Why Democrats Like Robert Dobbs And Their Supporters Are Idiots ....

If He Looks Like a Guy That Doesn't Know His Financial Ass From His Elbow, There's a Good Reason Why ....

Every once in a while, I have to kick some retarded Democrats in the ass, simply for the fact that when it comes to financial matters, they don't know what they're talking about. This is the problem when you makes decisions based on what you feel in your heart, rather than what is actual and right. Both parties occasionally get sold a bad bill of goods, and then we go out and push it because we're taking orders, or we just don't know better. But people like this don't need to be in Congress...... I am pretty used to Democrat bloggers talking down to me, so I'll return the favor for once today. Call it tough love......

Jamie Sanderson pushed a Press Release for 1st District candidate Robert Dobbs, completely endorsing Barack Obama's plan to impose a tax on financial institutions that took TARP money. This is even if they have already paid the money back with interest. Dobbs gives lots of straight-line populist anti-business/capitalist bullshit to rile up the troops (I'm sure being in the Army gave him plenty of financial expertise). While it does not apply to the banks that have assets under $50 billion, that in itself is inherently the problem with it, for one simple reason - the big firms are the ones that have already paid back the money. Don't take my word for it - read a chart, and learn something.....

If you're watching any news about Obama's plan, you've heard that many of the banks have paid back TARP funds already. This is an official statement from the US Treasury Dept., dated December 17th, 2009, that I found on Slate.com - a generally liberal website - showing all the banks that got money, and how much they've paid back. If you have any trouble reading a financial statement - aka: you're a liberal moron, look dead center on 'Investment Amount', and two columns to the right, where it says 'Capital Repayment Amount'.

www.financialstability.gov/docs/transaction-reports/12-15-09%20Transactions%20Report%20as%20of%2012-11-09.pdf

Yeah, it's a lot of data, but if you actually READ it, you notice something..... The big boys have fully paid back their TARP funds. As of that date $108 Billion of the $204 Billion lent out has already been repaid. Add to that total the $25 Billion that Citigroup and the $25 Billion that Wells Fargo have paid back since this date, and over 75% of the TARP money has been paid back - almost all of it by the Big Boys. Look at all the smaller banks - they haven't paid back jack shit yet, and they may never. This chart does confirm one thing that many of us wondered aloud when Congress passed TARP in 2008 - they didn't need all that money. $204 Billion covered it all, and probably then some....

Now, for most of us, this chart is good news.... The taxpayers actually ARE getting their money back as promised- something that Congress has never done. So WHY are Barack Obama and the Democrats in DC going after them with an additional tax? Simple - they paid back the government too fast. Wall Street didn't want to get into business with Washington, and when you get into an agreement with a partner you don't want, you get out of it as fast as you can... The Big Banks did whatever they needed to raise capital, and give DC their money back - and DC didn't want that to happen. You see, Washington viewed this as a moneymaking opportunity. That happens very little on The Hill, and maybe it was a good thing to try. After all, the Federal Government had made billions in profit from TARP - and even in government, profit is a good thing. But the Democrats were expecting this TARP gravy train for a while, and now it's gone.

The theory is simple: you can't tax the banks that can't even pay the money they owe already, so you tax the ones that CAN afford it. Hence, the floor of $50 Billion in assets. Does it all make sense now? Imagine if you had some good fortune,and were able to pay off your house, car payment and credit cards - and the banks penalized you for the next ten years for paying them off early? That's what Barack Obama is trying to do. Case closed. I win.......

If the thought of 'F**k the banks, they have lots of money' is crossing your mind right now, think twice. This tax is expected to raise $150 billion, which means that banks have that much LESS to lend. This keeps them from making loans to small businesses that need capital to grow, and to hire more workers, which in turn lowers the unemployment rate, and helps all governments make more in income taxes. The Democrats just like making the pipe a little more direct between them and the banks. Yes, this plan is another jobs killer.... How will the banks react to this? By raising interest rates and late charges and capitalizing on any loopholes that the government will leave. Hey, I didn't say the banks were innocent, but give them credit for being smarter than Congress and Obama.

That's the straight poop, folks, and I defy anyone to prove otherwise. The numbers don't lie. The best news of all is that the Senate wants no part of this bill, because they know it's a bullshit attempt in an Election year to make voters think they're looking out for taxpayers. The House will pass this, I'm sure. My worry is that very often, Congressmen become Senators. Robert Dobbs is not the best that South Carolina could do. If he thinks that this is a good plan, then he needs to go back and do his homework - and the bloggers that shill for his dumb ass should think for themselves.... My apologies to P-Luv if he;s worried I dumped him in with these other Democrats.

Jamie asked that I at least link to Dobbs' Press Release to be fair. I didn't want to have links all over the post, so I skipped it, but no problem. Here is the PR..

http://thepoliticsofjamiesanderson.blogspot.com/2010/01/dobbs-supports-president-obamas-plan-to.html

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