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  • There Is Nothing Fair About Obama's Wall Street Bailout Tax

    Treasury Secretary Timothy Geithner appeared in an interview on The Today Show this morning and decried the “unfairness” of an economy where businesses on Wall Street are recovering, but where Americans still don’t have jobs. Quoth Geithner: “It’s not fair, it’s deeply unfair, and [Americans] should be angry about it.”

    The concern over “unfairness” is the unsettling ethos underlying President Obama’s economic agenda and, specifically, his proposed tax on America’s banks, intended to recoup dollars shelled out under the bailout program.

    President Obama aims to tax banks who received bailout money, despite the fact that they’ve already paid back the bailout money. That policy might “feel” good or sound good to those who are angry at Wall Street, but in practice it isn’t good. Consumers – those same unemployed Americans whose pain Geithner so deeply feels – will be the ones who pay that penalty.

    Despite Geithner’s concern over being “fair,” the president is awfully willing to accept unfairness in order to achieve his political ends. The bank tax, itself, is patently unfair. Firms who already paid-back bailout dollars will be taxed in order to “pay for” the bailout, but firms who haven’t repaid bailout dollars (General Motors, Chrysler, Fannie Mae, Freddie Mac) get off scot free.

    Then there’s the inherent unfairness of the backroom deals secured to pass the president’s health care plan. The president picked winners and losers to win the votes he needed. There’s nothing fair about giving away the farm to a select few, while others are left out in the cold.

    Fairness is defined as “being free from self-interest, prejudice, or favoritism.” That’s not the kind of treatment the president is doling out. It’s a paradox of logic, it’s a philosophical compass gone haywire, and it’s what’s guiding the president’s economic policies.

    Posted in Economics [slideshow_deploy]

    4 Responses to There Is Nothing Fair About Obama's Wall Street Bailout Tax

    1. Brad, Chicago says:

      They really think we're stupid. The sad thing is that many people are ignorant of these simple facts that contradict so many statements from in and around this administration. How is it unfair that a business succeeds? No one will ever tell you what unfair things the banks are doing; they just expect us to accept their claims at face value and pick up our pitchforks and torches. It's getting hard to read this stuff.

    2. Steve G says:

      We don't need violence, and we don't even need loud, in-your-face type of tactics…we simply need to educate ourselves and motivate our neighbors and friends to help us "throw the bums out" in November. This country has been too blessed, and has stood for too great of ideals and values to let it be sold down the river by progressives.

      The two people who have expressed this the best are Dennis Prager and this young conservative writer out of Chicago: http://rjmoeller.com/2010/04/november-2010-countr

    3. Pingback: READING ASSIGNMENTS | Obama.....Aggregated! All the Obama news you can FEED on.

    4. Ken, Hudsonville says:

      The Fed set the APR on the loans. The loans were paid back in full. Now they are saying, that is not good enough. It's Like having a bill marked paid in full and then the business coming back and saying its not paid in full. They need to be voted out.

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