New York, New York … Detroit, Detroit
Apparently not all liberals are brain-dead, or enthused with Obama’s plan to tax major financial institutions… the ones that have already paid back the TARP money, with interest.
New York’s liberal Mayor Blumberg castigated the Dem’s week-long attack on the nation’s major financial players, and the possible devastating effect it could have the world’s as-it financial center.
Mayor Bloomberg said yesterday that President Obama’s plan to slap a tax on banks is aimed squarely at the city’s lifeblood and could turn Manhattan into a crumbling wreck like Detroit.
Bloomberg warned that the plan could bring about the collapse of the city’s financial sector and starve New York of revenue it needs to provide basic services.
“The way we pay our cops, firefighters and everybody else in the city is from tax revenues,” Bloomberg said.
“And if you want to see what happens to a city when their major industry fails, just take a look at Detroit,” which has been reeling from the collapse of the auto industry.
Bloomberg, a frequent Obama ally, said New York, in a similar way, is “dependent on the major industry here. When it does well, that’s how we build up money to carry us through the bad times.
“I’m very concerned that we don’t drive business overseas. London became a financial center when we increased regulation here,” he said, adding, “I certainly hope our legislators in Washington will fight to protect our industry here.”
Bloomberg may be a liberal, but he is clearly a sufficiently aatute businessman to understand that this new tax burden will only decimate New York City by forcing the major financial services firms to move their jobs and their tax revenues to less inhospitable locations… Hong Kong, London, Shanghai, and Dubai all come readily to mind.
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