Somewhere in the midst of the mass confusion this weekend over the "crisis"....some Democrats woke and realized that they could insert a new tax into this mess. It would of course cover the pretended costs of a $700 billion bailout.
House Speaker Nancy Pelosi would like for anyone to think that the fee would be assessed after five years if the non-partisan Congressional Budget Office determined taxpayers had lost money in the bailout. "If after five years ... the CBO decides that the American taxpayer has lost money in this, then there would be a fee on financial institutions," Nancy said.
The nifty part of this deal is that the banks and financial players would immediately run to their nearest congressman and senator, and offer up various incentives for the dimwits to write "credits" into future tax code.
My bet....if you were a political dimwit from Ohio....you could probably stand there while a Wall Street banker writes out a $100k check for your re-election campaign. Or you could be a senator from Alaska who will get some cheap options on real estate in Florida condo in exchange for your help in writing a tax credit.
So when Nancy says she's helping you.....she really isn't. And in five years.....if you did hope for $700 billion back....don't worry....you won't be getting it. Its just your hardworking congressmen and senators at work....helping themselves.