House of Representatives

-By Dan Scott

President Obama and his advisors announced they were asking Congress to pass a tax on banks to loosely as he put it, pay back every dime of TARP funds used to save them. His condescending announcement blaming the banks was laughable ignorance at best and deceitful at worst. He further went on to imply that the banks should desist from sending lawyers and lobbyists to Washington and just do the responsible thing as though the banks have been shirking this financial obligation. This is great populist sloganeering, however, like most liberal assertions; they are falsehoods just waiting to be exposed. So is this a simple case of ignorance on President Obama’s part or was he lying for some ulterior motive?

The facts are: all the banks except Citicorp and Wells Fargo have paid back every dime of TARP money they in some cases were forced to accept from the government lest CEOs be removed from their positions. Both of these two banks are working diligently to pay this money back. Why? Self-interest, they don’t want to be under the government’s control. Which begs the question, didn’t Obama appoint a czar to “regulate” the salary and bonus issue of TARP borrowers that he is railing about? It wasn’t until the banks publicly complained and the Taxpayers (Tea Party Protesters) demonstrating in the streets against spend thrift behavior that the government relented to allow these institutions to pay back the TARP funds. In the liberal world apparently this was all done for the benefit of these institutions when many of them didn’t want a dime of government money in the first place, then the banks had the audacity of still turning a profit and paying bonuses to employees who’s activities made that profit possible. You see, since the banks are turning a profit and paying bonuses during the very same period they received TARP funds, then clearly they never needed the money in the first place thus conflicting with the liberal narrative, “it was a crisis, they had to do something.” The reality was, what they did wasn’t necessary much less proper, most Americans already knew this intuitively, the banks just proved it in black and white on their financial statements. Liberals really hate those pesky facts.

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Obama’s Tax On The Banks”