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Pretty F*cked up shit. Pray to God none of this crap passes...right now its only talk, lets keep it that way.
Yeah, you're right. WTF??? Taxpayers should keep covering that shit.
Get a clue.
A flat tax on all financial institutions including HF and insurance companies regardless of what they did before/during the financial crisis. Then it will be adjusted by riskiness!!
There is more than enough blame to go around for the financial crisis. Its starts with individuals, goes to governments who forced lenders to lend/lessened lending standards, and goes to everyone else.....
The point is that the tax is going to cover "future bailouts", which makes it an absolutely terrible idea.
What happens if the governments decide to just use it to fund other "programs" in the meantime? There's pretty clear precedent for doing it.
Levying a tax intended for future bailouts pretty much justifies and guarantees future bailouts, while at the same time, doesn't really prevent bailouts from exceeding the available funds. If you're "too big to fail" and x amount isn't "enough", you'll just ask for more. If banks were remotely smart, they'd drain the fund next crisis and use the same "too big" logic to ask for more.
I've got no problem with that. They'd only be screwing themselves and not the taxpayers. As for asking for more, the people could tell them to get bent.
I'm really curious, guys. Why are you all so against making the banks competitive again? Are you all just afraid the punchbowl is being taken away before you got to it? Because there is certainly no free market argument in favor of the status quo.
Banks can start by being more responsible. Think of it as....insurance. Like FDIC.
You know, it would be fine if banks took ridiculous risks (NINJA loans=you're ASKING to be robbed blind) if they didn't bring the whole economy down with them when they go down in flames.
^^^^ Dude, Wall Street got its fuckin' freebie with TARP.
The next round's on the banks.
As for the other billion dollar fed guarantees (FDIC paper), guess what, they were just fucking guarantees which never needed to be paid up because nothing else went to shit, so once again, back to your cave.
Whatever you have to tell yourself, kid. Know that every dollar you make henceforth is in your pocket because your bank was too weak to make it without stealing from the public.
I'm more concerned about the the second proposed tax on individual earnings a.k.a. our salary
To respond to Braverman's last point -
If banks create a reserve fund of X (through an obligatory tax) - then they'll just adjust their risk aversion to accomodate X such that it increases their risk appetite. The crash will require X + whatever they lost that was unforseen - it invites a bigger crash.
The way to tackle this problem isn't through penal populist arbitration, it's through law. Limit coverage in law, limite exposure in law. Create a body which has to pass newly created products before they're retailed - an effective body though, not the SEC or FSA which is a blanket organisation.
These are useful changes, which help. A carpet bomb tax does nothing but take money out of the economy, put it in governments pocket, and increase the bank's long term risk preference.
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