It’s in the news again today. From the business section of the New York Times:
Obama Weighs Tax on Banks to Cut Deficit
WASHINGTON — President Obama will try to recoup for taxpayers as much as $120 billion of the money spent to bail out the financial system, most likely through a tax on large banks, administration and Congressional officials said Monday.
The president has yet to settle on the details, and his senior economic advisers are weighing a number of options as they finish the budget proposal Mr. Obama will release next month.
The general idea is to devise a levy that would help reduce the budget deficit, which is now at a level not seen since World War II, and would also discourage the kinds of excessive risk-taking among financial institutions that led to a near collapse of Wall Street in 2008, the officials said.
I went back to the Constitution again and checked Article I and the Sixteenth Amendment. I still can’t find where the Executive branch is authorized to be involved in taxation or the crafting of legislation to ” discourage the kinds of excessive risk-taking among financial institutions.’
He simply doesn’t have the authority.
I would ask “where is the press?” But everyone knows they’ve been asleep at the switch for years having cast aside their journalistic integrity to be political activists. And they wonder why their circulation numbers have cratered.
Mr President, if you don’t like the Constitution, that’s fine (even though you took an oath to protect and defend it), there are legal ways to change it. Those crazy founders were prescient men. They knew that despot wanna bes like you would come along and wrote the document with you in mine.
crossposted to The Ritz Report