White House: We're going to tax banks whether that hurts consumers or not

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The White House press briefing is under way as we speak, and Press Secretary Robert Gibbs was asked about whether the White House's proposed new tax on banks would merely be passed on to consumers. Gibbs' response, via the twitter feed of David Corn from Politics Daily, is rather astonishing:

Gibbs: "let your money do the talking". Suggests customers move $ out of banks thatvpass along tax. #whbrief 4 minutes ago

Gibbs: if banks pass thetax along to consumers-when paying big bonuses-customers can bank elsewhere. #whbrief 5 minutes ago

That's right, if the White House is responsible for making you pay more for banking services, well tough -- you can just find another bank.

The logic behind the tax is shaky to begin with -- who trusts bankers to cut their precious executive compensation in favor of taking care of their customers? -- but then the arrogance of insisting taxpayers reconfigure all their financial dealings should the White House continue to adversely meddle with their banks is beyond the pale.

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