Thursday, January 14, 2010
Obama tells banks: `We want our money back'
How confused Obama is...how utterly confused. This Administration goes from one bad policy to the next.
First let me go on the record as saying I am not in support of these "too big to fail" banks and I am outraged at the bonuses being handed out while millions of Americans suffer. This has got to stop.
But Obama's statement--"We want our money back"--is so ignorant that it's embarrassing.
Who, exactly, is Obama referring to when he says, "WE" want our money back? It certainly won't be taxpayers. They'll lose, because many taxpayers are shareholders of these banks and imposing some windfall tax on these companies will end up lowering the value of their investments, which means their wealth is reduced.
And customers won't get their money back either, because they'll be paying higher fees. Jamie Dimon pretty much stated that outright. Once again, millions of small depositors who may already be struggling financially will have to pay more in fees, leaving them with less.
What do they teach at Harvard? Obama, Larry Summers, Robert Rubin and the supporting cast of Harvard grads in this Administration all have one thing in common: a long legacy of bankrupting everything they touch as they exert their power and influence over all other Americans as if we were their own private little serfdom.
In order for America to move on we must break the vice-grip of power that the Harvard/Goldman Sachs coterie exerts over the rest of us! Until that happens we are their slaves.