From the NY Post:Mayor Bloomberg said yesterday that President Obama's plan to slap a tax on banks is aimed squarely at the city's lifeblood and could turn Manhattan into a crumbling wreck like Detroit.
Bloomberg warned that the plan could bring about the collapse of the city's financial sector and starve New York of revenue it needs to provide basic services.
"And if you want to see what happens to a city when their major industry fails, just take a look at Detroit," which has been reeling from the collapse of the auto industry.
"I'm very concerned that we don't drive business overseas. London became a financial center when we increased regulation here," he said, adding, "I certainly hope our legislators in Washington will fight to protect our industry here."
But the early indications weren't clear.
Sen. Charles Schumer, an Obama supporter who typically champions Wall Street, is for the bank-tax proposal.
"While we await the details of the president's proposal, the original rescue legislation clearly required that financial institutions that benefited from [the bailout] would contribute additional funds until taxpayers were fully repaid. The point of that provision was to put taxpayers first, and I agree with that," Schumer (D-NY) said.
Kirsten Gillibrand, Schumer's New York Democratic colleague, said, "While the administration's approach is far better than some proposals, such as taxing financial transactions, our focus should be on making sure that banks are lending to small businesses and spurring immediate job creation."
16 comments:
Save us Mikey. Save us!
Maybe the Zises family will bail all of us out. Right, Gary?
If you took the power of the monopoly over currency, Federal Reserve Notes, away from the Federal Reserve, which is owned by a private banking cartel and gave it back to the Treasury, you're half way there. Then take all the interest theses Banksters pocket(if they only create principle where does the interest come from?) and apply it to government services. Basically, take away governments power to borrow, make government the true lender of money, use the interest to fund the government (this puts it back into circulation) and there will never be a need for taxation. All you do gooders calling for more taxes for more government programs would get those programs and I'd get your hand out of my pocket. Do yourself a favor, research Eric Whoru, it's an end to taxes without cutting vital government functions. Don't dispute the summary I posted here, look it up and think about it, if there are any weak points please point them out.
Remember people don't want the paper money, they want what you can trade it for.
Too bad our mayor doesn't think the same way when he is busy raising taxes on the working class, u know the ones trying to live on 40,000 or less. But he is fast to piss and moan when his greedy friends will get hit with new taxes.
If you really want to hurt the banks
make it illegal to charge more then 12% interest on a credit card
That would scare the crap out of any banker.
If you really want to hurt the banks
make it illegal to charge more then 12% interest on a credit card
That would scare the crap out of any banker.
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God bless you!
New York will NEVER be like Detroit.
Uncle Mike is watching out for his friends, as usual
Willie Sutton said it best," I rob banks because that's where the money is."
While not a Bloomberg fan, the man made billions from Wall Street and knows how it operates.
It is perfectly possible to shift large parts of the financial markets away from New York to other world capitals and this can be done rapidly since most of this industry is digits traveling over phone lines.
Eric Whoru is an interesting guy. Such little information out there about him, which is a shame.
Thanks for the tip, Anonymous.
No Mike is looking out for all New Yorkers on this one. If the bank decide to go elsewhere the city with dissapear with it. The financial industry pays taxes and salaries (and bonuses) that allow this city to function. You take that away and he is right it will be detriot. Shame on the NY's elected resprensedives in Washington who have stood by and done nothing to help defend the state. In the haste to approve Obamacare they screwed us on Medicare payments while other states negotiated sweetheart deals. In a race to see who can be more anti-banker they have propose all types of fees, windfall taxes, bonus taxes, etc.
Do they understand they economics of the state they represent? Do they care?
I say super tax the mega bonuses that CEOs are getting.
That's what they do in Britain.
And it works fine!
But Obama's a woosie...he won't bite the hand that feeds him (phony Democrat).
After all, this is the USA where bastard bankers run the nation!
many banks never took the T.A.R.P. money and never
gave loans, (forced by Acorn and the government finance committees and H.U.D.'s A.Cuomo),to freeloading clients without assets or jobs.
why should these banks be "DEMONIZED" by the Obama Administration. most of them did the ethical
and financially correct actions.
obamacare needs a distraction,because of his tumbling poll numbers. DEMONIZE, DEMONIZE SAYS MARXIST SAUL ALINSKY.THEIR MENTOR.
How many of us here who read the Crapper can afford to live in Manhattan? No hands? Hmmm. Why isnt Bloomberg lobbying against tax increases from Obamacare?
Bloomberg did speak out against Obamacare. He called it a disgrace - which it is. He's one of the few politician around here speaking up. Everyone else to too busy rushing to ram this through.
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