Chart of the morning: Guess who’s paying the Cover Tim Geithner’s A** “Bank Tax?” Y-o-u.
In January, I deconstructed the White House “Financial Crisis Responsibility Fee” fakery for you:
1. The bank tax will inevitably be passed on to consumers and the White House has no way of stopping them from doing the dumping.
2. The tax won’t apply to non-banks, black holes Fannie Mae and Freddie Mac, or the bailed-out auto companies.
3. This isn’t about getting “our money” back. It’s about redistributing it again under the guise of faux populism.
More to the point, this is what I call the Cover Tim Geithner’s A** Tax. Making banks the whipping boys takes the heat off Geithner for his incompetent, complicit, and transparency-subverting tenure as New York Federal Reserve chair.
Team Obama wants you to keep your eyes on its fatcat barbecue charade.
My friends at the Heritage Foundation compiled a handy graphic that underscores chicanery.
Heritage’s Mike Brownfield sums it up:
President Obama announced his bank tax during his State of the Union Address in January and claimed it would be a way to recoup money dished out to banks as part of the Troubled Asset Relief Program bailout. The truth, though, is that those banks already paid-back the bailouts, with interest; the real deadbeat offenders are Freddie Mac, Fannie Mae, Chrysler and General Motors, who have yet to repay their debt. (Take a look at the above chart to see who has repaid – and who hasn’t.)
The President’s proposal was a not-so-thinly-veiled populist proposal, intended to play to an America disgruntled with government bailouts and those institutions that won government handouts.
He better brace himself for an America that finds itself even more disgruntled when they realize they’re getting hit with the very tax that was meant to appease them.