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Barney Frank Wants To Have Banks And Hedge Funds Pay For Assistance For Homeless Jobless; Fund Next Stimulus
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.
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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.
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.
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.
;lk
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.
myass. pure election year shenanigans.
Sadly, you may be right. Would have loved to see the TBTF banks cough up some ill-gotten monies for poverty alleviation programs.
Screw you, Barney. Stop paying for other people's financial stupidity with our money.
http://standupforamerica.files.wordpress.com/2009/07/barney-frank-chutzp...
So which are you, a bank or a hedge fund? :-D
I kid, I kid.
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.
HA!
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.
Chupacabra
"(and Barney Frank - no homo)" Best episode yet. You should check out the new season of IT Crowd. "Is a Dragon Gay, Phil?"
look at that ramp! lol go PPT!!! little early today.....
ramp FAIL
WOW, I'm moving out of this country. It's all going to shit.
no. no. no. strap on a pair of balls and stand up for our constitution.
No. no. no. use you brain, so your balls don't get taken away from you!
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.
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.Ayn says "WTF?"
Oh, what's the sound I'm hearing? It sounds like a flock of winged dollars headed far, far, away from Mr. Frank.
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!!!!"
HAHA!
For context, this was writ earlier, but the context fit here too.
I can go three - give me another pitch.
"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!!!!!!!!"
"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!!!"
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.
Speaks volumes about the people in Massachusetts.........
He used to be my congresscritter, but he got Gerrymandered away. But it was never my fault :-( - Ned
I've got a better idea: http://www.theonion.com/video/us-to-trade-gold-reserves-for-cash-through...
Barney is a menace to society and to the planet Earth.
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!
This is the worst example of regressive taxation I have ever seen.
Only until they get the VAT implemented next year.
Oooo. Good point.
you forgot: "...and make you feel like we're doing you a huge favor and sticking up for the little guy."
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.
Capitulation is a hellava drug.
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
ROFL can't stop laughing at this post Nice work.
The tracking device leads to the Fed! Surprised???
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..."
Does this idiot have any idea what that would do to the markets?
Simply.......No.
lol! If they had a clue they'd be even MORE dangerous...
Yes; the reason we will conquer them (which is merely our fear of them) is that they are inbred fools.
Our economy is a joke... who would do business in such a despotic country?
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...
Medvedev has positioned himself perfectly for this kind of madness in the US.
We're all going to Moscow, baby.
You realize Medvedev is on his hands and knees, looking east and pointing west.
What direction are you going?
How exactly is this different from fascism / corporatism?
This version is different from the fascism/corporatism of the past because this time it's for our own good.
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?
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....
Barney Franks epitomizes everything we despise about politicians....pure vermin.
Who keeps voting this A#$@# back in office? Pathetic
Diebold.
What? You thought you were actually gonna keep those monopoly credits?
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.
Ted, you should go back to Baseline Scenario.
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.
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.
Barney is used to having the banks pay for things. Like his cars, his swimming pool, his vacations, etc etc
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.
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?
"IT WAS NEVER THE BANK'S (MONEY) TO KEEP."
Bingo, said the pig.
>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.
Banks paying to support homeless and jobless?
Sounds like Community Real Estate Investment Act CHAPTER DEUX.
Did Chavez dream this up?
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.
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.
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?
Only if there is something in it for unemployed prisoners. Since the home credit thing is over with, they need another leg up.
coming soon to a neighborhood strip mall near you:
FRANKENBANK
Lumpy Rutherford?
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.
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!
I don't see why good credit should be a requirement for receiving government aid?
Socialism starting to get into full swing now...
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.
http://neweconomicperspectives.blogspot.com/2010/06/us-senate-candidate-...
comments?
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!
That headline screams going long on FEMA camps
http://www.thetimes.co.uk/tto/news/
Retirement to be pushed back to 70 by coalition Jenny BoothJune 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