I didn’t plan to make the title of this post a play on words, but if the shoe fits…..
Obama’s bank tax that I warned you about is moronic, unless, that is, he’s as devious as some of us think he is. I won’t waste my time searching for the video of his speech announcing his tax on banks. I’m sure you don’t want to see it.
What’s worth noting is that GMAC isn’t subject to the bank tax. No, we have to keep the GM union workers happy. Fannie Mae and Freddie Mac aren’t subject to the bank tax. No, we have to keep inflating that housing bubble and encouraging more risky loans, which is what Obama’s bank tax is supposed to be punishing. GMAC, Fannie Mae, Freddie Mac – they’re bleeding money – our money. The banks are back to being profitable and paying back the TARP funds, with interest! So who should be punished? Some of those banks didn’t even want the money to begin with. They were forced to take the “loans” under threat from the federal government. Yet Obama went out today and vilified banks.
Rush Limbaugh called it an Alinsky plan.
RUSH: In the latest attack — and it’s right out of the Saul Alinsky playbook. In the latest attack on the American private sector, Barack Obama this morning in Washington at the White House spoke about a new tax on banks.
OBAMA: 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 — folks who have not been made whole and who continue to face real hardship in this recession — we want our money back, and we’re gonna get it. And that’s why I’m proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street.
RUSH: Now, folks, I’m telling you: This is right out of Saul Alinsky. He is trading on the fact that he believes you despise Wall Street, that you despise fat-cat bankers, and that anything done to punish them you will agree to and support Obama for doing. They have paid back the TARP money. They were forced to take it in the first place. Let’s get the history of this right. Many of these CEOs at these institutions were dragged into an office at the Treasury department by then-Secretary Henry Paulson, and they were given three hours to sign a document saying that they will accept bailout money. The CEO of Wells Fargo bank did not want any bailout money. They weren’t in any problem. They had no exposure to the subprime mortgage crisis. Still, they had to take $25 billion. These firms who were forced to take the TARP money have mostly paid it back. This is, again, a flat-out lie and disingenuous as hell. “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…”
They were said to be “too big to fail” by you, sir! You said they couldn’t fail. We were told an economic crisis of biblical proportions would happen if we didn’t do this. You forced it on them, and you forced it on everybody else. Folks, don’t make a mistake here of assuming that I don’t think bankers and financial people ever do anything wrong. What I’m objecting to here is this move by Obama to run in and control every aspect of what they do. It’s just another grab at a portion of the private sector that is none of his business, and he’s relying on this class envy, him thinking that you hate these people. That’s why he didn’t object to any of the protests at AIG headquarters homes, the CEOs’ homes (which were, by the way, conducted and organized largely by ACORN). So he forces the banks to take the TARP money, they mostly pay it back and now he’s going to tax them for forcing them to take it in the first place! Here’s another sound bite, before we get to the Alinsky connection here.
OBAMA: Our goal is not to punish Wall Street firms but rather to prevent the abuse and excess that nearly caused the collapse of many of these firms in the financial system itself.
RUSH: Yeah, yeah. Right, right.
OBAMA: We cannot go be back to business as usual, and when we see reports of firms once again engaging in risky bets to reap quick rewards — when we see a return to compensation practices that seem not to reflect what the country has been through — all that looks like business as usual to me.
RUSH: Well, it seems to me, Mr. President, the one area of our economy that’s doing well is Wall Street! There’s money being made on Wall Street, Mr. President. Is that what bugs you, Mr. President? There’s money being made there. That’s the reason bonuses are being paid. Have you seen what happened to the Dow Jones Industrial Average? It’s climbing. It’s up 22 points right now. It’s at ten six: 10,600. It’s the only area of the economy doing well and now you’re assaulting it. There’s nowhere in the private sector left to invest. That’s why money is going to Wall Street, pure and simple. “Business as usual.” Not punish Wall Street firms? Yes, it is. It’s exactly what you’re doing. “Prevent the abuse and excess that nearly caused the…
It was not bonuses and salaries that caused the collapse. What caused the collapse was Saul Alinsky, Saul Alinsky and ACORN taking over the banks and demanding that banks make loans to people that they knew could never pay ‘em back. The banks were holding worthless paper. So they came up with a bunch of new Financial Products to sell to try to get some insurance on this worthless paper they were forced to lend. This is just mind-boggling here. It’s more manipulation. It is another undisguised attack on free markets, and the president of the United States insisting that go there aren’t going to be free markets anymore. He’s going to regulate it. We’re not going to have risks. We’re not going to have up and down cycles. We’re not going to have any entrepreneurism, and we’re not going to have any qualified people in these institutions because they’re all going to leave to find jobs elsewhere, even if they have to leave the financial services industries. One more bite…
Rush is right! This is straight out of the Alinsky play book. Villify the rich and invoke class envy. The funny thing is, this tactic hasn’t been working so well for Dear Leader lately. People are waking up. They’re seeing that his policies don’t work, that his promises are worthless, and that he’s just another politician with an agenda. They may not realize just how dangerous his agenda is to their liberty, but they know we aren’t moving in the right direction. With any luck, his dangerous agenda can be stopped in its tracks with the special election in Massachusetts next week.
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