The government, starving for streams of revenue, wants to tax major banking institutions under a new regulatory scheme allegedly geared toward reforming the financial industry.
Yesterday (Thursday), President Obama launched a major salvo in his Progressive agenda for (Marxist) reform. Below is a brief excerpt of his statement announcing new banking restrictions, and it’s laced with vilifying rhetoric – complete with threats of pitchforks.
This is criminally brilliant.
- Incentivize and encourage a reckless lending-borrowing environment
- When the loans go south, causing systemic risk, the government forces banks to take government bailout $$, even if they don’t need/want it
- Healthy banks which never wanted the money pay the money back as soon as they are allowed to
- The government vilifies all bankers as greedy profit seekers who owe their very existence to the good grace of benevolent tax payers
- The government knows best what products and services companies should offer, and how much they should charge for those services
- The government rewrites the rules of the market through fiat dictates handed down from on high
- The government shakes down the financial institutions for lobbying related bribes and kickbacks, as those companies vie for a competitive advantage in the re-regulating process/outcome
- The government levies new tax-fees on all financial institutions to pay for all of this valuable new government oversight
- The government’s perfect Progressive leaders and partners, including Dodd, Frank, Waters, Gorelick, Raines, Clinton, the Congressional Progressive Caucus, the Congressional Black Caucus, HUD, Fannie Mae, Freddie Mac, CRA, Obama, ACORN, etc… had nothing to do with the financial collapse we have been experiencing
- Anyone who fights this narrative, or their vilification therein, will face the pitchforks!
We wholeheartedly believe that a reckoning of restructuring needs to occur, but you’ll forgive us our skepticism as to this government’s motives or abilities.