Like many of President Obama’s policies it seems the best this new “bank tax” can be characterized as is a good start. It’s certainly a shrewd political move, if nothing else.
The knee-jerk reaction from the The National Review was predictably shrill:
Seriously, what are they thinking about? Can’t the administration and Frank see that these types of measures will only hurt the recovery? The only effect of this tax will be to soak equity out these institutions limiting their ability to recover and issue loans. Plus haven’t most of these banks repaid the money they were forced to take from the government? With interest, no less.
And if Mister Frank really believes that chasing well-paid employees to go elsewhere is a winning strategy and won’t have any impact on the industry, then I suggest that next time he is sick he goes to a hospital where doctors are poorly paid and see how he feels about that.
This anti-capitalist and anti-wealth mentality is scary and very anti-American.
Yeah, my heart is just bleeding for those “poorly paid” bankers. And as “scary” and “anti-American” as Ms. de Rugy thinks the proposed tax is, she fails to note that it (or something like it) is actually required by law:
The EESA statute that created the TARP requires that by 2013 the President put forward a plan “that recoups from the financial industry an amount equal to the shortfall in order to ensure that the Troubled Asset Relief Program does not add to the deficit or national debt.”
I suppose it would have been too much trouble for anyone at The Corner to read the official government factsheet on the bank tax. Pesky facts… feh!