Diary

Obama to Wreck NYC

Obama doesn’t seem to understand the weight of the office he holds and the responsibilities that come with it. He cannot use his community organizer tactics from the Oval Office without broad ramifications. Up to this point, this fact does not seem to have penetrated his ivory tower intellect. The latest example of this ignorance is his promise to tax the bank profits and bonuses.

The President is so consumed with fomenting anger at the banks that he has again lost sight of the bigger picture. Most of the effected banks in question are head quartered in New York City. Both the city and state of New York plan and depend on the profitability of those institutions so that they can collect tax revenue. Obamas outright attack on these institutions will have a direct and detrimental impact on their profitability.

From the New York Post today:

Mayor Bloomberg said yesterday that President Obama’s plan to slap a tax on banks is aimed squarely at the city’s lifeblood and could turn Manhattan into a crumbling wreck like Detroit.

Bloomberg warned that the plan could bring about the collapse of the city’s financial sector and starve New York of revenue it needs to provide basic services.

“The way we pay our cops, firefighters and everybody else in the city is from tax revenues,” Bloomberg said.

“And if you want to see what happens to a city when their major industry fails, just take a look at Detroit,” which has been reeling from the collapse of the auto industry.

Bloomberg, a frequent Obama ally, said New York, in a similar way, is “dependent on the major industry here. When it does well, that’s how we build up money to carry us through the bad times.

“I’m very concerned that we don’t drive business overseas. London became a financial center when we increased regulation here,” he said, adding, “I certainly hope our legislators in Washington will fight to protect our industry here.”

Obama is so consumed with his redistributive agenda that he cannot see how short sighted and dangerous his populist, “grab the pitchforks” ideas are. Or, he may not care.

When Obama was a community organizer in Chicago, his ability to do significant harm was limited. Now that he has been mistakenly elected and occupies the office of the President, he can and is causing widespread damage with no regard for his actions.

crossposted to The Ritz Report