Thursday, January 14, 2010

Fee's or Taxes?

Obama called for fee's on the banks to recoup "Our" funds from the bailout. These fees are to be collected by the IRS. This begs to ask what fees do the IRS collect? Are those not taxes? Secondly, why are these fees being collected by banks who did want to take bail out money in the first place and who have already paid it back with interest. If the money is paid back, what additional fee can or should we collect from them? And why is President Obama calling for a tax when our constitution clearly gives the power to tax solely to the Congress?

Another important question we need to ask is why are we not collecting these fees from Fannie May and Freddie Mac as well as GM and Chrysler who have not paid back the funds and have little chance of ever being able to pay it back? Many of us on the right said those organizations should have been allowed to fail in the first place. We also said this bailout would essentially amount to the government taking them over but were told by the left that this was crazy.
On Christmas eve the Congress lifted the Debt ceiling on both Fannie and Freddie.

Last week on 1-5-2010 Barney Frank said, The two mortgage lenders are essentially a "public policy instrument of the government,".

Crazy huh? See the story on the Left's own beloved Huffington Post.

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