Scott Brown Protects the Big Banks

Freshman Sen. Scott Brown refuses to vote for a tax on banks and hedge funds with over $50 billion in assets. The $19 billion would be used for emergency bailout money fund. That way taxpayers would not have to pay relief money to troubled banks. Brown says the emergency fund can be paid for by cuts to the budget. Brown doesn't say what should be cut or where we would find this money during a federal deficit. Democrats caved in and gave Brown what he wanted.

Small banks will see an increase in FDIC fees. The big banks and hedge funds will pay no new taxes. If the big banks and hedge funds get into trouble where will bailout money come from? If you guessed the taxpayer then you are correct. Brown didn't want to see the tax on the big banks and hedge funds because he didn't want these institutions to lose assets. Unfortunately, Brown feels taxpayers and small banks should pay for the mistakes of the major financial institutions. So much for the assets of hard working Americans.