President Obama has announced his plan to recover the money the government gave to banks through the TARP program: a tax on banks that should recoup up to $120 billion.
That’s a tax on all the big banks, of course. Not the little banks. And not the banks run by GM and Chrysler.
Just the big banks.
Whether or not they took any TARP money in the first place. Or, if they did, whether or not they paid it back.
This isn’t about recovering the people’s money. It’s about increasing the government’s control over the banking business. It’s about “punishing” the banks that paid their top folks more than the government thinks they should. It’s about the government making certain it has control over the banking industry.
It tried with TARP, but it only roped in a few. And some of those squirmed off the hook by paying back the loans (despite the government’s initial refusal to accept repayments).
So now we have the Obama administration’s plan to recoup the money that most of us wrote off the instant it was paid out — from the pockets of the innocent and the guilty alike. The sole criteria is which ones can pay, and haven’t already completely surrendered their independence to the Obama administration.
Is this the “change” so many voted for?
I fear it is.