Barack Obama is talking about taxing those big, bad evil bankers to make up for losses on the bailouts and he's reviewing end of the year bonuses; can't have those greedy bankers making any profits — oh no. Confiscating profits is becoming standard fare in Washington: When a company makes "windfall profits," like when gas prices recently soared, politicians went after oil executives.
(BEGIN VIDEO CLIP, FEB. 2, 2007)
THEN-PRESIDENTIAL CANDIDATE HILLARY CLINTON: The other day, the oil companies reported the highest profits in the history of the world. I want to take those profits ...
(END VIDEO CLIP)
That evil Big Oil!
While you were barely scraping up enough cash to fill up your car and get to work, those greedy monsters were raking in record bonuses and profits, stealing food right off your dinner table, starving your children — how dare they!
Our politicians — because they care about you — took brave action and dragged oil executives to Washington, D.C., to give them a lecture. And now they're going after the banks.
But there's another company who's making obscene "windfall profits": the Federal Reserve. They announced a "windfall" of $52.1 billion ... hmmm, an entity independent of the government making "record profits" (their biggest ever).
You've seen the reaction to the banks. You've seen the reaction to Big Oil. But so far, nothing on the Fed. Hmm. Where are these people on the Fed?
(BEGIN VIDEO CLIPS)
REP. MAXINE WATERS, D-CALIF.: And guess what this liberal would be all about? This liberal will be about socializing ... uh, um ... would be about, basically, taking over and the government running all of your companies.
SEN. BYRON DORGAN, D-N.D.: Your profits are very handsome. In fact your individual compensation is very substantial. You’re doing really well, on the other hand there’s dramatic pain for consumers.
CLINTON: We should have a windfall profits tax on these outrageous profits of the oil companies …
THEN-PRESIDENTIAL CANDIDATE BARACK OBAMA: I have strongly called for a windfall profits tax …
CLINTON: The best way to do that is to construct and apply a windfall profits tax …
SEN. DICK DURBIN, D-ILL.: The idea of a windfall profits tax which I support
THEN PRESIDENTIAL CANDIDATE JOHN MCCAIN, R-ARIZ.: I don’t like obscene profits being made anywhere.
REP. ED MARKEY, D-MASS.: There should be a commitment that each of you make – I would recommend that 10 percent of your profits go into renewable energy projects.
(END VIDEO CLIPS)
Shouldn't our politicians be outraged to learn that the Fed made more in “windfall profits” than ExxonMobil? Well, if they were upset, it's hard to tell because there are no dog and pony show hearings scheduled. No one is threatening to take profits. No one is saying anything.
Why is it politicians are outraged at Big Oil, even though they kept profit margins low during the high gas prices, but when the profits benefit then there is no complaint?
The Fed raked in $52 billion for what, exactly?
• It was created in part to stop bank panics. How’s that one working out? Can you think of any big problems with the banks in recent history? Hmm, that's a tough one.
• The Fed was also created in part to bring economic stability — in other words — no more big bubbles bursting. Hmmm, can you think of any bubbles (cough, dot com; cough real estate) that have burst lately? That's another tough one.
Where are the politicians on this? When are the hearings? I'd like some answers. Will there be any penalty on the Fed? Who are they in bed with? Why can't we audit the Fed?
We are no longer a nation of laws. The double standards demonstrate this clearly:
• If you are Exxon and you make profits, well government needs to take that! But the Fed? Politicians turn the other cheek.
• AIG and Bank of America execs can't have bonuses. But Fannie or Freddie? No problem!
• If you don't pay income tax, off to the slammer you go. But Charlie Rangel or the 50 employees in the executive office of the president who currently owe $812,917 in taxes? Nothing!
• Trent Lott says nice things about an old guy at his birthday party — he's shamed, fired. Harry Reid calls Obama “light skinned” and without “Negro dialect” — he gets supported and defended.
• If you try and give your family the best health care plan, a “Cadillac plan,” you get socked with a 40 percent tax. But if you are in the right union, you are exempt
Today it's more about who you know than the rule of law. Robert Creamer steals $2.3 million from banks and he's excused by Democrats because he was helping the poor.
No: It's either right or it is wrong.
When we start caving because of the R or the D or justifying breaking the law because “the ends justify the means,” we're finished. We are supposed to be a nation of laws, not the nation of favors. Washington told us this was the secret of the republic: We are a nation of laws, not of men. Now it only seems to matter what man you are or what man you know.
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