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SENTRY JOURNAL » Banks, Fee, Free Market, Obama, Regulations, Taxes, Wall Street » The All Seeing Eye of Washington Focuses on Wall Street…Again

The All Seeing Eye of Washington Focuses on Wall Street…Again

Well here we go again.  While all the attention is focused on the terrible earthquake that rocked Haiti, the same old class warfare lines the Obama administration has used countless times were rolled out again today.  Socialists use this class warfare tactic to stir up the emotions of those that feel cheated by the free market system.  Maybe the President should just come out and say capitalism sucks.  At least we would be able to have an honest debate on the statement.  No that’s too overt.  Today the all seeing eye of Washington targeted those big bad Wall Street banks again.  You know, those evil, good for nothing, executive bonuses paying banks.  These were the banks that caused our current economic woes because of their greed.  The banks that stole your taxpayer dollars to bail them out and then paid it all back with interest netting the FED a cool $ 46.1 million.  Those bad, bad banks that walk all over the little guy.  Can you just feel the sarcasm seeping from me?

The Whitehouse announced today that is going to propose a financial crisis responsibility fee aimed at the biggest banking, brokerage, and insurance firms.  There are roughly 50 institutions that fall in to this category.  I noticed of the institutions listed my bank was on the list.  Hmmmm I’m not a rich guy.  The President went on to say, “We want our money back and we’re going to get it.”  Maybe he should have clinched his fist and thrust it in air while yelling power to the people.  Anyway I digress.  So how much is the fee?  Well the fee would total 0.15% of a company’s covered liabilities each year for at least the next 10 years.  I see, so banks with the most covered liabilities would pay the most money.  I’m still lost as to why they’re being forced to pay this money, but let’s see if I can talk myself through this in simple terms.

So Obama wants to tax private companies that are not in debt to the government and are responsible for the management of investment portfolios, the granting of loans, and various other financial activities.  These companies are the backers of small businesses, the entrepreneur, the home buyer, the car buyer, and any person that has a dream.  And he is selling this free market suffocating idea under the guise of the taxpayer getting their money back.  Didn’t we already establish that the portion we loaned the banks was already paid back or did I miss something?  Oh wait the money we loaned to General Motors and AIG wasn’t paid back.  Ahhhh it’s all slowly beginning to come together.  I think I know what this is about…wealth redistribution.  Let’s look at this from Obama’s perspective.  The banks are healthy again and making a profit.  The government coffers are empty and it needs money to spread the pain around…oops I mean wealth.  The general public has been sold on the idea that Wall Street was the reason for our current problems.  Not Fannie Mae or Freddie Mac, Wall Street.  Wait a minute, I thought it was Bush…no for this scenario it’s Wall Street.  So if Obama uses words like “big executive bonuses” the serfs…I mean us will froth at the mouth to get a piece of that.  And they’ll do this when our focus is on Haiti.  Got it!

So here is my opinion for what it’s worth.  This is nothing but another socialist attack on our free market system.  They are using your emotions and feelings towards Wall Street against you.  They know that not all of us are millionaires and that it’s human nature to want what the other person has, so they’re playing that card.  It’s a powerful tool when a people are going through less than stellar economic times.  But let me ask you this one question.  How do you think the banks are going to make up this loss?  I mean corporations are in the business to make money.  They are not going to just take a loss.  They will pass their tax costs on to us in some manner.  It could be extra ATM fee or an increase in the price of checks.  Corporations can be very creative in the ways in which the pass their costs off on to the consumer.  And you know what; I don’t hold that against them because corporate entities are created to make a profit.  If they cannot make a profit, they won’t be a corporate entity for long.  So when the Obama administration taxes this corporation or that corporation they are really taxing us.  It is basic economics, something the Obama team needs a refresher course in.

We can’t be just ok with this.  I’m personally sick of this constant attack on our free market system.  I might not be a millionaire, but the system is in place for me to become one if I want.  We can’t sit by anymore and allow these buffoons to continue their assault the greatest wealth creating system ever known.  We can’t fall for this class warfare crap they’re using on us anymore.  It makes us weak.  We must take that tool away from them by blazing our own trails.  It’s each of our duty to protect the system that has created more millionaires than any other system in the world.

Long live the free market!

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Filed under: Banks, Fee, Free Market, Obama, Regulations, Taxes, Wall Street

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