"If you're trying to change minds and influence people it's probably not a good idea to say that virtually all elected Democrats are liars, but what the hell."
Saturday, January 16, 2010
The big bank tax: Obama's fee fraud
Comrade Obama does his stand-up Lenin routine
bulk of TARP's estimated $117 billion in losses will come not from
banks, but from the auto industry ($80 billion), AIG and
government-chartered mortgage giants Fannie Mae and Freddie Mac.
Obama's tax will apply to AIG, but not the others, even though Fannie
and Freddie are expected to cost U.S. taxpayers more than all the TARP
Instead of applying to the firms that owe the taxpayers money, Obama's
tax will apply to about 50 big financial institutions, many of which
never took a dime in TARP money. Administration officials told The
Washington Post that the real goal of the tax is to reduce compensation
at large Wall Street firms. The President hopes they will absorb the
tax by cutting pay. [Story]