Friday, January 15, 2010

Omaha Slaps Bank Tax on Public - To Be Paid by 2018 - Rakes in Millions from Banks in 2010


Come on Mr. President, you demonstrate how hard you will be on the banks by slapping a $90 billion tax over the next 8 years yet squeeze them for hundreds of millions of dollars in campaign funds right now. What kind of math is that? Just how does the public benefit from your campaign coffers and those of all your cronies on capitol hill? And by the way, the real economic crooks were running hedge funds and derivative funds that were sold to those bad banks but you forgot to punish them. Is that fair?

Clearly the Obama gang thinks very little of the common sense of Americans. The same day Obama was raising $90 billion from the banks, assuming congress is stupid enough to pass it, Obama is guaranteeing the labor unions that their extravagant health insurance benefits would not be taxed until 2018 as a bribe to get their support for health care. Seems the union members have Cadillac health care like Congress and the fat cats on Wall Street.

So we go after the banks for a paltry sum compared to the damage they did to the economy, a few trillion dollars lost to the little people in America. And we exempt unions from being taxed for health benefits that we are already paying for through the auto bailout, the transfer of GM stock to the unions, and the stimulus to help car sales. Now aren't these the same health care benefits that broke the auto companies in the first place and plunged them into bankruptcy?

Sometimes I am in awe of the Harvard business school accounting of government expenditures and national debt that seems to emit from the Obama economic team. Their actions would at least seem sincere if they were not shaking down Wall Street and all of corporate America for millions of dollars in campaign contributions from the very special interests Obama was going to run out of Washington.

So far his effort to purge capitol hill of lobbyists has consisted of having them all move to the White House where they will be taken care of if they contribute to the Democratic campaign funds. I really like this election year. The Democrat Speaker of the House, Steny Hoyer, has already raised money from every major bank and pharmaceutical company on Wall Street including Goldman Sachs, JP Morgan Chase, CitiGroup, Bank of America, Morgan Stanley and a blue chip list of other Wall Street titans.

I wonder when the tsunami of Wall Street money flooding into Obama and the Democrats in congress becomes a conflict of interest? If Obama was being so hard on Wall Street why are they having record profits in the first place? If Obama was so hard on pharmaceutical lobbyists why are they pouring money into his campaigns? And if Obama was so hard on the health insurance providers why did their stock value skyrocket when the Obama Health Care bill passed the Senate?

The facts seem to contradict the words of our president in spite of his failure to see his own hypocrisy. Maybe he should consider that the people see through his hypocrisy as well. As his poll numbers fall through the floor and he drags Democratic candidate after Democratic candidate with him someone should tell him he is captain of a runaway train heading for a big wreck, not captain of the ship of state.

Slow down Mr. President, the time for a full court press is when you have a chance to win the game, not after it is hopelessly lost.


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