The magic tax

First, I must say: poor Haiti! Haiti already is the poorest nation in the Western Hemisphere, probably the least able to recover from a major disaster like the earthquake of a couple days ago. Here's hoping the relief ships and planes find a way in to provide some help. What a catastrophe.

Second, the Comrade made a brief announcement today. He wants to get a tax on those "too big to fail" financial institutions that accepted help from the TARP fund. He said that although the TARP money has mostly been paid back, those institutions continue to "do business as usual," "take too many risks," and "hand out huge bonuses." Taxing them, according to the Comrade, will fix all this. I don't know how or why it would.

As I was listening, I kept thinking, "Does this man know nothing about business?" A tax on financial businesses that are actually earning money would only guarantee that a general economic recovery will NEVER happen. What an idiot. That's what happens when you elect a community organizer to the presidency. He just doesn't get it:  there is no Santa Claus.

And, hey, Mr. Comrade, any loan to a business is a risky venture. That's why the winners make so damn much money. You've got to have a pretty accurate crystal ball to win at this. You feds were dorking around with mortgage interest rates and such, and you see what happened? Major financial collapse. Maybe you-all should just butt out. You don't know what you're doing. Leave it the hell alone.

I think these financial guys work for what they get. The Comrade came off actually sounding like he envied those big bonuses, or else just tired of repeating the tired-out drum-call to class warfare. Most of the millions that go to bonuses get re-invested in the economy one way or another. You can bet those high-earners take that money and form venture capital funds and things like that. Even if they just leave it in the bank, it gets re-invested in the economy. That's where the jobs and new ideas come from, Mr. Comrade -- NOT from the federal government. The money is much better and wisely spent privately.

And... How are the banks supposed to do business, except "as usual"? I'd just like to know, that's all. The Comrade noted that most of the TARP money has been paid back. By doing business as usual, no doubt. Has the Comrade got a better idea? One that's more productive? Perhaps the Comrade is a bit dismayed that the money the banks earn is NOT going to SEIU and GM. Well, screw him and the unions. I'd much rather see it privately invested and used to build, not to buy votes and voters and develop a dependent and therefore captive membership for the socialist-democrats.

By the way, if the TARP money has been mostly paid back, where the hell is it? I suppose the Comrade and his merry marxists want to donate it to socialized medicine now. I don't think so. I think they should just give it back to the Treasury (though I don't really trust Geithner, after all, he's the one who can't seem to find the TARP money) to help underwrite the USA's monumental, crushing debt -- developed by the socialist-democrats over last year.

Christine Romer also said recently that only about 30% of the Stimulus Bill has been spent. Why not cancel the rest of that while you're at it? It hasn't done much good anyway. Return that to the Treasury and maybe the USA can avoid going into default and becoming another Zimbabwe. Of course, we're all becoming aware of the fact that that's exactly the direction this administration wants to go -- toward poverty and dependency.

Just a few thoughts.