>> Friday, January 22, 2010
"Good design can't fix broken business models." ~ Jeffrey Veen
Barack Hussein Obama recently made a comment that made me so angry, I had to wait until now to write a commentary. Now that I've calmed down somewhat, I will comment.
I was watching a report on TV about Obama stumping for Martha Coakley in Massachusetts, when the news program played a clip of Obama announcing his plan to charge a fee to banks and institutions who are giving millions of dollars of bonuses to their executives.
I had to google it to find it, and I confess, what I found isn't exactly what I heard, but it is essentially the same thing. This is from FOX news' website,
...Obama, striking an emphatic and populist tone, said Thursday that he is determined to recoup every dollar spent from the $700 billion Troubled Asset Relief Program to rescue Wall Street firms with a new tax on the largest banks.
"We want our money back and we're going to get it," he said.
Obama described bank bonuses as "obscene" and said the new tax would cover a projected $117 billion shortfall in the government's financial crisis bailout fund.
Upon hearing the report, I gasped in amazement.
Isn't Obama Harvard educated?
Is he not considered by Democrats to be something of a genius?
He's the (illegally) duly elected President of the United States, is he not?
Doesn't attaining the office of President of the United States imply he has at least as much intelligence as a fifth grader?
Then why doesn't he understand simple arithmetic?
Why does he not understand basic business principles?
I am not a businessman, but even I understand businesses compensate for loss of profits by raising prices on goods and services.
How does Obama's ambitious plan affect business?
Look. It's simple:
If Obama charges a fee or a tax to the corporations who pay "obscene" bonuses, the companies will simply raise their prices on goods and services. If, as he says, he only charges banks new taxes or fees, they will pass the loss in profit onto their customers in the form of higher fees and prices.
Those customers include every business that every one of us does business with on a daily basis.
Grocery stores, Department stores, Home improvement companies--name one.
Name them all.
They all do business with banks.
And what happens if banks pass their expenses on to their customers? Well, naturally, they pass their expenses on to us.
They also lay off employees because they can no longer afford to pay them.
Let's see now. How does Obama's plan of charging more fees or taxes to banks create his promised hope?
How does it create change?
I hope he doesn't.
It's Change for the worse.
Is he stupid or does he just think we are?