Big Bankers Complain About a New Tax Levy. [Laughable]

Big Bankers come out swinging against a newly proposed levy against Wall Street financial institutions, threatening to take the tax proposal to court on the basis that it is unconstitutional. What a joke. I hope they do take it to court so the public can subpoena records from former Treasury Secretary Poulsen and current Secretary Geithner, and we can learn what constitutional basis the two former Goldman Sachs execs were operating on when they bailed out banks with billions in tax payer funds. This should be good.

President Obama's Administration is proposing a new "responsibility" tax against big bankers -- what does it actually entail? Actually, not much, when you consider how profitable these institutions are. Basically, over a 10 year period, the public will receive an extra $9 billion for a total of $90 billion from big bankers. Sounds like a lot of money for 99% of the U.S. population, but for big banks it is a drop in the bucket. This year, Goldman Sachs alone will pay its key employees $23 billion in bonuses -- one bank, $23 billion in bonuses (that doesn't include the rest of Goldman's operating profit which has averaged around $50 billion a year). Also, consider the fact that the tax will actually bring the U.S. banking policy up to speed with the rest of the world -- other major world banking centers have already passed a "responsibility" tax against their banks because of similar bailouts.

Big banks have had it too good for too long, and when they screw up, they benefit from a free insurance policy where the American public bails them out. It's a bullshit system. I'm sorry, but that's bullshit. No more. The public should declare, no more free money for big money bankers; it's time to put an end to bail outs for the "too big to fail" banker -- it's time to reinstitute the Glass-Steagall Act that was originally passed in 1933 [A Republican majority repealed key portions of the Glass-Steagall Act in 1999... following party lines, Senate Republicans repeal it by a vote of 54-44; Senate Dems -- it's your turn to reinstitute the Act]. No more putting the public at risk with risky over-leveraged trading practices -- it's time to break up the big Wall Street banks and end the oligopoly.

By 12 to 1, big bankers donated to President Bush's reelection campaign in 2006 in comparison to what they gave to Democrat counterparts. President Obama, House and Senate Dems -- you do not owe big bankers a thing. Take it to them.

"Earth provides enough to satisfy every man's need, but not every man's greed." - Gandhi

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