Saturday, January 16, 2010

Another Strategy of Cynicism

The Obama folks have been looking for something...anything...that would make them look less like "the bailout administration." The Bush guys began this terrible policy, but the Obama Administration took it to new heights by bailing out the auto industry and expanding commitments to dead ducks like Fannie Mae, Freddie Mac, and AIG.

Hypocritically, Obama and his allies then attacked the bonuses paid to AIG employees after tossing in hundreds of billions of dollars to AIG. What a joke!

Now we have another... "the bank tax." This $ 90 billion tax is a direct assault on the American middle class. The tax, if enacted, will reduce bank lending and raise ATM and other fees that ordinary Americans pay to banks. The banks will survive, but the American people will get slammed once more by the continued war on business by the Obama Administration.

It is worth noting that none of the commercial bank leaders, mostly all of them Obama allies, complained about the new $ 90 billion levy. That's because they know that, in the end, they won't be paying it...the average American will be paying it.

Even Europe sees this latest Obama proposal as wrong headed and cynical. Today's Wall Street Journal has this to say after speaking with European leaders:

"For their part, European governments are cool toward the U.S. tax because of its potential impact on lending at a time of slow economic growth."

Hello...hello...Is anyone in the Obama Administration listening?