Obama announces new fee on banks, which will be passed along to you. 

Speaking at the White House, President Obama said today that his new fee on banks will hit only the largest institutions, and will last either until the un-recouped TARP money is recovered ($117 billion) or for ten years, whichever is shorter.

As John Stossel (who will soon be writing in these pages) puts it:

In other words, the Obama Administration is going to punish those greedy banks by making it more expensive for you to borrow money.

Another way to think of it: Having spent $257 billion so far on a Keynesian stimulus, the Obama administration is going to suck back $117 billion from the very banks he has complained are not making enough loans.

I hope you're not still wondering why Obama has a majority disapproval rating on his handling of the economy.

About The Author

David Freddoso

David Freddoso came to the Washington Examiner in June 2009, after serving for nearly two years as a Capitol Hill-based staff reporter for National Review Online. Before writing his New York Times bestselling book, The Case Against Barack Obama, he spent three years assisting Robert Novak, the legendary Washington... more
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