January 15, 2010
It was announced today (Jan 14) that President Obama wants to levy a fee against the largest banks in the country with a “crisis responsibility fee” to be applied to financial organizations with assets greater than $50 Billion. This fee will be in effect for the next ten years and can be extended beyond that if necessary.
The expectation is that this will raise $90 Billion dollars over the ten years in an attempt to repay some of the money used to bail out the financial industry.
My immediate question is; does this administration and this President think we are stupid or is this administration and this President so inept that they think this is good for the American people?
I say that because they are either trying to totally bankrupt the middle class in this country or our ‘leaders’ are completely ignorant of the economy of this nation.
Simply put businesses do not pay taxes/fees the government assesses them with. As an example; if you own a burger joint and you have a 5% profit margin and the government levies a 5% tax increase on your business. Do you A) suck it up and decide you are going to run your business at a 0% profit margin or B) do you increase your prices by 5% to pay for your increased cost of doing business?
Anyone who has spent 10 minutes in a business class would be able to tell you that in order to maintain a business you MUST have a minimum profit margin in order to survive and at least a marginal percentage in order to expand. Obviously the answer is B you increase your costs to the consumer to make up the difference. It becomes a cost of doing business and all costs of doing business are paid by those that purchase your product or service.
Now, the vast majority of banking users are the middle class therefore the vast majority of people that will be affected by this new fee will be the middle class.
To carry this to the logical conclusion we have to see this for what it really is and that is another attack on the true wealth and future of this nation the middle class. The majority of small business creation is initiated by the middle class. The more money taken out of the system directly affects the ability of the system to prosper.
The bottom line is we have had a systemic failure of the financial system in this country and in the wisdom of our federal government they steal money from the people to bail out organizations that were failing. Then the federal government decides to repay that bail out by taking more money from the taxpayers, the American people, calling it “crisis responsibility.” So in effect a crisis, arguably created by the federal government and the Federal Reserve, was bailed out by the American people by stealing more of their hard earned money and to “force responsibility” against those that were bailed out the federal government puts in a mechanism that takes more money from the American taxpayer.
Subscribe to the NewsWithViews Daily News Alerts!
WOW, I bet those banks are really feeling responsible now! While you and I are left holding the change.
© 2010 Michael LeMieux - All Rights Reserved
LeMieux was born in Midwest City, Oklahoma in 1956 and graduated from
Weber State University in Utah with a degree in Computer Science. He served
in both the US Navy and US Army (Active duty and National Guard) and trained
in multiple intelligence disciplines and was a qualified paratrooper.
He served with the 19th Special Forces Group, while in the National Guard,
as a Special Forces tactical intelligence team member. He served tours
to Kuwait and Afghanistan where he received the Purple Heart for injuries
received in combat.
Mr. LeMieux left military duty at the end of 2005 after being medically discharged with over 19 years of combined military experience. He currently works as an intelligence contractor to the US government.
Michael is a strict constitutionalist who believes in interpreting the constitution by the original intent of the founding fathers. His research has led him to the conclusion that the republic founded by the Constitution is no longer honored by our government. That those who rule America today are doing so with the interest of the federal government in mind and not the Citizens. Michael believes that all three branches of government have strayed far from the checks and balances built into the Constitution and they have failed the American people. A clear example is the Second Amendment, which the Supreme Court and the founders have all said was an individual right and could not be "infringed" upon, now has more than 20,000 state and federal laws regulating every aspect of the individuals right, a definite infringement. He has traveled around the world living in 14 States of the Union including Hawaii, and visited (for various lengths of time) in Spain, Afghanistan, Kuwait, Korea, Scotland, Pakistan, Mauritius, Somalia, Diego Garcia, Australia, Philippines, England, Italy, Germany, and Puerto Rico.
Michael now lives in Nebraska with his wife, two of his three children, Mother-in-Law and grandchild. His hobbies include shooting, wood-working, writing, amateur inventor and scuba diving when he can find the time.
Contact Michael through his Website: www.constitutiondenied.com