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But the solution is not to call them names. Or question their patriotism. Or attack “rich people” and “fat-cat bankers.” Or tell America, “You didn’t build it.” The solution is to reform the corporate tax code by slashing the rate to 20 percent. Or better yet, abolish the corporate tax altogether. The biggest winners, by the way, would be wage earners.

So what does all this have to do with billion-dollar bank penalties? Everything. The timing is more than coincidental.

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Badly behind in the polls, Team Obama is resorting to its old left-wing populist tricks.

Now, I strongly believe that individuals who broke the law and deliberately wrote bad mortgage securities should be punished. But as Dick Kovacevich argued, corporations are different from individuals. So bust the individuals. Don’t crush investors. And finally end Too Big to Fail.

And nobody should forget that BofA purchased Countrywide and then Merrill Lynch at the behest of the Federal Reserve and the Treasury. Former Treasury man Hank Paulson threatened to fire then-BofA CEO Ken Lewis if he didn’t buy Merrill. And Fed officials wanted to close the Fed’s lending facility to Countrywide. So BofA did Uncle Sam a favor, and then got slammed for it.

And now, in the saddest of ironies, the Obama administration is again loosening credit standards for “affordable” home purchases and expanding Fannie Mae and Freddie Mac. This is incredibly stupid. The same mistakes are being made.

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But it’s all part of Obama’s election-year strategy. Blame it all on the big boys. Pull out the class-envy cards. Rekindle divisive resentments and anger.

Now the question is: How will the Republicans respond?


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The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by

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