Suck it, Banks

The president is going after the banks in other ways besides new regulations. Specifically, he intends to impose a new fee:

"We want our money back, and we're going to get it. That's why I'm proposing a Financial Crisis Responsibility Fee to be imposed on major financial firms until the American people are fully compensated for the extraordinary assistance they provided to Wall Street. If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers."

Benen describes it this way:

The plan is to raise $90 billion over the next decade -- which, for this industry, isn't exactly an overwhelming burden -- with this new "fee." It would be applied to about 50 banks, insurance companies, and Wall Street trading houses with assets of more than $50 billion. The tax would remain in place until the funds are recovered, though it would be scrapped before the end of the decade if the $90 billion is returned ahead of schedule.

As someone who has been through the gauntlet of dealing with banks on many levels, I just love the idea of the government imposing fees on these bastards.