So, of course, we’re talking about our populist president and his bonus tax (even if it’s not being called that) and the still-under pressure consumer. It’s Tomorrow’s News Today (and it’s likely to be news the day after that, and the day after that, and the day after that, too, as well.)
Banks, Economic Indicators, Markets, Retail Sales, Washington / Comments Off
Banks, Corporate Governance, Financials, Washington / Comments Off
President Obama, in full populist rhetoric, tsk-tsked the bankers today, and swore to make them pay for their “obscene” bonuses — literally, by proposing his bonus tax, or whatever fancy name he’s given it. (For the record, they’re calling it a “financial crisis responsibility fee.” Sounds like they’re charging a fee for being responsible, no? Is that ironic or what?) He said he’s committed to getting back “every single dime” the American people are owed.
Don’t get me wrong, I have no sympathy for the banking industry, which deserves its fair share of the blame for the financial meltdown. But the president’s little assault today is just a blatant attempt to draw some popular support, or at least deflect popular anger.
To be sure, in some ways, the banks brought this on themselves. As my colleague Madeleine Lim commented during today’s Tomorrow’s News Today (coming later this afternoon,) among all the various parties that bear some responsibility for the housing crash and credit crisis, the banks remain the most tin-eared.