NEW YORK (CNNMoney.com) - President Obama on Thursday called on Congress to tax the largest banks to ensure that U.S. taxpayers don't lose a penny from the federal bailout of the financial, auto and insurance industries over the past year.
The "financial crisis responsibility fee" would target major institutions. It would be levied on those that were the main contributors to the financial crisis and the most significant beneficiaries of the extraordinary actions taken by the Federal Reserve and the Treasury Department.
"My commitment is to recover every single dime the American people are owed," Obama said. "We want our money back and we're going to get it."
We shouldn't ask the wealthy to provide a better lifestyle for the rest of us. Even if all of their assets were seized by government, it wouldn't be enough!
It's time for all Americans to pull themselves up by the bootstraps and make their own way in the world. Government entitlements are what's wrong with this country. Look where they've helped take us: obscene deficits, and unfunded liabilities for Medicare and Social Security (they're both insolvent!).
Our founding fathers dedicated their lives to ensuring we have the right to life, liberty and the pursuit of happiness. The rest is up to you!
Thanks Obama. These banks are sure to pass the costs on to the rest of us. BTW, didn't they already pay their TARP money back plus interest?