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With President Obama considering up to $120B in fees to recoup costs from bailed-out banks,...

With President Obama considering up to $120B in fees to recoup costs from bailed-out banks, JPMorgan Chase (JPM) CEO Jamie Dimon says "using tax policy to punish people is a bad idea. All businesses tend to pass their costs onto customers." Dimon was talking to reporters outside the FCIC hearings at which he's testifying.
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Comments (12)
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    In fact, our "tax policy" has been "punishing" the AVERAGE citizen for a HUNDRED YEARS.

     

    It is IMPOSSIBLE to ever design a fair taxation system based upon INCOME. The reason is the vast majority of increased wealth in a society comes from the appreciation of assets, which is NEVER taxed (at all) unless a sale takes place.

     

    For the very wealthy, this is how they get 90% of their NEW wealth. Obviously, when OBSCENELY wealthy people have 90% of their (real) income completely sheltered from taxation, then such people will simply become MORE and MORE obscenely wealthy.
    13 Jan 2010, 03:00 PM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    ITALICIZED COMMENTS....
    14 Jan 2010, 08:07 AM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    It's a threat: tax us and we'll just pass it on in one way or another...so go ahead, we know who's in control and you can't stop us.
    13 Jan 2010, 03:02 PM Reply Like
  • D. McHattie
    , contributor
    Comments (1844) | Send Message
     
    He actually has a point.

     

    The core problem is determining how these banks were able to acquire so much money and call it 'profit'.

     

    Our legal structures give banks unfair advantages over other businesses such that banks syphon to themselves much more value than they contribute to the economy.

     

    Tax banks and they will just pass on the costs to their customers.

     

    We must remove their advantages, leaving money in the hands of consumers and businesses to do as they rightly see fit.
    13 Jan 2010, 03:02 PM Reply Like
  • a fat panda
    , contributor
    Comments (806) | Send Message
     
    "Tax banks and they will just pass on the costs to their customers."

     

    D. McHattie -

     

    It may be a regional thing, but I have 3 or 4 banks here willing to pay me to be a customer - particularly the regional banks. If Jamie tries to pass along a dime of the cost, I will go else where. There is too much capacity in lending right now for any bank to excert pricing power. Frankly if he thinks that he has pricing power it is a sign that just how far out of touch he is from reality.
    13 Jan 2010, 03:14 PM Reply Like
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    Exactly!! Jamie Dimon is right, and believe me, if we know this, so does Obama.
    Do you think Obama will do it anyway?...you bet, with the hopes that ignoramus America thinks that he's a "hero of the people".

     

    Yet another Washington roundabout mugging of the taxpayer, run with seamless precision.
    13 Jan 2010, 03:06 PM Reply Like
  • lower98th
    , contributor
    Comments (1420) | Send Message
     
    He's right. We should be using the criminal legal system to punish them.
    13 Jan 2010, 03:06 PM Reply Like
  • lower98th
    , contributor
    Comments (1420) | Send Message
     
    PS: The banks are merely customers of the US. They should expect the fees and costs to be passed on to them.
    13 Jan 2010, 03:07 PM Reply Like
  • a fat panda
    , contributor
    Comments (806) | Send Message
     
    ""using tax policy to punish people is a bad idea. All businesses tend to pass their costs onto customers."

     

    Hey Jamie, Here is a worse idea. Giving cheap interest to bankers so that they can hold on to the mistakes of the past more comfortably. Here is a worse idea, print money so that the Fed can buy up the mistakes made by bankers. Here is a worse idea, giving JPM cheap interest so that it can overpay for Bear Sterns. The world is filled bad ideas, and it is strange that the only one that he complains about is the taxing of bonuses.
    13 Jan 2010, 03:09 PM Reply Like
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    This is exactly the way Obama wants it, the banks raise there fees to consumers to make up for the fees they have to pay the gov, pass through as old as time, Obama knows this and also knows he will be able to look tough on the greedy bad banks by making them pay more and then can also say, he did not raise these fees on consumers the evil banks did, but if he thinks this will shield him from the resulting flake he is mistaken, its doesn't matter who collects the fees when we know the reason why they are being charged, Obama and the Democrats, vote them out in 2010 so the new group pays attention to us adn if not vote them out, dont forget about 2012, thats the big one.
    13 Jan 2010, 03:14 PM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2464) | Send Message
     
    I almost forget to point out the rest of the idiocy in this piece. The U.S. government GIVES the banksters TRILLIONS of dollars (in the form of interest-free "loans") pays the banksters INTEREST on this money, and now Obama claims he will "reduce the deficit" by clawing SOME of that money back?

     

    LOL!!!!!!!!!

     

    I guess next he will give every American a million dollars, tax half of it back - and totally "eliminate the deficit".

     

    Surely there aren't any ADULTS who are fooled by such a pathetically clumsy "shell game"?
    13 Jan 2010, 03:29 PM Reply Like
  • bbro
    , contributor
    Comments (9851) | Send Message
     
    MORE ITALICIZED COMMENTS>>>>
    14 Jan 2010, 08:08 AM Reply Like
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