I’m sorry but no Republican should vote to tax anyone 90%. I don’t care what they’ve done, Republicans just don’t do it, it should be anathema to them. Maybe Ryan should take the time to research something before he votes for it. Plenty of people were saying it was unconstitutional before the vote.
“Now, that I know – which I didn’t at the time – that this is unconstitutional, I wouldn’t have voted the same way,” Ryan said during a taping of C-Span’s “Newsmakers” on Thursday – the show is set to air on Sunday. POLITICO was one of the participants in the Ryan interview.
Ryan blames confusion about the constitutionality of the plan on Democrats for rushing the bill through the House.
“You rush this thing to the floor. Nobody had time to review it,” Ryan said on the CSPAN program, adding that lawmakers “got conflicting advice on it” before the vote…
But the conservative still agrees with the underlying principle behind the bill.
“The message was sent that should have been sent,” Ryan said. “These bonuses were completely ridiculous. They rewarded failure.”
Yeah, the message was sent: financial institutions, Congress will change the terms of their agreement anytime their constituents get ticked at what you’re doing.
The smarter move would have been to say that he voted for it so that the banks would be scared away from getting into bed with government and would return their TARP money asap, which is what has happened. He would have looked like a wise man instead of like a fool which is what the Democrats like by demonstrating to the financial community just what kind of business partner they would be:
For relatively strong banks, doing business with the government may be more trouble than it’s worth.
Banks are publicly declaring their intent to pay back loans from the Troubled Asset Relief Program, or TARP, as quickly as they can. They range from Charlotte-based Bank of America Corp., which is the country’s biggest bank, to tiny Iberiabank Corp. in Lafayette, La.
The banks complain about the rules that the U.S. Treasury keeps imposing on them retroactively, sometimes in ways that seem arbitrary or driven by constituents’ anger.
Some say they never needed the money but were cajoled into taking it by the Treasury, which wanted a show of industry support for its program.
[…]
“Congress has shown its hand – and that hand is both manipulative and actively malevolent,” said Nancy Bush, an analyst at NAB Research.
Though, it looks like the Senate is trying to salvage this thing by making the tax die a quiet death. Fortunately, it comes a little too late, everyone now sees that it makes no sense to join in a partnership with those who can change the rules after the game has started.