What am I missing here, is my simple mind in neutral?
Obama wants a new tax (fee) on banks so that the taxpayers get every penny back that was used to bail them out. Yikes, how does that work when all but one of the large banks has already paid back the money with interest? Never underestimate the power of the scapegoat game in politics especially when it focuses on populist targets like high pay, bonuses and wealth. Oh, yes, it also helps that there are no powerful unions on Wall Street as there are in the auto industry. Unions seem to be getting a free pass in health care and when it comes to bailouts. My word could there be any coincidence in all this?
Two government agencies just received the go ahead with unlimited taxpayer money to handle their losses, but not the banks. This crisis was created in large part by government policy and by the lending of Fanny Mae and Freddie Mac (not to mention a large number of not so smart and or greedy new homeowners).
Just asking, but rather than collect more in fees from the banks would this money not be better spent by the banks on new loans that the administration so sorely is looking for.
One thing we all know for sure, be it health care reform or financial bailouts somebody is going to pay when somebody else doesn’t…guess who?
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