Obama Bank Fee Will Devastate the Economy

With the passage of health care in serious doubt, the one thing that Obama still had going for him was a rising stock market. Obama's new bank fee, a tax on certain banks, will effectively ruin any chance this economy had of getting back on track in the next year or two. When Scott Brown was elected in Masschusetts, the only thing Obama listened to was the whining from the left that he had not been liberal enough in some of his decisions. He has put his populist agenda front and center again in hopes of gaining back the support from the far left.

The markets have already responded, in part, to this bank fee. What gains this economy had seen will slowly go down the drain. A bad stockmarket will only lead to a prolonged stagnant economy. Companies that were considering hiring people will eleminate that possibility. In an effort to appease main street, those on main street will only lose more jobs while less jobs will be created.

As far as morale goes, this country did not have much to lean on besides the stock market and now we have nothing. Obama has handled this economy much like a 3rd grader. He has proved to be one of the most incompetent presidents we have ever seen regarding the American economy. Any other person, given a blank check like Obama was given, could have accomplished at least something positive. I almost feel sorry for the man. You would think that he could do more than give a good speech every now and then, and that is giving him something considering he reads from a teleprompter. Maybe he has been getting his advice about the economy from the same teleprompter.