Obama the clever, bold and right.
It used to be American-ese that was sickening. No more. The only world statesman speaking plain English these days is President Obama. These are the direct words that matter in a bold plan for Americans to get their own back on the bankers that have been saved by the taxpayers and are back making mega-bucks.
“Massive profits and obscene bonuses at the very firms who owe their continued existence to the American people.”
“Recover every single dime.”
His plan is a straight right to the goolies. The tender parts in this case being wholesale funding. A 0.15% levy is aimed at twin objectives. First, get our money back and secondly, change your behaviour. If you recall the $700bn TARP (well covered in the credit crunch diary of this website), the President thinks that $90bn will be lost for ever. So he intends to shrink the evil ones’ balance sheets and get it back. And again the Americans have coined the perfect words, Financial Crisis Responsibility fee. Exactly and in straight forward plain English too.
Contrast this to the UK’s plan for taxing bonuses above a certain level. That is both emotive and easily get roundable. They are serious, we fart about.
More at www.jgwalkersmith.co.uk
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