Welcome to Operation Reach B.L.A.C.K.

Operation Reach B.L.A.C.K. is a Pan-African Blog with an acronym that stands for Building Leadership Awareness and Cultural Knowledge.

The goal of this blog is to become a "Blog of Black Thought" focusing on matters of social, economic and political awareness through education (re-education), self-affirmation and cultural expression. Above all, this blog will DEMAND respect and appreciation for one another as black men and women.

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(Opinions, Observations, and Commentary)

Saturday, January 16, 2010

President Obama's Weekly Address (1/16/10)

U.S. President Obama speaks on Financial Crisis Responsibility Fee in Washington

"We want the tax payers' money back"

The President used this weeks address to call for a fee on big banks to recoup tax-payer dollars obtained through the Troubled Asset Relief Fund (TARP). Restating his proposal from earlier this week, the President made his intentions clear:

"We want the tax payers' money back. All of it. And we're gonna collect every dime. That's why, this week, I proposed a new fee on major financial firms to compensate the American people for the extraordinary assistance they provided to the financial industry. And the fee would be in place until the American tax payer is made whole. Only the largest financial firms with more than fifty billion dollars in assets will be affected, not community banks. And the bigger the firm, and the more debt it holds, the larger the fee. Because we are not only going to recover our money and help close our deficits, we are going to attack some of the banking practices that lead to the crisis."

Earlier this week, President Obama held a press conference to propose the "Financial Crisis Responsibility Fee":




Video: Perspective Piece