Obama gives his union buddies a break and punishes the banks

 The Wall Street Journal has reported:
 WASHINGTON (Dow Jones)--The head of the largest group of U.S. labor unions urged congressional lawmakers to support an excise tax on the rich to pay for sweeping health-care legislation, saying that a tax on generous health-care plans would "drive a wedge between the middle class and the poor."

Richard Trumka, president of the AFL-CIO, said in a speech Monday that lawmakers should implement the proposed payment method outlined in the House version of the health-care bill, rather than that in the Senate version that would tax so-called "cadillac" health-care insurance plans.
"The tax on benefits in the Senate bill pits working Americans who need health care for their families against working Americans struggling to keep health care for their families," he said. "This is a policy designed to benefit elites."
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By Martin Vaughan and Patrick Yoest
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Union leaders hailed an agreement with the White House on Thursday on changes to health-care legislation that they said will lessen the impact on union members and older workers of a tax on pricey health insurance plans.
Union plans negotiated under collective bargaining agreements and state and local employee plans would be exempt from that tax until 2018, the union officials said on a conference call with reporters.
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http://www.theglobeandmail.com/report-on-business/obama-seeks-payback-with-special-wall-street-tax/article1431595/

Barrie McKenna

Washington — Globe and Mail Update

‘We want our money back, and we're going to get it,' U.S. President vows, as he unveils details of tax on the country's largest banksThe $90-billion (U.S.) tax – to be levied on about 50 companies for up to a dozen years – makes for good politics. As Mr. Obama pointed out, Americans are angry and hurting because of the recession – a recession banks helped trigger with their “reckless risks in pursuit of short-term profits and soaring bonuses.”

“Using tax policy to punish people is a bad idea,” JPMorgan Chase & Co. CEO James Dimon told reporters after a hearing in Washington. Mr. Dimon said it would be unfair for banks to be left shouldering the cost of the auto bailout.

And other companies that haven't, including General Motors Co. and Chrysler, won't have to pay at all. Others, such as government-controlled Fannie Mae and Freddie Mac, aren't in good enough financial shape to pay, according to administration officials.
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Help the unions - punish the banks.

Another Obama special interest buy out.

Why should union members get a break?  Are they the only workers in America.

 The management and  auto workers had a lot to do with the failure of GM and Chrysler.  So now we will reward failure.  Just like affirmative action.  How pathetic.  This is wrong.   Typical Obama and democrats politics.

What about the rest of us?  We do not count.  Only union votes count.

Everything Obama does is political - he does not care about all Americans. 

I need a new car. My car has 130,000 miles, is 8 years old,  it's Camry.  I am very interested in the Chevy Malibu. 
 But after this news, I will not be buying a Malibu.  I am mad as hell.

I do not think the auto workers need me to buy one of their cars. They are getting a break on heath care so they will have extra money.

Maybe I will not buy anything from a union shop.

Maybe  I should  ask Richard Trumka what I should do.  What car should I buy?  A Camry, a Honda, or a Malibu?