Maloney: Open to "too big to fail" fee.
Posted on 01/17/2010 2:55:38 PM PST by Libloather
Why O's 'bank tax' won't fix Wall St.
Last Updated: 6:46 AM, January 14, 2010
Today, President Obama will announce plans to levy a big fee on "too big to fail" financial firms. The fees, as much as $120 billion, seem designed to attract a crucial support base: New York's delegation in Congress. But a tax on finance won't fix Wall Street -- and New York should reject it.
The move is supposedly a response to furor over Wall Street bonuses. "Given the mood of the country, it is essential that we do it," says Rep. Barney Frank (D-Mass.), who chairs the House Financial Services Committee.
But people aren't moody because bonuses are high. They're angry that they're going to people at firms that got bailed out last year as "too big to fail" -- going, as the public sees it, to the very people who caused the crisis.
In other words, the public's angry that the government's made the financial industry immune from consistent market discipline. Small businesses go under if their owners make catastrophic mistakes -- but shareholders of failed insurer AIG live to see another day.
The popular impulse is right: Financial firms need more capitalism. That means making the economy better able to withstand financial-industry failures -- so Wall Street knows that (orderly) bankruptcies will happen when warranted.
But a too-big-to-fail fee won't do that -- but just the opposite.
Normally, when you tax something, you get less of it. And Obama & Co. will likely claim they want to tax the borrowings of too-big-to-fail banks to make them smaller.
(Excerpt) Read more at nypost.com ...
Yes ha can.
I’ve had just about enough of these stupid, middle aged, liberal women ruining our country.
Hey Morons, the “mood of the country” is that we are TAXED ENOUGH ALREADY
exactly
I despise the banksters and Wall Street crooks disguised as “investment bankers”...
But this is commie 0bama doing a Hugo Chavez on them. Pure distraction and demagoguery.
If this dumbass president were serious he would call for a serious clampdown on derivatives. Plus demand that the big banks make a choice to be bankers or big betting hedge funds. Not both
You’re right. We know the purpose of the Left is to destroy capitalism.
Yes ha can.”
IMO, he is not being stupid—he is being very deliberate.
He wants to destroy America.
Auto plants
Coal
Oil
Electricity
Banks
Insurance companies-—ALL parts
Home ownership
Health care
...........
All very deliberate and very planned.
The 36 CZARS are his shadow government.
There goes my business loan. ...thanks Barry!
Obama thinks Americans stupid enough to fall for the evil rich line but he doesn’t realize that almost everything he has done for the past year has put off Americans. It is reaching critical mass and Obama and his contemptuous henchmen will be ushered out. The chickens are on to the fox in the hen house.
(The rookie Hussein can’t be this stupid - can he?)
YES HE CAN!!
yes he can
Calling him stupid makes the mistake of thinking that he has the same basic goals that we have- prosperity and protection of freedom for Americans. His goals are prosperity and power for his- the ruling- class, obedience and resources from the subject class.
The question is: Can Obama be that stupid ?
Of course he can.What is surprising is that the democrats in the Congress are just as stupid.
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