The DNC’s logo for the 2012 convention struck me, when it first came out, as “Soviet chic”, a trendy style that’s been making its way around leftist protests from Wisconsin to Washington.With Barack Obama’s class warfare speech yesterday, it seems the President’s 2012 campaign theme will be to party like its 1917. In a speech right out of a European socialist’s playbook, Barack Obama kept referring to basic fairness when demanding job creators pay more in taxes. Consider Obama’s online mouthpiece, Think Progress, rushing to his defense by, in essense, saying Obama’s plan isn’t class warfare because it does not go as far as the Communist Party of Great Britain in 1929.You actually should read the Think Progress post because actually what the writer claims is “strikingly different from a modern progressive agenda” is actually pretty darn similar, including an income tax to confiscate capital income — something Obama’s Buffett tax seems to do.In any event, what Barack Obama nor any other leftist can answer is one simple question — when the top 1% generate 20% of the income and pay 40% of the taxes in this country, what exactly is their fair share?But now it gets even worse. Yesterday I told you Obama wants to use General Motors as a distraction from Solyndra. Today it appears he is using Warren Buffett to distract us from raiding banks to line General Motors’ pockets, or at least the government’s because of the GM bailout.
In Barack Obama’s deficit plan, he intends to raid American banks to make up the losses from the auto bailout. There’s just one problem. While hiding behind TARP to justify this raid, with costs that will be passed on to consumers, Obama is punishing the most successful banks putting them in a position to fail. At the same time, the Dodd-Frank bill guarantees no bank is too big to fail, so he is creating another bank bailout situation.Basically, the President wants to raise fees on banks with more than $50 billion in assets, i.e. the most successful banks. The weak banks that benefitted the most from TARP will not actually be the ones to cover the auto bailout’s losses. The rich banks that needed the least help will shell out to cover the auto bailout and then find themselves among the ranks of weak banks.It’s not just individual wealth redistribution the President is championing here. He’s picking winners and losers in the free market and ensuring that some of the winners he does not like are forced to become losers. It’s corporate wealth redistribution to corporations the President picks.Considering both the inflation the American people are experiencing and the taxation Barack Obama wants to impose, you’d be forgiven for thinking he said “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” Of course, that was Vladimir Lenin. Too inflammatory for you? Just go back to Think Progress and consider, in their claims that Obama’s position is too mild to be considered class warfare, just how similar Barack Obama’s new tax schemes are to the Communist Party of Great Britain in 1929 — complete with a “graduated income tax to confiscate capital income”, i.e. a necessary component of any surtax on millionaires just for the sake of taxing millionaires.