Sarah Palin (Like Curious George) Gets a Job, While Obama Talks Hard

Obama is taking a hard look at taxing the bankers in some as yet unexplained fashion. This might be a mistake, given the current state of New York and their dependence on the financial services industry. This is one of those slippery slope things, and structuring it just right would be difficult; many companies would find ways to offset any reductions in income. Singling out certain industries financially while not exactly addressing the fundamental issues that caused systemic stress is not the right path, as Businessweek points out. The U.K. has attempted a variation by taxing banker bonuses, and we don't see that helping their economy in the least.

Kleinbard said the U.K. is already struggling to make its 50 percent tax on bank employee bonuses of more than 25,000 pounds ($40,400) stick. Some U.K. banks are moving to absorb the tax while London Mayor Boris Johnson frets that higher taxes may drive 9,000 bankers out of the country.

(Businessweek.com)

Unfortunately the voices of populists and armchair critics are loud, so it's better to be seen doing something, even if it's quite stupid. Obama would be better served talking health care and seeking meaningful financial oversight reform, while letting the companies focus on making money.

Other News:

Via Dealbreaker, we have Jamie Dimon speaking out against the populist rumblings over banker bonuses. The most assuring comment by the J.P. Morgan head is that "commercial real estate is a train wreck but it's already happened." It's something that the average person does not really focus on, given all the housing carnage. It would be nice to see that second foot (or first foot?) of commercial property slip by unnoticed.

Sarah Palin gets a new job in a highly structured environment. Tellingly, Fox did not really give our Populist and Chief her own show, where, she might have to engage with a wide variety of people knowledgeable in politics, history or public affairs. She will make comments. Mostly vapid ones. And mostly on the shows of smarter and more cunning hosts, like O'Reilly, who can toss her soft floaters for her to hit out of the ballpark. Don't knock her beliefs, religion, or personal background. Knock her stupidity and ignorance on issues, and the ego that allows her to think she can slide in and do political calculus with only a knowledge of basic addition.