Tim Geithner, President Obama’s Secretary of the Treasury, now proposes a tax on big banks. Geithner says that the American people should be paid back for the bailout.
Mr. Geithner, who obviously does not pay attention to his bank fees, fails to appreciate that bank fees will increase on people who have accounts. So, the reality becomes that the American people who pay taxes, live by the laws, and pay their bills will ultimately be responsible via their bank accounts for the bailout too.
This proposal is yet another example of the Obama administration taxing the responsible tax paying citizens for ill-advised expenditures. The imposition of this tax on banks is not a direct tax and therefore the Administration will be have cover to continue to blame banks. Do not be fooled: we will be responsible for this tax through increased fees.