Jb's Blog

views on current events

So let me get this straight…

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On Friday, President Obama announced his proposal for a new tax on banks. He is indignant that the banks which took bailout funds (which his administration forced many of them to accept, by the way) have not paid back the government but yet are paying bonuses to some of their executives.

“We want our money back, and we’re going to get it,” he said in his announcement. But wait… most of the banks have returned the money they borrowed, and Obama said that was “good news.” “But as far as I’m concerned, it’s not good enough,” he said. “We want the taxpayers’ money back, and we’re going to collect every dime.”

He’s upset that “every dime” has not been paid back, and he’s determined to recover all of it (for the benefit of the taxpayers, of course). So he proposes a tax on the banks to collect. But you must note that there is an exemption in his proposal for certain specific recipients of the bailout funds, most notably two which were the biggest recipients who also happen to be two of those which were probably most responsible for the crisis which brought about the need for the whole bailout in the first place – Fannie Mae and Freddie Mac. And those institutions are among those which have NOT paid back the funds they received.

So let me get this straight…

  • he proposes a tax to recover the funds which have not been repaid
  • many of the banks which have already repaid the funds they received will be taxed in order to recover funds which have yet to be repaid by other institutions
  • while he exempts specific institutions which have NOT paid back the funds they received.

So, the funds which have not been repaid are going to be ‘confiscated’ from institutions which have already repaid their share, while other institutions get to skate on their responsibility? How is that ‘American?’

Does any of this make sense? No. Not a bit. Until you realize that this isn’t about a feigned indignation over the fact that the taxpayers’ investment has not been repaid. If it were, the plan would go after those who have failed to pay back what they received. What’s it about then? It’s about a bold, up-front Administration-wide agenda to redistribute wealth… it has to be. Remember the interchange between the Candidate and Joe the Plumber? Candidate Obama was pretty clear that this would be his agenda once elected, and ‘we’ elected him anyway, so this should come as no real surprise. This entire goofy proposal makes that abundantly clear to anyone who will take an objective look at it.

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Written by jb

January 16, 2010 at 9:31 am

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