In the trailer for Michael Moore's film, "Capitalism: A Love Story," Moore audaciously tells a bank employee, "We want our money back!"

Today, President Obama echoed those words in a short address to the nation.

"We want our money back."

In recent days, criticism has been mounting over Wall Street plans to issue some of bonuses, reportedly up to eight figures, rivaling "those of the boom years." On the "Today" show, Dylan Ratigan pointed out (as others have) that Wall Street is not issuing the bonuses despite the bailouts but because of the bailouts. The Daily Show highlighted absurdities in the massive bonuses. A Baltimore Sun editorial concluded that the banks, "still don't get it."

But, today, President Obama stepped up to a podium and spoke the words millions of Americans have longed for months to hear, "We want our money back."

President Barack Obama told banks Thursday they should pay a new tax to recoup the cost of bailing out foundering firms at the height of the financial crisis. "
{snip}
The tax, which would require congressional approval, would last at least 10 years and generate about $90 billion over the decade, according to administration estimates. "If these companies are in good enough shape to afford massive bonuses, they are surely in good enough shape to afford paying back every penny to taxpayers," Obama said. [AP}

Note to the Associated Press: the President called it a "fee" not a tax.

Today's proposal was an important step forward for the White House. But, the words, satisfying are they are, came a bit late for some. And, as many have pointed out, in terms of protecting the nation from a repeat of the 2008 financial crisis, the government still has a a long way to go.

CBS News Video, Eliot Spitzer Interview

Speaking on CBS about the latest bonuses, former New York Attorney General Eliot Spitzer said,

"Goldman Sachs will have a profit that we estimate will be $12 billion dollars last year. That is precisely what taxpayers gave them to help them get bailed out from their AIG exposure. It is all tax dollars... the outrage is legitimate."

Spitzer said neither the bills on Capitol Hill nor proposals from the White House are adequate. What we need, said Spitzer, is a "different banking system that will generate real growth, not just financialization."

Cross-posted from Daily Kos

• Wall
• Street,
• Michael
• Moore,
• Barack
• Obama,
• banks,
• bailout,
• White
• House