Thursday, January 14, 2010
Obama’s Wall Street bonus complaint is just a diversion
by Larry Geller
What a crock.
Angry Obama vows to tax cash-rich Wall Street (Guardian, UK, 1/14/2010).
So he taxes bonuses. That’s not what we need to create jobs and stop foreclosures. Dear Mr. President: there are people in this country whose only income is food stamps, their survival is uncertain, and all you can do is tax Wall Street bonuses?
What have you done for us lately?
Will you give any of that money taxed from the fat cats to people in need, people who are losing their homes?
How could you splash around in the surf in Hawaii and take your kids for shave ice and all that while Hawaii has the 10th highest foreclosure rate in the nation? How about giving back a little? You were born here, right?
Next. There was an article in this morning’s Advertiser about new restrictions on credit cards that will come into effect in February. I noticed that they were no more punitive than a whipping with a wet noodle. Bad banks! Now you will have to give clear information!
Congress created only a sham of regulation. They did not roll back usurious interest rates. Banks beat the deadline to raise interest and fees before the regs came into effect. Remember also that right now they borrow money at close to zero interest from the Fed.
In other words, we lose again, the big Wall Street banks win again.
It would be great if the daily newspapers noticed this, but don’t hold your breath for any hard-hitting articles. It would be even better if Obama really was our president, but that may be a lost hope also.
Over on the Huffingtonpost you will find the headline "Move your money from the big banks" and I guess that is one way to show them, by taking moving to small credit unions and local banks.
Yes, we can do that. I've been suggesting it at least as far back as 2007.