Here it comes. Since it is almost a given – for many liberals – that The One will be sworn into office on a cold day in January, the faithful masses of politicians on the left side of the aisle are getting a warm and fuzzy feeling as they prepare to stick to to the rich.
Of course, we still don’t know who’s rich, but I do know that the wealthy among us have the ability to relocate or just refuse to play the game anymore.
Barney Frank is a dope. As Hot Air mentions, liberals seem to have zero problem spending tons and tons of cash when they think the game plan is to steal money from the rich and spread the wealth around.
I think at this point, there needs to be an immediate increase in spending, and I think this is a time when deficit fear has to take a second, uh, a second seat. I do think this is the time for a very important kind of dose of [unintelligible]. Yes, I think later on, there should be tax increases. Speaking personally, I think there are a lot of rich people out there who we can tax at a point down the road to recover some of this money.
What an idiot.
The people that Frank and his cohorts want to go after have the ability to move their operations out of the country, slow expansion, lay people off, cut benefits and make paychecks smaller.
Nobody seems to remember what happened to the mechanics and boat builders – who certainly were not rich – when the luxury tax came about. The rich stopped buying boats and expensive cars and they certainly did not suffer. The mechanics and boat builders got laid off.
If that isn’t penalizing the successful American citizen, I don’t know what is.
Do you think the shareholders of big companies will put up with 4 percent rate of returns when they can invest their money elsewhere?
Liberalism is so damn easy – it’s all based on what feels good in the moment. No consideration at all for downstream effects of national policy at all.
Hot Air has the video of Frank’s statement above and I can not view it right now, but here is some additional commentary from Ed.
Frank has a large amount of chutzpah to talk about recovering money. Frank and his cohorts in Congress ensured that we lost the money by blocking regulators from doing their jobs at Fannie Mae and Freddie Mac. Frank himself kept telling us from 2001 to this year that Fannie and Freddie were solvent and that there wouldn’t be a collapse — and so we didn’t need to toughen oversight over their business practices.
Look at Frank grin while talking about all of the rich people he’ll soak with new taxes if given the chance. Frank loves his class warfare. He’s one of the architects of this financial collapse, and now he wants to make sure that the collapse is complete by confiscating the capital that would correct it. I’m not sure if he’s insane or just stupid, but neither makes me terribly comfortable while Frank remains chair of the Financial Services Committee.
I am Joe Plumber. Get your hands out of my back pocket Barney, or I’m going to whack your arm with my pipe wrench.
Update: Vicevich is on this too – will probably discuss today on his show.