Speaking at the White House, President Obama said today that his new fee on banks will hit only the largest institutions, and will last either until the un-recouped TARP money is recovered ($117 billion) or for ten years, whichever is shorter.
As John Stossel (who will soon be writing in these pages) puts it:
In other words, the Obama Administration is going to punish those greedy banks by making it more expensive for you to borrow money.
Another way to think of it: Having spent $257 billion so far on a Keynesian stimulus, the Obama administration is going to suck back $117 billion from the very banks he has complained are not making enough loans.
I hope you’re not still wondering why Obama has a majority disapproval rating on his handling of the economy.
