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But there are many more problems with this absurd bank-tax-hike proposal. Think of this: The U.S. government bailed the banks out with TARP. Then the banks repaid TARP last year, including the stock warrants that provided a handsome taxpayer profit from the banks. And now the government wants to tax them? In other words, help the banks get healthy, and then punish them? I don’t understand it.
And here’s yet another ridiculous part of this story: The largest banks that de-TARPed, and are regaining their health, are now, with this tax, supposed to cover the government-owned failures like GM, GMAC, AIG, and Fannie and Freddie, which are running up huge deficits because they may be on the taxpayer dole in perpetuity. In other words, the healthy banks that made good decisions and paid down TARP are now getting taxed so that the government can finance the bad actors. This makes no sense at all.
Obama wants to tax us but he doesn't want to come out and say so. He taxes the big guys who will tax us. Brilliant idea!
Sheila Bair, the powerful chairman of the Federal Deposit Insurance Corp, said bank regulators have not been consulted about a potential tax, and she cannot comment on it.
Last edited by NEPatriot; 01-13-2010 at 01:18 PM..
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