CBO Says Obama's Bank-Bashing Tax Will Screw The Public

Two months ago the POTUS proposed a tax on the biggest companies that received TARP funds (except of course GE Capital run by Obama buddy Jeff Immelt and GM/Chrysler effectively owned by Obama's buddies at the UAW).

“My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people. We want our money back, and we’re going to get it.”

The real purpose of the tax was not to "get our money back" as the President said. It's real intent was to demonize the big banks and at the same time collect tax revenue from the middle and upper classes in a surreptitious manner. Barack Obama is a lot of things, stupid is not one of them. He knows that any new tax placed on banks would be passed along to the consumer, and today the CBO warned of just that result.

Dems have the right idea, but wrong tactic. Not everyone on Wall Street and Banking were criminals, thus one does not group punish everyone. What is needed is punishing the CEO, CFO and exec who were in involved in banks and Wall Street firms that blew up due to their reckless investment strategies. This means investigating liar loans, underwriter departments who did not verify loan applicants data, false rating of AAA mortgage backed securities filled with subprime/liar loans, selling of high risk products camouflaged as low risk high quality investments, etc, etc, etc. There was plenty of white collar crimes committed on Wall Street that did more damage to the US than all the Al Qaida terror attacks. We have domestic terrorists anc they are called white collar criminals and their political enablers in the GOP, Dem, and gov bureacracy that caters to bankers versus regulating them. These are the individuals we need to go after like Madoff and if found guilty these individuals must return all their bonus money back to the government as a penalty just like Madoff must return all his ill begotten gains. Right now nothing is happening except Dems wanting to punishing all bankers while the GOP want to leave all bankers alone, while the American taxpayers are stuck with the liabilities and unemployment.

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