The President has targeted the 50 largest banks to "get back every dime owed to the American People." Exempt from the tax are some of the real drains on the bailout -- AIG, GM, Chrysler, Fannie Mae and Freddie Mac, the latter two institutions having played a large role in causing the Banking Crisis. Freddie Mac and Fannie Mae were also exempt from the Administration's criticism about bonuses as their execs got big bonuses in 2009.
The tax is projected to raise $90 billion over ten years to offset the losses over that time ($117 billion) anticipated from AIG. Union-owned (55%) Chrysler and Union-controlled (39%) General Motors. Several of the top 50 Banks have already paid back "every dime" but ... uhhhh... this is a "financial crisis responsibility fee" ... yeah, that's it, you're responsible and that means you pay a ... fee. Even if you paid your loan back, you are going to be especially punished for following the Government's demand to loan money to people who couldn't afford the loan. Yeah -- take that, you, you ... Banks.
Now, think with me a moment, Dear Reader. What do businesses do when they incur inordinate expenses -- they pass the cost along to you and me. That's right! The Obama Administration naively is going to punish the Banks by taxing the voting public. Unintended Consequence!
Way to go! Nice move, Administration! You've really taught us a lesson!
"A good archer is not known by his arrows but by his aim."
~ ~ Thomas Fuller, British Author, 1608 - 1681
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