After four years of vilifying business, President Obama now seems to be relying on one to float a plan to pull more money out of Americans’ already too-thin pocketbooks.
Now the international bank HSBC is floating the interesting notion that Obama is thinking about a carbon tax, the proceeds of which would be used for deficit reduction.
Pretty handy idea, that. Never mention “global warming,” but use it as a pretext for a tax increase.
So, just how much stock should you put in this trial balloon?
Well, a lot.
Back in October, Preeta Bansal, then the former general counsel and senior policy advisor at the Office of Management and Budget, split from the Obama administration to go to work for, wait for it, yes, HSBC.
Bansal went to the bank’s London office to serve as global general counsel for litigation and regulatory affairs.
So you might say that HSBC has a back channel to the deepest thinking in the Obama administration.
Exactly how HSBC will be rewarded for its tip of the hand remains to be determined, but what’s the point of being a crony capitalist allied with the Obama administration if there’s no vigorish?
More to the point, we have the first outline of the administration’s attack on American wealth, which will include large amounts of finger-pointing aimed at making Americans feel guilty about the damage they’re doing to the atmosphere.
Don’t expect the tactics to become any less vicious as the Obama administration moves into Phase 2.