How do Democrats get their mojo back? Well, how about proposing a financial crisis responsibility fee of $90 billion to be levied on the nation’s largest banks and financial institutions and then waiting for the Republicans to fall on their face?
“This is the latest proposal in the Obama administration’s failed attempt to borrow, spend and tax their way into economic prosperity,” Rep. Jeb Hensarling (R-Texas) said earlier on Wednesday. “To think that banks will loan more money if you tax them is beyond economic ignorance.”
That message won’t even sell in Texas.
The $90 billion dollar figure was chosen because that’s the administration’s estimate of what will be the ultimate shortfall from the $700 billion bailout. So, we’ll get paid back $610 billion and assess a tax on the fat cats to get the rest of it back over the next decade.
Let the Republicans complain about that while they defend the banks.
