Frum takes aim at the proposed $90 billion bank tax:
The president argues that the tax will help repay taxpayer losses in the TARP bailout program for banks. It’s a crummy argument. Most of the TARP losses will be racked up not at banks, but at the AIG insurance company and the rescued automakers, GM and Chrysler. No tax for them. Meanwhile, banks that received not a dime from TARP will be taxed.