Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Obama's Finally Tackling the Right Issue

After wasting the better part of a year on a health care bill that is going down the drain, Obama is finally tackling the right issue; banking, which directly affects the housing issue, and indirectly affects the jobs issue that people are most worried about.

One of the taunts to the playground bully is "Pick on someone your own size." Banks fit this prescription more than the individuals and small businesses that would be affected by health care reform.

We're not sure that Obama knows what he is doing, or is doing the right thing regarding banking, and specifically the new banking taxes. What is clear is that he is less likely to be doing harm, at least net harm. That is because banking has in and of itself done so much harm. Whatever harms my harmer might be good for me, or to put it the old fashioned way, "the enemy of my enemy is my friend."

Banks have "made" too much money at the expense of the American homeowner and taxpayer. New taxes on such earnings to finance the  national budget undoes some, but by no means, all, of the damage. In essence, after the banks have taken advantage of the consumers, the government will "take its cut" from the banks, and use the proceeds to lighten other taxes (or provide social services).

The problem here is that such a "rough" form of justice goes outside the rule of law. Hence it may turn out to be unfair. Even so, in his tackling banking, people may feel that Obama's heart is in the right place. That was not the case with health care.