Email from "Joe Biden" - What a JOKE!

I'm sure many of you just got the mass email from "Vice President Joe Biden.'

Subject Line: We Want Our Money Back

Yesterday, President Obama announced our proposed Financial Crisis Responsibility Fee on the country's largest banks:

"My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people...We want our money back, and we're going to get it."

The fee would recover every penny loaned to Wall Street during the financial crisis and stop the reckless abuses and excesses that nearly caused the collapse of our financial system in the first place.

But the banking industry -- among the most powerful lobbies in Washington -- is already launching attacks to stop Congress from enacting the proposal.

Barack and I aren't backing down. But to win, we'll need the American people to add their voice right away.

Ummm....who gave it to them in the first place? Who blocked efforts at the time to stop misuse of the funds?

Yep, file this one in "Too Little, Too Late." Act as outraged as you both want (Obama and Biden) - you both supported the wholesale giveaway.

Progressive Democrats should stand up and ask where these two have been???????



edit to fix missing word.

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The funds were necessary to prevent the total implosion to the financial sector in the short term, that those institutions didn't exactly use them appropriately is immaterial to that plain fucking fact. Witholding the funds because you want to bitch about them not being used efficiently enough for your liking would have had us in the middle of a Depression right now.

Now that that implosion has been averted the longer term concern is recovering the money. There's no "joke" about anything being done here. If the money all comes back then there's no real cause for complaint beyond petty juvenile whinging.

I'm so sick of people who don't have the intellegence or energy or whatever it would take to understand how dangerously close this entire world came to a complete and utter breakdown of the financial system. I stand with the President on this.Had he done nothing, we all would be suffering much more than we are now.

Right now the bailout for those affected by this credit devault..... need help, and the banks won't help... But getting back the money is good... Turn around now and bail out the people who that banks wont....

as well as should of been, but I imagine those who voted for it never expected that extreme arrogance. I doubt they could possible have imagined people with more arrogance than themselves, as politicians, and they would not have behaved that way, so......!

:eyes:

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

They had a chance to put limits on the use of the funds at the time. OBAMA OPPOSED THIS. They could have LEGALLY prevented them from using the money for bonuses - that Obama and Biden are now acting "shocked" about. Good theater. The whole damn administration is all about good theater. Some, like you, obviously buy it.

... which is what you were ranting about in your OP, then explain the motivation for your ranting.

why did it happen in 2008? Why did the S&Ls fail in the 80s?

Do you understand what happens to banks when there is a housing bubble? When you project that onto a world market, it makes things even worse.

This is not as simple as going back to some old regulatory system. There was too much money chasing a profit. This had NOTHING to do with Obama. It should have been addressed earlier by the Bush admin but that would have just lessened the impact.

You might as well blame reality shows like "Flip that house" instead of Obama.

And if you didn't want to bail out the financial institutions, you don't even understand FDIC deposit insurance. When the banks go down, it is the federal government that has guaranteed the deposits so we end up paying it anyway. When Lehman failed and the market took a nose dive it was obvious we could pay 700B to keep them afloat or we could pay that much in deposit insurance when the banks failed AND have a depression on our hands when the stock market crashed.

Now you might not care that the stock market would have crashed and I don't care if Buffet lost a bunch of his money but almost all the pensions in this country are in the market. So, everyone who is say 40 or older, who have invested in a retirement plan for themselves or through their company is shit out of luck. They live on Social Security alone. Fine. But if they don't have any money to spend in retirement, how many companies go out of business? Lots.

Now, spit the dust out of your mouth, recognize that as evil as money is it is necessary and while it may look like a house of cards to keep the cash flowing in our economy, blowing over the entire house of cards is not the best answer.

What the FUCK is on the minds of some of the dull blades here?

they want fat cat bonuses. I think Obama and Biden are OK on this

The tax will stay for ten years or until the $117 billion is repaid.

http://ozarksfirst.com/content/fulltext/?cid=225341

Bush did, you ignorant asshole.

Reading fucking newspaper, would you?

read a fucking book for fuck sake.

"moron"

Amazing how many uninformed nitwits are posting anti-Dem crap - it's exactly the sort of crap I expect from Republicans, not supposed informed liberals.

bailouts. The legislation had a provision calling for repayment by 2013.

You know, Obama has to be the most powerful man in the history of humankind.

Apparently he is the only one to have the power to make things happen or not happen.

I'm in awe!

:eyes:

ETA: If I could unrec this post a thousand times, I would.

all - it is obvious that this administration is trying to reframe the bailout for the midterms...they know it was not popular so they are doing what they can to save Dem seats.
Personally - firing Geithner may work better, but I doubt Obama is willing to take that route.