Thursday, President Barack Obama proposed the idea of taxing banks as a means of recouping the public bailout money provided to banks during the crash. "We want our money back," he pronounced.
President Obama met with advisors at the White House, where he called the latest bonuses “obscene,” when considering the tremendous amount of money owed to the government.
This is not the first time in his time in office that President Obama has expressed frustration with the big banks and the giant corporations he believes influence politics more heavily than he is comfortable with. President Obama recognizes the public discontent with Wall Street and views the lingering financial crisis as a battle between big banks and the rest of the population.
It was with this in mind that he restates his desire for a regulatory industry overhaul, an effort to stop taxing the little people to benefit the people created the national disaster to begin with. Their recklessness has still gone largely unpunished, as during the delicate months following the crash, anything fiscally strenuous may have had an effect on recovery. The time has come now, for banks to begin paying back the public.
The president is proposing a 0.15 percent tax on the liabilities of financial institutions with assets exceeding $50 billion. There are an estimated 50 institutions that fall into this category.
Not all of the banks benefited from financial aid during the crisis, but all will be required to submit to the tax.
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