I struggle these days to set up a savings account. If I invest with people I think are responsible, financially savvy, and customer-oriented, I’m sure the government is going craft laws specifically designed to put them out of business. Below is the latest email from Organizing for America. I reproduce it for its shock value. Attempting to print a hyperlink to an appropriate site appeared likely to sign my name on a petition of support.
There are many morals to the story. One is that financial institutions that try to operate prudently are being blamed for the consequences of government regulation known a priori to be destructive. Irresponsible banks that can’t turn a profit are viewed as the good guys and a model for successful banks to follow. Businesses that operate on profits because consumers choose to patronize them are crooks. The only honest money comes from government as a reward for mismanagement and disregard for the customer. If people choose to do business with companies that set profit margins above break-even, they rightfully own a share of those companies’ profits. Lastly, we’re delusional because even though the president kicked the lobbyists out of Washington as promised, they still exist there in some parallel universe fighting for commonsense fiscal policy.
Yesterday, President Obama announced our proposed Financial Crisis Responsibility Fee on the country’s largest banks:
“My commitment is to recover every single dime the American people are owed. And my determination to achieve this goal is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people…We want our money back, and we’re going to get it.”
The fee would recover every penny loaned to Wall Street during the financial crisis and stop the reckless abuses and excesses that nearly caused the collapse of our financial system in the first place.
But the banking industry — among the most powerful lobbies in Washington — is already launching attacks to stop Congress from enacting the proposal.
Barack and I aren’t backing down. But to win, we’ll need the American people to add their voice right away.
Thankfully, OFA supporters are already signing on to a bold statement of support: “We want our money back — and we stand with President Obama to make sure we get it.” You can add your name by clicking here.
The proposal is expected to recoup billions from the big banks, most of it from the ten largest. As the President said, “If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers.”
There is much more work to do to reform the financial system and create a new era of accountability. But the Financial Crisis Responsibility Fee is a crucial step. And with the banks already working to tear it down, I hope that I can count on you to speak out to show that Americans stand with us as we take them on.
Click here to add your name to the statement [Only the Constitutionally-challenged would reproduce the link.]
Change isn’t easy, but it’s certainly worth fighting for. I’m glad you’re in this fight with us.
Thank you for making it possible,
Vice President Joe Biden
I often wonder if some of these email requests for herd-mentality cliff rushes are bogus traps sent to conservative pundits and bloggers to make us sound like idiots for talking about them.
