I turned the speech on when it was in progress just in time to hear The One go after the Big Banks and talk about his special BIG Bank Tax to get back "every dime" of TARP money. Even if that means getting some more back from people banks that already paid back their TARP money with interest.

If anything, the Big Bank Tax should teach bankers that you never play a game with the guy who makes the rules. Whether or not you think TARP was a good idea (I don't) there were terms to the deal. The government gives you money (regardless of whether you want or need it) then after you get through the crisis you pay it back with interest.

Apparently some banks did that. They got themselves to a place where they could pay the money back with interest. Hurray TATP worked. The banks are solid and making money. The banks are happy to be in the black again so they did what they always do when they are happy and profitable - they paid bonuses.

That does not sit will with The One. So he's going to change the rules and tax them some more.

All that aside, there was about five minutes of other stuff that I can't remember between the Big Bank Tax part of the speech and the part of the speech dealing with financial regulatory reform which he opened by saying "I don't want to punish banks."

That's when I turned it off.

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