This page has been archived and commenting is disabled.

Barney Frank Wants To Have Banks And Hedge Funds Pay For Assistance For Homeless Jobless; Fund Next Stimulus

Tyler Durden's picture




 

Just out from Reuters: Barney Frank has introduced the Frank Bank Levy Proposal, which would tax banks with more than $50 billion in assets, and hedge funds with more than $10 billion, and use the money to fund $4 billion for neighborhood assistance and foreclosure help for the jobless with good credit. In other words, big banks and hedge funds will be funding Obama's next stimulus for his core constituency.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 06/23/2010 - 14:31 | 429556 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This will cause a massive uptick in velocity.  Just imagine all those doelarrs that the banks are holding on reserve that will now get moved into cerc.  So there goes your doelarr. 

Wed, 06/23/2010 - 14:31 | 429565 Renfield
Renfield's picture

Ah. THAT explains the sudden dive in USDJPY. And here I thought I could relax, get off the net, maybe play some Sims or something...

The rascal sellers have certainly been keeping the PPT on the hop today.

Wed, 06/23/2010 - 14:31 | 429567 jkruffin
jkruffin's picture

LOL  How can you have good credit if you have been jobless for 99 weeks?  These people in Congress are complete idiots.  It amazes me how stupid they get each week.  Didn't England just recently announce a banker tax?  Let's not be original, lets follow what the other insolvents do.  Someone shoot Barney Frank please.

Wed, 06/23/2010 - 17:38 | 430204 cowdiddly
cowdiddly's picture

;lk

Wed, 06/23/2010 - 17:36 | 430209 cowdiddly
cowdiddly's picture

Ive been Unemployed five months and actively searching for jobs that are not there. over 400 resumes and applications. That 4 boxes of resume paper for the mentally challenged. My credit rating is 780 and only had 9 years left on a mortgage.but if things don't change soon Im afraid Ill be going down soon along with millions of public employees. Shit is starting to look bad. Really bad. Careful what you wish for.

Wed, 06/23/2010 - 14:31 | 429571 buzzsaw99
buzzsaw99's picture

myass. pure election year shenanigans.

Wed, 06/23/2010 - 14:34 | 429585 IBelieveInMagic
IBelieveInMagic's picture

Sadly, you may be right. Would have loved to see the TBTF banks cough up some ill-gotten monies for poverty alleviation programs.

Wed, 06/23/2010 - 14:32 | 429573 homersimpson
homersimpson's picture

Screw you, Barney. Stop paying for other people's financial stupidity with our money.

http://standupforamerica.files.wordpress.com/2009/07/barney-frank-chutzp...

 

 

Wed, 06/23/2010 - 14:34 | 429584 Renfield
Renfield's picture

So which are you, a bank or a hedge fund? :-D

I kid, I kid.

Wed, 06/23/2010 - 14:40 | 429595 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Exactly!  We put our tax doelarrs into the coffers of the banks, and now they give them back, after the cost of living has gone up, and the banksters have jizzed all over them.

Here come your jizzy doelarrs back to you 'Merca, all gross and defiled.

Wed, 06/23/2010 - 14:43 | 429604 Village Idiot
Village Idiot's picture

HA!

Wed, 06/23/2010 - 14:34 | 429586 Chupacabra
Chupacabra's picture

Screw the banksters (and Barney Frank - no homo) . . . but how could this possibly be Constitutional?  Single out a group for a special tax and give the proceeds to, oh, i don;t know, whoever Bawney feels like!  Oh yeah, I forgot, the Constitution can be ignored these days.  Carry on.

Wed, 06/23/2010 - 15:29 | 429752 Gully Foyle
Gully Foyle's picture

 Chupacabra

"(and Barney Frank - no homo)" Best episode yet. You should check out the new season of IT Crowd. "Is a Dragon Gay, Phil?"

Wed, 06/23/2010 - 14:35 | 429589 Slash
Slash's picture

look at that ramp! lol go PPT!!! little early today.....

Wed, 06/23/2010 - 14:58 | 429677 HelluvaEngineer
HelluvaEngineer's picture

ramp FAIL

Wed, 06/23/2010 - 14:35 | 429590 BlackBeard
BlackBeard's picture

WOW, I'm moving out of this country.  It's all going to shit.

Wed, 06/23/2010 - 15:16 | 429706 Careless Whisper
Careless Whisper's picture

no. no. no. strap on a pair of balls and stand up for our constitution.

Wed, 06/23/2010 - 15:53 | 429846 BlackBeard
BlackBeard's picture

No. no. no. use you brain, so your balls don't get taken away from you!

Wed, 06/23/2010 - 14:40 | 429593 docj
docj's picture

Heh, that's funny.  Evidently Barney is under the impression that "Banks" have their own money to spend.

Every dime of Barney's tax will be paid by...

... wait for it...

... YOU AND ME, of course.

But Barney gets to bleat to the sheeple about how he "stuck it to the Bankers" (sorry for the painful imagery there, folks).

I'd call Barney an a*$hole, but at least those have a useful biological purpose.  Barney?  Not so much.

Wed, 06/23/2010 - 14:40 | 429596 ex VRWC
ex VRWC's picture

This is Huey Long and Father Coughlin stuff.  

I am reading "Voices of Protest" by Alan Brinkley about Long and Coughlin.  You would be amazed at the parallels between the debates of the 1890's populist movement, the depression protest and today.  The arguments remain the same.  What has changed:

  • The internet and talk radio are the forums for the debate, rather than radio and local clubs.
  • Globalization
  • Peak resources are upon us
Otherwise, our debates we have here have been happening all throughout the history of the US.
Wed, 06/23/2010 - 14:41 | 429597 -Michelle-
-Michelle-'s picture

Ayn says "WTF?"

Wed, 06/23/2010 - 14:41 | 429599 Apostate
Apostate's picture

Oh, what's the sound I'm hearing? It sounds like a flock of winged dollars headed far, far, away from Mr. Frank. 

Wed, 06/23/2010 - 14:44 | 429602 Mr Lennon Hendrix
Mr Lennon Hendrix's picture
by Mr Lennon Hendrix
on Wed, 06/23/2010 - 10:11
#429240

"We gotta buy low right?"  Said BS as he took a swig of Malibu rum.  "When do I gea da pway in da Workeen Gwoup?"  Bawknee was pouting.  "I thet dis whowl feeen up!"  "Barny, you know you can't.  It isn't allowed."  "Wewrl, pwease can I hit a buy butteen?  Juss oawnce?  Pwease?!?!"  "Oh ok....Timmy, let Barney have the controller."  Geithner handed Bawknee the 8 bit Nintento controller.  "TIMMAH!!!!"

Wed, 06/23/2010 - 14:45 | 429613 Village Idiot
Village Idiot's picture

HAHA!

Wed, 06/23/2010 - 14:49 | 429623 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

For context, this was writ earlier, but the context fit here too.

Wed, 06/23/2010 - 14:52 | 429652 Village Idiot
Village Idiot's picture

I can go three - give me another pitch.

Wed, 06/23/2010 - 15:06 | 429685 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Weeeee!!!  Dish ish fuuun!"  "Ok give it back!  It's my turn!"  BS scowld at Timmah, "Timmah, you get to play in the Working Group everyday.  Let Bawknee finish his turn."  Bawknee was standing up and jumping up and down; his man-tits jiggled as he did.  "Weeeeee.  Wook at it goo!  Weeeee!"  "You know Bennie boy...."  He was interrupted.  "Don't call me that Timmah."  "Then don't call me Timmah!"  "You call yourself Timmah!"  BS said, quite perplexed.  "No, I don't.....do I?"  Bawknee was too distracted to listen.  BS just looked at him frankly.  Timmah continued.  "Well, I was going to say, when you aren't here, Bawknee sneaks into the clubhouse and plays the markets."  Bawknee stopped yelling and looked away from BS.  "He was here on May 6th."  BS snapped!  "Is that true Bawknee?  Did you cause the flash crash?"  "Weorl....I didn't mean twooo."  BS suddenly changed his demeanor.  "Actually, I can't be mad about this, as we really messed up the markets good...and it came right before the Senate voted on that bill that would limit our endeavors.  So actually it was a good move."  "Weorl, actuawee i did mean two."  "Yes ok, thats fine.  But from now on you must ask for permission to play the markets.  Now give Timmah the controller back, your turn is over."  "TIMMAH!!!!!!!!"

Wed, 06/23/2010 - 15:52 | 429837 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Ok Timmah show Bawknee how it works."  "Look Bawknee, sell SLW....buy AAPL...there and it keeps the PM market down too."  "Ooooo."  Cooed Bawknee.  "Very good Timmah."  BS patted Timmah on the head.  "TIMMAH!!!"

Wed, 06/23/2010 - 14:43 | 429603 jkruffin
jkruffin's picture

I swear I hope the idiots living in Massachusetts get rid of this idiot Frank.  I've never seen more of a unprofessional idiot in my entire life, and I have seen some doozies.

Wed, 06/23/2010 - 16:41 | 430018 Translational Lift
Translational Lift's picture

Speaks volumes about the people in Massachusetts.........

Wed, 06/23/2010 - 17:26 | 430180 New_Meat
New_Meat's picture

He used to be my congresscritter, but he got Gerrymandered away.  But it was never my fault :-(  - Ned

Wed, 06/23/2010 - 14:45 | 429611 the not so migh...
the not so mighty maximiza's picture

Barney is a menace to society and to the planet Earth.

Wed, 06/23/2010 - 14:45 | 429612 moldygoat
moldygoat's picture

This is the worst example of regressive taxation I have ever seen. How F#%^ stupid do they think people are?

"We will steal your money, let banks gamble with it, steal more of your money then give it to you back when you are poor" - sound ideal Barry!

Wed, 06/23/2010 - 15:29 | 429753 Bam_Man
Bam_Man's picture

This is the worst example of regressive taxation I have ever seen.

Only until they get the VAT implemented next year.

Wed, 06/23/2010 - 16:00 | 429874 BobWatNorCal
BobWatNorCal's picture

Oooo. Good point.

Wed, 06/23/2010 - 16:18 | 429941 chunkylover42
chunkylover42's picture

you forgot: "...and make you feel like we're doing you a huge favor and sticking up for the little guy."

 

Wed, 06/23/2010 - 14:46 | 429615 lizzy36
lizzy36's picture

And the market goes crazy in support of such a great wealth redistribution proposal.

2 yr @ 2010 low and everything else rallies for 5 mins (phew on the back of FX movements.  i thought the housing numbers might have been revised from -33% to +33%.....you know something fundamental as oppossed to random currency movements)

what a fucked up market.

Wed, 06/23/2010 - 15:07 | 429692 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Capitulation is a hellava drug.

Wed, 06/23/2010 - 14:47 | 429620 Clayton Bigsby
Clayton Bigsby's picture

PS  As far as Bawney, somebody needs to sneak an I.E.D. into the next cock he sucks - which should be, ohhh.., about 5 min from now

Wed, 06/23/2010 - 14:49 | 429638 jkruffin
jkruffin's picture

ROFL  can't stop laughing at this post  Nice work.

Wed, 06/23/2010 - 14:51 | 429646 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The tracking device leads to the Fed!  Surprised???

Wed, 06/23/2010 - 14:47 | 429626 AccreditedEYE
AccreditedEYE's picture

Does this idiot have any idea what that would do to the markets? They really have no concept of how things work in DC. Talking my book, "SURE Barney, go ahead an push that... it won't kill the market and "justice" will most certainly be served..."

Wed, 06/23/2010 - 14:52 | 429653 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Does this idiot have any idea what that would do to the markets?

Simply.......No.

Wed, 06/23/2010 - 15:47 | 429811 AccreditedEYE
AccreditedEYE's picture

lol! If they had a clue they'd be even MORE dangerous...

Wed, 06/23/2010 - 15:53 | 429824 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yes; the reason we will conquer them (which is merely our fear of them) is that they are inbred fools.

Wed, 06/23/2010 - 14:48 | 429627 AR15AU
AR15AU's picture

Our economy is a joke...  who would do business in such a despotic country?

Wed, 06/23/2010 - 14:49 | 429636 FitBusinessman.com
FitBusinessman.com's picture

Welcome to the end of Capitalism.

Does Obama think that Banks and Hedge Funds are not intelligent enough to funnel profits offshore?

Really, the cabinet is not intelligent enough to compete in this arena. The only thing they will do is cause every profitable business in America to move offshore.

How about asking the banks to just devalue the mortgages and actually help the scammed homeowners in the process? That would take too much common sense...

Wed, 06/23/2010 - 14:55 | 429669 Apostate
Apostate's picture

Medvedev has positioned himself perfectly for this kind of madness in the US.

We're all going to Moscow, baby. 

Wed, 06/23/2010 - 17:25 | 430175 Canucklehead
Canucklehead's picture

You realize Medvedev is on his hands and knees, looking east and pointing west.

What direction are you going?

Wed, 06/23/2010 - 15:02 | 429689 Mad Max
Mad Max's picture

How exactly is this different from fascism / corporatism?

Wed, 06/23/2010 - 15:40 | 429787 ejmoosa
ejmoosa's picture

This version is different from the fascism/corporatism of the past because this time it's for our own good.

Wed, 06/23/2010 - 15:19 | 429708 Augustus
Augustus's picture

The jackass already put through a fee on all of the FNM and FRE loans that was supposed to do the same thing.  The govt. required them to increase the margin so that they would be able to turn it over to Barney to spend.  I guess it just was not enough.

Why doesn't he just go take it out of Barry's stash?  That is where all the rest of the spending and giving is coming from, isn't it?

Wed, 06/23/2010 - 15:23 | 429734 TooBearish
TooBearish's picture

Jeff Goldblum:  1) Banks get bailed out by Treasury, 2) Banks impoverish middle class, 3) Feds impoverish middle class, 4) Banks pay special tax for lower (used to be middle class) bailouts, 5) Barney Frank rules the world....

Wed, 06/23/2010 - 15:46 | 429805 Gimp
Gimp's picture

Barney Franks epitomizes everything we despise about politicians....pure vermin.

Wed, 06/23/2010 - 15:59 | 429869 Jim B
Jim B's picture

Who keeps voting this A#$@# back in office?  Pathetic

Wed, 06/23/2010 - 16:03 | 429888 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Diebold.

Wed, 06/23/2010 - 15:52 | 429832 Xibalba
Xibalba's picture

What?  You thought you were actually gonna keep those monopoly credits? 

Wed, 06/23/2010 - 16:12 | 429923 Ted K
Ted K's picture

How about this idea-----have the bank tax go directly to paying off the national deficit, and the next time one of these large banks goes bankrupt tell them to eat the tip of Uncle Sam's banana.

Wed, 06/23/2010 - 17:27 | 430182 Canucklehead
Canucklehead's picture

Ted, you should go back to Baseline Scenario.

Wed, 06/23/2010 - 16:13 | 429929 Crummy
Crummy's picture

If you consider who the government borrows its money from in the first place this comes clear as nothing more than an accounting gimmick and political handjob.

Wed, 06/23/2010 - 16:20 | 429934 Almost Solvent
Almost Solvent's picture

National sales tax would get those otherwise operating underground.

Even politicians and banksters have to buy gasoline and food.

Err, I mean drug dealers and under the table types.

 

New IRS Form:

How much did you make last year? $_______

Send it to us.

Wed, 06/23/2010 - 16:29 | 429990 SilverIsKing
SilverIsKing's picture

Barney is used to having the banks pay for things.  Like his cars, his swimming pool, his vacations, etc etc

 

Wed, 06/23/2010 - 16:39 | 430014 libert
libert's picture

WTF happened to ZH? I thought people here were pissed at the banksters, but finally we get a sane proposal from Congress--make the banksters pay their ill-gotten gains back and return them to the American people--and ZHers freak out. "Nooooo, we can't make the banksters pay money back to us. That would destroy the economy!" You may sympathize with the vampire squids, but I don't.

Also, how can you oppose simultaneously oppose a bank tax (because it filters down to "you and me") but also oppose bank bailouts (which don't?)? Anyone who knows anything about economics knows that the trickle-down argument is identical for each one.

Wed, 06/23/2010 - 16:56 | 430073 walküre
walküre's picture

Be careful what you wish for.

Read "Das Manifest" and see Animal Farm unfold right before your very eyes.

IT WAS NEVER THE BANK'S (MONEY) TO KEEP.

The money was used to put Fascists and Communists into power - always.

WTF do you think the military (top brass) is taking the White House down?

 

Wed, 06/23/2010 - 17:10 | 430118 tip e. canoe
tip e. canoe's picture

"IT WAS NEVER THE BANK'S (MONEY) TO KEEP."

Bingo, said the pig.

Wed, 06/23/2010 - 21:44 | 430618 Mactheknife
Mactheknife's picture

>Anyone who knows anything about economics knows that the trickle-down argument is identical for each one.

Try this on for size. Pay attention, OK? BANKS and BUSINESSES don't pay taxes, ever. Their customers do. Get it? Put this tax on banks and they pass it on to YOU.

Wed, 06/23/2010 - 16:39 | 430015 walküre
walküre's picture

Banks paying to support homeless and jobless?

Sounds like Community Real Estate Investment Act CHAPTER DEUX.

Did Chavez dream this up?

Wed, 06/23/2010 - 20:02 | 430446 downwiththebanks
downwiththebanks's picture

Funny that BF wants the banks to pay for anything, given their little insolvency problem.

The BANKS are the freeloaders.

Lucky for them, Uncle Sam keeps letting them float.

 

Wed, 06/23/2010 - 22:06 | 430661 calltoaccount
calltoaccount's picture

They should pay, just like BP, in exchange for not putting their asses in jail for the massive crimes they've committed, yet not been held accountable for.  20B is only a start, and rightfully so.

Wed, 06/23/2010 - 16:49 | 430046 NumberNone
NumberNone's picture

Dumbass banks did a deal with the devil to save their asses and now the devil wants his due.  How's it feel to now be Satan's bitch? 

Wed, 06/23/2010 - 17:07 | 430110 centerline
centerline's picture

Only if there is something in it for unemployed prisoners.  Since the home credit thing is over with, they need another leg up.  

Wed, 06/23/2010 - 17:11 | 430122 tip e. canoe
tip e. canoe's picture

coming soon to a neighborhood strip mall near you: 

FRANKENBANK

Wed, 06/23/2010 - 17:21 | 430156 Auric Goldfinger
Auric Goldfinger's picture

Lumpy Rutherford?

Wed, 06/23/2010 - 17:50 | 430258 dantes1807
dantes1807's picture

At least Barney Frank is pushing to have the retention exemption stripped from the regulation bill. Problem is that retention is just another back end way to try to kind of fix the problem without fixing the real problem. It is the underwriting stupid. The lenders must have tools to be made whole if the loan defaults. This means 20%+ equity and it means personal liability if you default. This will force housing prices down and make housing more affordable in the long run. If you can't afford it, you must rent. Nothing wrong with renting.

Wed, 06/23/2010 - 18:25 | 430335 SRV - ES339
SRV - ES339's picture

Didn't know there were so many homophobic neocons on this site... he wants to tax the obscene profits of the blood sucking banksters, and and use it to support those most affected by their financial terrorism... not turn your sons and daughters into daughters and sons!

Wed, 06/23/2010 - 19:19 | 430385 MyKillK
MyKillK's picture

I don't see why good credit should be a requirement for receiving government aid?

Socialism starting to get into full swing now...

 

 

Wed, 06/23/2010 - 19:56 | 430428 downwiththebanks
downwiththebanks's picture

Quite funny, TD:  unfortunately 'Obama's' chief constituency are the banker gangsters who constitute his entire cabinet.  They're his masters.  They own him.  And you can see that to a man.

If 'Obama' really cared about those who've been on the receiving end of Adam Smith's middle finger, perhaps he'd find ways of putting them to work as something other than cannon fodder.

Thu, 06/24/2010 - 02:05 | 430954 waylon153
waylon153's picture

After we spent $1T another $150B of helicopter money will do the trick?  He sounds like another mindless wantabe mid-term politico puking, "I can fix this with a mere $150B."  How much did he pay to get on TV?  Vascular surgery doesn't work on blunt force trauma. 

At least with Krugman, aka "The Martingale," the bigger the bang the less chance we have of limping along apatheticly.  Buckle up!

Wed, 06/23/2010 - 23:46 | 430788 palmereldritch
palmereldritch's picture

That headline screams going long on FEMA camps

Thu, 06/24/2010 - 06:16 | 431085 michael63636
michael63636's picture

http://www.thetimes.co.uk/tto/news/

 

 

Retirement to be pushed back to 70 by coalition Jenny Booth
June 24 2010 9:19AM

The pension age will eventually rise to 70 and could go even higher, the coalition Government will suggest today. Iain Duncan Smith, the Work and Pensions Secretary, is to outline plans to raise the state pension age for men from 65 to 66 from 2016, and will make plain that this will only be the start of changes. The radical plan, first unveiled at last year’s Conservative Party conference, has been embraced by the Liberal Democrats and is the latest in a series of far-reaching and controversial announcements early in the coalition’s life. Mr Duncan Smith is also expected to scrap the default retirement age, which allows

Do NOT follow this link or you will be banned from the site!