A series of blunders and missteps at the beginning of the Obama administration last spring temporarily slowed-down the Congressional/Obama administration lynch mob’s pursuit of Big Finance but they have regrouped and are back this year with a vengeance:
Mindful of soaring deficits and an anti-Wall Street mood, President Barack Obama wants a new 10-year tax on the country's largest banks to cover a projected $117 billion shortfall in the government's financial crisis bailout fund.
The president planned to propose Thursday a levy of 15 basis points, or 0.15 percent, on the liabilities of large financial institutions to make sure every dollar spent from the $700 billion Troubled Asset Relief Program to rescue Wall Street firms, auto companies and mortgage holders is either repaid or paid for. Congress would have to approve the tax.
A senior administration official said the tax, which officials are calling a "financial crisis responsibility fee," would apply only to financial companies with assets of more than $50 billion. Those firms - estimated to amount to about 50 institutions - would have to pay the fee even though many did not accept any taxpayer assistance and most others already paid back their government infusions.
Unlike our current judicial system that views the law through the prism of race, gender and sexual orientation as obliged by hate crime laws, mob justice is indeed blind such that even if you never received a single dollar of TARP money, if you are above that wholly arbitrary $50 billion threshold…. You are still guilty. It’s a beautiful thing.
General Motors, as would be expected, is spared the rod.
Bankers did not hide their objections.
"Using tax policy to punish people is a bad idea," Jamie Dimon, chief executive of JPMorgan Chase & Co., told reporters even before details of the tax were known.
"It would be very hard for the industry to pay for the auto companies," Dimon added. "I mean, at one point you have to be a little fair."
Come now, Mr. Dimon, don’t be such a poor sport. After the President, just yesterday, finished greasing the unions to get them to support Obamacare, did you actually think the mob would take anything out on the auto manufacturing unions.
And really it would be entirely consistent with the fact that under Obamacare, we will by paying for someone’s else’s healthcare who was lucky enough to be in a favored and thus exempted political class.
This practice of fanning the flames of enmity and antagonism against a particular class such as the Wall St. bankers and simultaneously favoring another class such as the unions is perfectly in keeping with the fascist and Marxist characteristics of perpetual class warfare.
What you only read about in history books, you get to see live, right before your very eyes!
Once again, we will take an operational pause to reach out to friends who bought into Hope’n’Change. With a generosity of spirit and with malice towards none, we extend the hand of friendship to those who really did think it would no longer be “business as usual”.
Unfortunately, as we now know, we have been dealt a hand of that same “business as usual” but on human growth hormones with an exploding of government influence and power that devoured large portions the auto and financial sectors and which stands poised to take over the healthcare industry in a process so cynical, so secretive and so rendered by bribery, corruption and outright backroom whoring that it symbolizes the very antithesis of what Barack Hussein Obama promised and has indeed come to symbolize the Obama presidency itself.