From Blue Crab Boulevard we see the first subtle signs of panic from the Obama administration over the likely repercussions of letting Congressional Democrats attempt to scapegoat Wall Street for their own sins.
Obama Seeks to Soften the Punitive Legislation
WASHINGTON — The Obama administration wants to soften the impact of bills speeding through Congress that would impose heavy new taxes on Wall Street bonuses. But some potential allies in the Senate are reluctant to cooperate, fearing the political consequences of watering down the legislation.
Financial-industry officials launched a campaign Friday to fight back but are finding their hands tied: Anti-Wall Street sentiment following the American International Group Inc. bonus payouts is making it difficult to reach once-friendly lawmakers to make their case. Key senators and their staffers, nervous about appearing to support the industry, are refusing all meetings, and, in some cases, turning away phone calls. “Unless you have a pitchfork and a noose nobody’s listening to you” on Capitol Hill, said one financial lobbyist.
The White House has yet to publicly criticize the bonus tax proposals. But administration officials say privately they are concerned the House and Senate bills could lead to an exodus of employees or whole companies from the Troubled Asset Relief Program, known as TARP, as well as other government-sponsored financial rescue efforts.
My first thought when I read that was this classic animated video sequence of the Sorcerer’s Apprentice from Fantasia:
It’s all there, from the “meddling with forces that are only dimly understood” to the “slacking off after immediate goals are met” to “attempts to fix the long-term problem only makes it worse.” Unfortunately, we have yet to get to the “Wizard Ex Machina swoops in and fixes the problem” part… assuming that we ever do. After all, Disney was making fiction, and this is real life.
If the Obama administration would like some advice, I have some: stop trying to sneak around on this. This “stimulus” has been an unmitigated disaster from its conception. The administration needs to forthrightly admit to that, quit looking for outside elements to blame for its own mistakes, and stop making things worse. Doing all of this will, of course, be very politically painful, which is why this advice is almost certain to be ignored even if by some highly improbable chance it comes to the President’s attention.
Share on Facebook 1 1 SHARES Tonight on “The O’Reilly Factor” on Fox News, Donald Trump was the first guest, and at the beginning of his segment, Bill lightheartedly and briefly touched on EffGate. During the bantering exchange, Trump repeatedly denied that he used the actual word. However, since it was on video, this claim is verifiable. As they say in the business, let’s go | Read More »
Share on Facebook 1 1 SHARES New Orleans has a habit, it seems, of being ignored by the press. At least, ignored when it comes to mass shootings. Or this case, attempted mass shooting. You may remember that, back in November, there was a mass shooting in the city which received virtually no national press. Now we have a story where not only did someone | Read More »
Share on Facebook 1 1 SHARES Hillary Clinton is the ultimate Washington DC insider. She has been there for over 20 years. She was a first lady. Then she was a Senator. Then she ran for President. Then she was a lousy secretary of state. Then she went and made tens of millions of dollars giving speeches thanks in large part to her status as | Read More »
Share on Facebook 1 1 SHARES With Iowa in the rearview and New Hampshire just around the corner, more and more people are lining up to take official sides, and Rubio is starting to run away with the endorsement game, for whatever that is worth. FiveThirtyEight’s endorsement tracker gives Rubio a clear edge over the rest of the field, as he is pulling away from | Read More »