An act of desperation

As Obama's support in Massachusetts crumbles under his missteps, he accuses banks of accumulating unjustified profits. The president's statement, "We want the taxpayers' money back, and we're going to collect every dime.'' in conjunction with his derogatory reference to "fat cat bankers" smacks of revenge.

Although this approach to solving public problems has proved successful for dictators consolidating their power, Americans do not rally around a leader demanding retribution. Obama should know his followers want "hope and change".  Vengeance is not an acceptable Judao-Christian motive and is blatantly un-presidential.

Obama is hoping that his statement, which is strikingly reminiscent to the Marxist call "Down with the capitalists", will resonate with his supporters and motivate them to support the democrat Martha Coakley in Massachusetts. However Obama severely misreads to tenor of his base because millions of first and second generation immigrants want to work together for a better future and have come to the United States to escape such destructive rhetoric and counterproductive policies.

Those who follow the news know that tax does not make any sense. Most banks were forced to take TARP funds and have paid back their loans with interest and warrants. Since the new tax was not a precondition for the loans, Obama is changing the rules again. Perhaps Obama should have allowed the evil bankers to fail while they were in trouble.

Those who are economically literate know that taxing a business in times of trouble only creates more chaos. Additionally, the treasury has arranged for banks to make a good profit in order to save them from collapse. Logically, if Obama can tax the banks liabilities at 0.15 %, a similar tax on cooperate and personal assets may not be far away.

Are Obama's affluent domestic supporters willing to have their assets confiscated and redistributed?

Peter Landesman ( is the author of the 3D-maze book Spacemazes, with which children can have fun while learning mathematics.

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