By Dan Ferris in the S&A Digest:

Obama is reading Atlas Shrugged and making every new tax proposal sound like Ayn Rand named it, just to mess with us...

Witness Komrade Obama's latest disincentive, the "financial crisis responsibility fee." The new tax will force about 50 large financial institutions to pay the federal government a total of about $90 billion over 10 years. About 70% of the firms would be U.S. companies, with the rest being U.S. subsidiaries of foreign firms. The 10 largest institutions would pay about 60% of the tax.

How much of the financial crisis responsibility fee will be paid by the Fed? Ninety-nine percent of it, if there were any logic to it, which of course, there is not...

The taxed banks also have to pay for the bailout money that went to General Motors and Chrysler. GM and Chrysler will be exempt from the tax, because Obama says they went under in part because of a financial crisis the banks caused.

Did you get that? The big carmakers didn't go under because Toyota and Honda beat the crap out of them fair and square in the market for new cars. GM and Chrysler didn't go under because of the make-work rules and enormous pension burdens placed on them by the unions. They didn't go under because they refused to give car buyers what they wanted. No... GM and Chrysler went under because of the banks. That's why no one buys American cars anymore. Car buyers get up in the morning and say, "Since banks are doing what they're doing, I'm going to buy a Toyota. That'll make GM and Chrysler go under."

This is a hallmark of academia and government: Ideas that don't work can live on and on indefinitely. When the free market kills businesses like GM and Chrysler, the academics and government make up an excuse like, "it's the banks' fault," and tax and inflate and regulate 'til they drop (they can't drop soon enough for me)... whatever it takes to keep the lie going.

I can't believe no one is trying to impeach Komrade Obama. He's a little boy set loose in a man's world, like a child driving a tank down Main Street, having fun and totally oblivious to the awful destruction he leaves in his wake.

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