Via Greg Sargent at The Plumline we learn sleaze-merhcant to the GOP, Frank Luntz, has got his next fact-free talking point ready to go, and he was kind enough to publish it on The Huffington Post:
The Democrats supporting the current legislation have assured an anxious electorate that whatever funds are used to create whatever regulatory scheme created will come from the banks, not the taxpayers. Let me emphasize that so that even casual readers will catch it: the Democrats promise that you won’t pay for their legislation, banks will.
Really?
Since when have corporations ever paid taxes, fees or penalties? Employees end up paying in the form of lower salaries and benefits. Customers end up paying in the form of higher costs.
And in this case, every account holder will be forced to pay higher fees on their checking account and savings account. That’s you, my friendly reader. Can you say "checkbook tax"? I can, and I think lots of candidates will be saying it come November. [emphsis mine]
Oh Frank. You're gonna get your rhetorical nuts kicked here.
Frank's concern trolling runs deep. He's worried this is not just a bad bill, but a bad bill for Democrats. Thanks buddy! You always have the best interests of the Democratic Party in mind - this is a well known an unasailable fact.
Shut up you, snickering in the back!
Frank continues to froth at the mouth with non-sensical tripe
But it goes deeper than just taxation and regulation. Wall Street can pass it all onto consumers. Main Street cannot.
Really, idiot? "Main Street" cannot mark up its prices to reflect the cost of goods it is selling? My. We have entered a new phase of socialist nirvana.
Dumbass.
But really, it is the telegraphing of the coming talking point that I find fascinating. This bill is a "Checkbook Tax."
It's a beautiful argument because on its face, its pretty logical. Increase the costs on the banks, and they will show up as increases in the costs for consumers. Oh NOES! STOP REFORM! SAVE THE STATUS QUO! CUT TAXES FOR BILLIONAIRES, IT'S THE ONLY CHANCE WE HAVE!
But Frank undermines his own argument. He must be slipping. Or, as I learned in the business world: the customer defines quality. I guess the GOP is happy with shit talking points these days.
Here's how his spin fails: it ignores the benefits these costs pay for.
I understand how Luntz fails so spectacularly; he is cut from the "government is always bad" cloth, and if you ran in the crowd that thought Clarnece Thomas was a good idea for SCOTUS, and Brownie a good choice for FEMA, and Bush a good choice for Prez, wouldn't YOU think government sucked?
So he is incapable of understanding that yes, reform may result in a new fee on your checking account (though that, too can easily be addressed by regulations limiting bank transaction, minimum balance and activity fees), but the benefits of an economy insulated from the catastrohpic consequences of a unregulated trading market are worth the few extra bucks.
It's called a cost-benefit analysis, and Frank Luntz thinks Americans are too stupid to do one.
So Demeocrats, you know the punch that is going to be thrown. Are you going to be ready to swftly beat it down?
Add your retorts to this weak-tea talking point below!