Yesterday I told you about Obama's new tax on financial institutions that took TARP money. Let's get one thing straight ... Obama continues to refer to this as a "fee." This is just a fancy was of saying "tax." We are taxing the very institutions that we want increase loans and stimulate our economy. But Obama insists that "We want our money and we're going to get it back." But wait? Haven't these banks and financial institutions already paid that money back? Well .. what does that matter.
He is just playing into wealth envy, folks. Pure and simple. I would sure like to see Obama answer a few questions ..... like why he doesn't plan to limit executive compensation at institutions like Fannie Mae and Freddie Mac, which took $100 million in taxpayer money, never intend to pay it back and are in fact still losing money for the taxpayers.
Republican Rep. Jeb Hensarling of Texas gets to the point: "To think that banks will loan more money if you tax them is beyond economic ignorance." That's because this tax has nothing to do with economics and everything to do with wealth envy and politics. Easy as that.
But the banks aren't going to go down without a fight. They argue that Obama's next tax is going to cost the economy as much as $1 trillion in lost lending. A financial industry leader explains, "The money to be collected is capital being pulled out of the banking system that could support ten times the amount in new lending ... That's because $1 in capital supports $10 or more in lending. So the tax will pull not $90 billion in lending capacity out of the banking system, but $1 trillion in potential lending."
Know this. Obama is anti-capitalist to his core. He does not now and never has liked free enterprise. Capitalism is "the enemy" to Barack Obama. He is dedicated to the destruction of America's free market economy ... to be replaced by a centrally planned and government-controlled economy. If he isn't stopped your way of live will be all but destroyed. He's gone past being an inexperienced joke.