Big banks’ pathetic argument that Obama’s proposed tax is unconstitutional.
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The big banks are considering challenging President Obama’s proposed tax on very large banks and financial institutions in court as unconstitutional. Let’s see if I have this right. The Federal Reserve deciding unilaterally, without public debate, to assume hundreds of billions of dollars of financial companies’ liabilities, spent hundreds of billions to buy mortgage-backed securities and potentially expose taxpayers to massive losses: That’s totally constitutional. [...]
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