Unions Sign On To Obama’s Penalizing of Banks

22 Jan, 2010 by Warner Todd Huston

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According to The Hill, “several union officials” plan to make Obama’s newest attack on America’s banking industry part of their criteria for determining which candidates to support for 2010.

So, the unions want to use support for this economy killing tax as a criteria for supporting a candidate. If a politician is for it, then the unions are for them.

Immediately after his defeat at the hands of Massachusetts’ voters, Obama rushed out to reiterate his plan to put a confiscatory tax on banks in the hopes of diverting attention from newly elected Senator Scott Brown.

Obama claimed that this new tax would force these eeeevil bankers to “pay back” the bailout money that Obama lavished upon them last year. Obama plans a fee on 50 banks that would last 10 years.

But here’s the thing, not all of those banks even took bailout money in the first place. Further, most of the rest of them have already paid back the bailouts they took. So why is Obama attacking these banks like this?

No other reason but class warfare. Obama’s hatred for capitalism serves as his base ideology and he hopes to parlay his own hatred into the sort of fearmongering and class warfare that would benefit his party.

Naturally fearmongering and class warfare is the stock in trade of unions. So, it’s no wonder they are so excited to sign onto this sort of cynical, anti-capitalist, and un-American Obama ploy.

Let’s also take just a second to realize just who will be paying this confiscatory tax. It sure won’t be the banks. It’ll be you and me, the bank’s customers. We will see higher fees, more fees, and less service.

Obama’s war on banks is a war on you and me. No wonder it fits so nicely with the union’s policies. They’ve been at war with you and me for decades.