vote. He trained the ACORN folks how to get out and get people registered, hired them to work on his senate campaign, and ACORN endorsed him. And they are under investigation for voter fraud in ALL the swing states. Admitted in Ohio today: yes, there will be fraud, its not our fault, we can't check every registration. Sounds like "He was just a guy in the neighborhood" excuse. Looks like he taught them well.
This guy is so dirty.
If socialism doesn't work - then why did W give the banks all that $$?
nm
And I never said you weren't entitled!
Give me a break! You have religious freedom. I never said you didn't!
First off, weren't there tapes by OBL after 9/11
I thought that's how they knew who it was. I guess I recall the events surrounding 9/11 a little differently. Second off, I agree there's a good possibility he's already dead, but even so, let's be certain. Also, he's surely designated followers to carry out any other plans he had, so dead or not, we need to keep searching and hopefully take down as many of his right-hand men as possible along the way. Finally, OBL is already on the FBI Most Wanted list for murder for the 1998 bombings and as suspect in many others.
You said it. Glad we weren't the only ones.
x
I know you weren't attacking me....
I was just telling you why I thought what I thought. sorry if I sounded defensive, didn't mean to be. :)
No - they weren't facts.......
Twisted spin that fools no one but yourself. You try to pass your drivel off as facts, but, well, I'll let them speak for themselves.
okay, that means they weren't......
$$
So, you weren't exactly being honest.
If your husband is sitting at home buying and selling stocks for your own portfolio, he does not "work" in stocks/trading. I am not assuming anything, I am just going by what you say, which apparently is not true.
It seems that you are the one who is assuming much more about what I am thinking than I have actually said. I thin it's time you visit the "real world."
HOW do YOU know that they weren't tortured?
Did you speak with them and they told you so?
Some were tortured, although innocent, this surely did not make them change their mind.
I defend the innocent ones.
Bush made Wall St Socialist and our banks so why do you even bother
We have socialism now but it's not the poor you blinded bigot.
"Evil" is George Bush, Wall Street, the Banks,
NM
Your precious Bush turned Wall St socialist and the banks TRUE
you voted for him and look what happened SOCIALISM by BUSH
If you weren't so unhinged and WRONG
that post would anger me. Your ignorance only goes to show why you extreme leftists are ruining the democratic party. I actually feel sorry for the good level headed democrats who have to put with the hateful deluded people like you.
Okay if you weren't shooting me the bird
then what were you trying to tell me oh and high and mighty one?
You consider *it would be so nice if you weren't here* an attack? sm
Wow.
Excuse me, but I thought we weren't... sm
Supposed to cut and paste large things like this because it takes up too much bandwidth? I thought we were supposed to provide the link to a website instead.
If it weren't for uninformed voters
NEITHER candidate would have a chance.
VOTING BY WRITE-IN VOTE FOR LOU DOBBS!!!!!!!!!
Au contraire. Would't be asking if I weren't interested.
wanna help me out here?
They weren't 'LET OFF THE HOOK"
For starters, Obama did not dismiss these charges, Susan Crawford, described as a TOP LEGAL AUTHORITY for military trials did. Obama orders were to simply FREEZE the court proceedings (hello) PENDING the results of ongoing reviews of Gitmo operations.
Crawford's dedcision seems perfectly appropriate to me since dismissing the charges (ahem) WITHOUT PREJUDICE means he can be charged again once the results of the reviews are in, ESPECIALLY in light of the fact that Abd Al-Rahim will remain in custody.
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