Wednesday, June 30, 2010

. . and now back to your regularly scheduled spending

It was nice while it lasted, but the restraint of House Democrats came to an abrupt end today when they voted to increase assessments on banks by $10-$20 billion to pay for the banking reform legislation Congress is about to pass to replace the bank tax that Sen. Cosmo send he couldn't support.

I don't know who they think they're kidding. Sure, call it an assessment, but in the end it just as much a tax as any other given that the additional expenses will be passed straight through to bank customers. It is, in effect, just another tax we all end up paying.

The killer, though, is what we get for this $20 billion - a new, massive, non-functional, unaccountable banking bureaucracy. Yippee

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