Putting the bite on the banks

I suspect it's a trial balloon, although given the Obama administration's lust for taxing and spending, something like it is likely to be proposed at least. What they want to impose is some kind of tax on financial institutions. The excuse is to recoup some of the TARP money that is likely not to be repaid to the government, estimated at $$120 billion of the $700 billion. Trouble is, as this Register editorial points out, most of the banks have repaid the "loans" (some of which were forced on them so it would be harder to identify which banks were in serious trouble and which really weren't -- another blow for transparency and honesty in government). Those who haven't repaid and are unlikely to are the car companies and AIG.

The proposed taxes are also calculated to take advantage of what administration geniuses think will be populist anger at upcoming executive bonuses at banks that have gotten back on their feet. And of course our glorious leader will do all he can to stir up and exacerbate whatever genuine popular anger exists. That Obama! Good thing he's a uniter, not a divider.