Sort of the liberal gift that keeps on giving – from ABC:
…Waters also wants to help by putting more pressure on the big banks to help with mortgages.
“If they don’t come up with loan modifications and keep people in their homes that they’ve worked so hard for, we’re going to tax them out of business,” Waters said…
And suppose you do tax them out of business – who does the banking, then? I guess that Waters would just set up some sort of government-funded entity and put her family members in charge…in keeping with her past actions.
There is an extra spice of weirdness growing on the left – as things get worse and Obama’s failures become manifest, the left is retreating in to a socialist cocoon where all that is required is the application of more liberalism. Long time readers know I have no love for our banks – in fact, I hold them in contempt…but to talk of taxing them out of business if they essentially don’t just give away the houses they hold mortgages on is stupid…counter productive; it would make the housing market even worse.
Things can be done to help those who are upside down on their mortgages (in fact, I started advocating them in 2008…but also feel that by now it might just be too late). Lots of things can be done to reform banks. But we need banks and we need to have mutual accountability between lenders and borrowers…Waters and the left only wants accountability from the banks, or she’ll tax them out of existence. Boiled down, as liberalism fails the left is insisting that we destroy everything rather than admit to the failure.
But the failure is unmistakable…and while Waters and others will be calling for the end of the banks, I think that the voters in 2012 will call for an end to the left.
HAT TIP: Tax Prof Blog