This all started with the bail out. Thanks to the nonsense the republican legacy left us, and the current administrations acceptance of the proposed bailout plan we find ourselves in a situation where there is no answer.
I fully support free markets, a global economy and everyone’s right to screw things up. I would much rather see the banking industry unregulated and defending for itself over more government controls. The part of this story that makes my ears bleed is that once the controls were lifted by the last administration they turn around and bailed out the very people who screwed the whole thing up in the first place.
You have to pick a side. It is a free market and that means free to fail, or a controlled and regulated market that remains stagnant. Simple as that, there can be no in between.
This latest escapade with wanting to “Tax” the banks has got to be one of the most ludicrous ideas I have yet to see out of this administration. They actually think this will punish the financial industry? Or at least they think the public is stupid enough to think that it will.
Let me break it down for you…
Any taxation applied to the banking industry, regardless of the motivation, will simply be passed on to the consumer in higher rates and banking fees. Thus the end result is the government is taxing us without representation through a tax levied on the banking industry. The banks are not being punished. We are! And we are buying into this song and dance because someone told us “Those bankers have to pay.”
Pay attention people, it will all come back to your pocketbook sooner or later.
- Peace, Chad