Chart of the morning: Guess who’s paying the Cover Tim Geithner’s A** “Bank Tax?” Y-o-u.
In January, I deconstructed the White House “Financial Crisis Responsibility Fee” fakery for you:
1. The bank tax will inevitably be passed on to consumers and the White House has no way of stopping them from doing the dumping.
2. The tax won’t apply to non-banks, black holes Fannie Mae and Freddie Mac, or the bailed-out auto companies.
3. This isn’t about getting “our money” back. It’s about redistributing it again under the guise of faux populism.
More to the point, this is what I call the Cover Tim Geithner’s A** Tax. Making banks the whipping boys takes the heat off Geithner for his incompetent, complicit, and transparency-subverting tenure as New York Federal Reserve chair.
Team Obama wants you to keep your eyes on its fatcat barbecue charade.
My friends at the Heritage Foundation compiled a handy graphic that underscores chicanery.
Heritage’s Mike Brownfield sums it up:
President Obama announced his bank tax during his State of the Union Address in January and claimed it would be a way to recoup money dished out to banks as part of the Troubled Asset Relief Program bailout. The truth, though, is that those banks already paid-back the bailouts, with interest; the real deadbeat offenders are Freddie Mac, Fannie Mae, Chrysler and General Motors, who have yet to repay their debt. (Take a look at the above chart to see who has repaid – and who hasn’t.)
The President’s proposal was a not-so-thinly-veiled populist proposal, intended to play to an America disgruntled with government bailouts and those institutions that won government handouts.
He better brace himself for an America that finds itself even more disgruntled when they realize they’re getting hit with the very tax that was meant to appease them.
See what others have said
Note from Michelle: This section is for comments from michellemalkin.com's community of registered readers. Please don't assume that I agree with or endorse any particular comment just because I let it stand. A reminder: Anyone who fails to comply with my terms of use may lose his or her posting privilege.
Comments
You must be logged in to post a comment.
 |
Carl Levin’s effort to legislate himself a ‘green’ parking space gets delayed
March 30, 2012 02:47 PM by Doug Powers
71 Comments
White House Proposal to Stimulate Volt Sales: Jack up the Taxpayer Subsidy to $10,000 Per Car
March 8, 2012 02:04 PM by Doug Powers
104 Comments
Temporary Layoffs at GM as Volt Production Put on Hold
March 2, 2012 04:11 PM by Doug Powers
109 Comments
Fannie Mae: Brother Can You Spare $4.6 Billion?
February 29, 2012 01:58 PM by Doug Powers
42 Comments
Carney: Obama’s UAW Address ‘Not at All’ a Campaign Speech
February 28, 2012 04:31 PM by Doug Powers
52 Comments
Electric Cars in China May Be Worse for the Environment Than Gas-Powered Cars
February 13, 2012 04:21 PM by Doug Powers
54 Comments
Fisker Auto Announces Layoffs; Requests Expedited Access to Full Dept. of Energy Loan Guarantee
February 6, 2012 10:28 PM by Doug Powers
55 Comments
Categories: Automakers,Subprime crisis,Tim Geithner
JustOneMinute
» Mama Also Said There Be Days Like ThisPundit & Pundette
» Patterico's chilling account of harassmentNice Deb
» The Organized Left Now Stalking RomneyBetsys Page
» Cruising the Web
Part of the plan is that most of the “sheeple” will never figure it out. The “lamestream” media isn’t going to tell them.
I don’t blame the fatcats, that’s what they do. Somebody gives them money, and they take it. Seeing how it’s my money, I just want some leverage.
Timothy Weasel Geithner – just another democrat.
I guess we can see which fatcats contributed to BHO’s campaign…
Businesses passing on costs to their consumers is an Economics 101 principle that is unkown to an administration where only 5% of the decision makers have ever held a job in a profit making business in the private sector.
No one should be shocked at their stupidity.
Yes, covering Geithner’s (deleted) while we get it in the neck and the wallet.
So this tax applies to banks that didn’t get bailouts along with banks that did and then paid it back? And yet the recipients of TARP that aren’t really banks, are exempt.
I’m being punished for being conservative aren’t I?
[Froederick and Igor are exhuming a dead criminal]
Dr. Frederick Frankenstein: What a filthy job.
Igor: Could be worse.
Dr. Frederick Frankenstein: How?
Igor: Could be raining.
[it starts to pour]
Its better to be a member of a credit union where you are a share holder.
As usual – lies,lies and lies – Obama is the biggest liar EVER in the White House. Faux Populism, it’s what Marxists have for breakfast. TM You may use it …
I can’t help it – I am…
Almost three more years of this BS. I wonder if we will ever get to the point that there is absolutely nothing else left for Obama and his administration to completely screw up. What happens then? Hmmmmmmm, Animal Farm?
By definition, any cost inflicted on a business, short of Nationalization, is passed on to the customers of that business. That is where the “cash” part of “cash-flow” comes from.
Here is an idea. Propose a “bailout” tax levied on any firm who has not fully repaid, with interest, the bailout funds. Either the firms do whatever it takes to pay back the American people, or it gets hit with an additional tax.
The only stipulation should be that the money goes back to the Treasury for deficit reduction, not some make work “stimulus” project.
Prendad #16 – perhaps we can take comfort in knowing that at least the last 18 months of Obeyme’s only term will be spent on campaigning?
For liberals, its not all about politics, its really only about politics.
I’m still waiting for the currency bearing his signature to show up so I can write TAX CHEAT on it.
Want a bill with teeth instead of the watered down Credit Card and now Bank Tax. Pass a bill that says any interest over 10% us Usery.
This would force the banks not to support dead-head credit card users, not have people who pay their credit card depts pay for the dead-heads, and still promote competition between the banks.
The banks would hate it, but consumers would love it.
I have been using a Credit Union for daily banking for a lot of years — I have no use for the banks. They provide all the same services, better lending rates, credit cards & rates, et., etc.