Kudlow describes a shakedown of epic proportions and how it is being used for political gain.
the solution is not to call them names. Or question their patriotism. Or attack “rich people” and “fat-cat bankers.” Or tell America, “You didn’t build it.” The solution is to reform the corporate tax code by slashing the rate to 20 percent. Or better yet, abolish the corporate tax altogether. The biggest winners, by the way, would be wage earners.
So what does all this have to do with billion-dollar bank penalties? Everything. The timing is more than coincidental.
And now, in the saddest of ironies, the Obama administration is again loosening credit standards for “affordable” home purchases and expanding Fannie Mae and Freddie Mac. This is incredibly stupid. The same mistakes are being made.
But it’s all part of Mr. Obama’s election-year strategy. Blame it all on the big boys. Pull out the class-envy cards. Rekindle divisive resentments and anger.
Follow the money. Where’s it go? Then examine the tactics. Then examine the implications and what actually happens.
The people that end up bearing the burden are not those subject to political assault and that is another dishonesty that needs to be properly addressed.