It's hard for any sane person to argue against taxing the banks after what we've witnessed the last few years. (Of course, Larry Kudlow of CNBC is doing just that, but I did say "sane.") Will it potentially slow their business and deter new hiring? Maybe, but looking at the "growth" that they exhibited during the bubble years, slowing down is not such a bad idea. The banks are too unstable and susceptible to wild swings that don't benefit anyone other than a few inside the bank.
The bankers argument against the tax is because it's unfair is amusing when you think about it. How unfair was it that everyone else had to save their industry yet at best are only breaking even? The bankers should consider themselves lucky that Obama is only asking for full payment instead of much more. It's a small step for the White House and hopefully it shows the direction for the future.
Striking a populist tone, Obama called for a fee on the biggest U.S banks to "recover every single dime" the government spent rescuing the financial sector from its worst crisis since the Great Depression.
"My determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people," Obama said, reflecting increasingly harsh rhetoric toward the financial industry.
"We want our money back," he said.
