Tigerhawk links to a CNBS Squawkbox segment including an interview with Warren Buffet, talking about the new series of "bank taxes" being proposed by the Obama Administration. Warren's right, of course. What was done in the Fall of 2008 (by the Bush Administration, let us not forget) was done to save THE ECONOMY, not the "banks". The US economy was in free-fall, and the most efficient, most effective way to staunch the bleeding was to provid instant liquidity to the system through the banks. Those banks are now paying back that money WITH INTEREST (as it was intended from the beginning to be--let's also not forget that little fact). Warren's also right that the Obama Administration's tax is wrong--just plain wrong.
So Warren--how's that Faustian bargain feel now?
I've always wondered how Obama can continue to say 'we brought the economy back from the brink of the Great Depression' and no one ever reminds him that TARP happened under the Bush administration.
ReplyDeleteWell, I don't wonder that much.