I’m sure the Spendocrats in DC are taking notes. If O can’t get even more tax hikes passed because of those pesky Republicans, then maybe there’s another way to get our money……
This is another one of the European communities grand ideas on how to stimulate their economy? Banks all over Southern Europe are having a rash of transfers as the fear of this tactic spreading moves to other countries.
I was astounded when I first heard it at the beginning of the weekend; I predicted it could not go through. I concur with Arail (for once), it was going to be robbery. Confiscation of savers’ money? What on earth were they thinking?I would have been there with a bull-dozer, too.
An item on NPR was either ironic or amusing depending on one’s mindset.The Russian rich has been using Cyprus the way some American rich use banks in the Caribbean. The nation of Russia has 40 billion dollars in loans to Cyprus.^ If Cyprus enacts the tax hikes on deposits in order to stay solvent, Russians lose billions; and if Cyprus defaults on its loan payments, Russians lose billions.^Much of Cyprus’s problems comes from investments it made in its closest trading partner, Greece. Much of Greece’s suffering comes from trusting Goldman-Sachs and other American banks and the high yield and ultimately, high risk, financial products.^I don’t think US bankers will be vacationing in the Mediterranean for a while.Respectfully,C.
Banks are taking note. They are interceding on Cyprus’s behalf because of a general fear in the populace world wide that if a bank can do this in one nation, banks in other nations can do it. Banks are concerned about a worldwide run on their assets.^Considering what happened to Americans in 2007 through 2009, I was really surprised more Americans didn’t take their money out of banks and put it in Credit Unions. I have not heard of a single credit union that went under because of the recession. ^Americans want to trust their institutions and their legislators because they simply do not have time to learn all of the minutiae necessary to know EVERYTHING one needs in order to survive the financial manipulations foisted on them. Working 40 to 80 hours a week, 5 to 15 hours a week commuting, taking care of a home, perhaps children or other family, people are overworked and overwhelmed and too many legislators and institutions do NOT have America’s back…and if they do…they too often have a knife to stick in us.Cynically,C.
Ok, let’s interject a few facts here. The EU was pressuring Cypress to tax bank depositors accounts as a condition for getting a bank bailout (a requirement that has now been rescinded). This wasn’t some secret plot to steal money so they could spend more.
And for the people yapping about Obama and “spendocrats” (off topic), I remind you the House is Republican and the House controls spending, not Obama or the Democrats. If you don’t like what’s being spent, crab at the right people.
Point A: As already mentioned above, this was a proposal by the EU, “Do this and we’ll bail you out for the rest.” Lots of money in the Cypriot banks is downright dirty, so I can see where they’re coming from.
Point B: By the time this cartoon was published on this site, the proposal had already been rejected by the Cypriot parliament: 36 CON, 19 abstentions, 0 PRO! The president has already gone to Russia to attempt to negotiate an alternative deal with them instead.
Elizabeth Warren was tapped to head the Consumer Finance Protection Bureau, which is now headed, due to a recess appointment, by Richard Cordray. The Republicans are blocking his nomination also, because they want a COMMISSION, not an individual to “head” the agency. Rather than allowing Cordray or Warren to do the job, then work to change the law, they are stiff-arming any attempt to let the agency work, a la the ATF. They seem to forget the old adage that a camel is a horse designed by committee!
ConserveGov about 11 years ago
I’m sure the Spendocrats in DC are taking notes. If O can’t get even more tax hikes passed because of those pesky Republicans, then maybe there’s another way to get our money……
Mickey 13 about 11 years ago
This is another one of the European communities grand ideas on how to stimulate their economy? Banks all over Southern Europe are having a rash of transfers as the fear of this tactic spreading moves to other countries.
OmqR-IV.0 about 11 years ago
I was astounded when I first heard it at the beginning of the weekend; I predicted it could not go through. I concur with Arail (for once), it was going to be robbery. Confiscation of savers’ money? What on earth were they thinking?I would have been there with a bull-dozer, too.
chazandru about 11 years ago
An item on NPR was either ironic or amusing depending on one’s mindset.The Russian rich has been using Cyprus the way some American rich use banks in the Caribbean. The nation of Russia has 40 billion dollars in loans to Cyprus.^ If Cyprus enacts the tax hikes on deposits in order to stay solvent, Russians lose billions; and if Cyprus defaults on its loan payments, Russians lose billions.^Much of Cyprus’s problems comes from investments it made in its closest trading partner, Greece. Much of Greece’s suffering comes from trusting Goldman-Sachs and other American banks and the high yield and ultimately, high risk, financial products.^I don’t think US bankers will be vacationing in the Mediterranean for a while.Respectfully,C.
edward thomas Premium Member about 11 years ago
My money went to Cyprus and all I got was this t-shirt!
edward thomas Premium Member about 11 years ago
Considering the interest banks are paying, I’d LIKE to get a t-shirt!
chazandru about 11 years ago
Banks are taking note. They are interceding on Cyprus’s behalf because of a general fear in the populace world wide that if a bank can do this in one nation, banks in other nations can do it. Banks are concerned about a worldwide run on their assets.^Considering what happened to Americans in 2007 through 2009, I was really surprised more Americans didn’t take their money out of banks and put it in Credit Unions. I have not heard of a single credit union that went under because of the recession. ^Americans want to trust their institutions and their legislators because they simply do not have time to learn all of the minutiae necessary to know EVERYTHING one needs in order to survive the financial manipulations foisted on them. Working 40 to 80 hours a week, 5 to 15 hours a week commuting, taking care of a home, perhaps children or other family, people are overworked and overwhelmed and too many legislators and institutions do NOT have America’s back…and if they do…they too often have a knife to stick in us.Cynically,C.
Dave Ferro about 11 years ago
What more needs to be explained? It IS confiscation of personal property. Your savings- it is yours, is it not? Or does it belong to the government?
vburke about 11 years ago
Ok, let’s interject a few facts here. The EU was pressuring Cypress to tax bank depositors accounts as a condition for getting a bank bailout (a requirement that has now been rescinded). This wasn’t some secret plot to steal money so they could spend more.
And for the people yapping about Obama and “spendocrats” (off topic), I remind you the House is Republican and the House controls spending, not Obama or the Democrats. If you don’t like what’s being spent, crab at the right people.
yusodum about 11 years ago
Point A: As already mentioned above, this was a proposal by the EU, “Do this and we’ll bail you out for the rest.” Lots of money in the Cypriot banks is downright dirty, so I can see where they’re coming from.
Point B: By the time this cartoon was published on this site, the proposal had already been rejected by the Cypriot parliament: 36 CON, 19 abstentions, 0 PRO! The president has already gone to Russia to attempt to negotiate an alternative deal with them instead.
edward thomas Premium Member about 11 years ago
Elizabeth Warren was tapped to head the Consumer Finance Protection Bureau, which is now headed, due to a recess appointment, by Richard Cordray. The Republicans are blocking his nomination also, because they want a COMMISSION, not an individual to “head” the agency. Rather than allowing Cordray or Warren to do the job, then work to change the law, they are stiff-arming any attempt to let the agency work, a la the ATF. They seem to forget the old adage that a camel is a horse designed by committee!