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The Massachusetts Miracle, January 19, 2010

As President Obama heads to Massachusetts on Sunday to shore up support for foundering Democrat Martha Coakley, the Brown campaign delivers this compelling video emphasizing the historic nature of this contest. RSN urges you to watch this video and then visit Brown for Senate to contribute $10, $20 or more to this vital fight against Marxist destruction of American liberty.



there's only one candidate in this race who's a tax cutter. And it's not Martha Coakley."
-Scott Brown

HERE For Video Of Brown's Statement This Morning In Boston's North End.

REPORTER: Democrats say you're siding with big banks by opposing the bank fee. What's your response to that?

SCOTT BROWN: Well, first of all, you're the first person that's asked me that question, so I'm glad that Martha's speaking for me rather than asking. So, thank you for the question. Any time that there's a tax being imposed, with our businesses, who's paying for it?

CROWD: We are!

BROWN: Right, so here we are, we have a situation where they, the government lent banks money. They are paying it back, with interest. Now, at the middle or the end of the game, they are saying "Oh, by the way, you are going to have to pay a fee for allowing us to use your money." And, with all due respect, that money is going to be transferred down to the individuals through ATM fees, increased fees, and the amount of money- I thought banks were supposed to lend. So now they are going to take the money they were would be lending to the small businesses in this state, and the men and women who want to buy homes, and take advantage of the $8,000 credits, and there is less of a pool there. So in a time we're in the midst of a two-year recession- Everybody knows this, you have heard it before: there is only one candidate in this race who is a tax cutter, and it is not Martha Coakley.


MYTH: Chairman Kaine Says Martha Coakley's Support Of Obama's "Bank Fee" Means She's Standing With Middle-Class Taxpayers. "The differences between Democrats and Republicans couldn't be more clear: Democrats are standing with middle class taxpayers in support of President Obama's proposal to hold Wall Street accountable for the cost of the bailout, while Republicans are standing with the big banks who caused the crisis and then gave extravagant bonuses to failed executives. And, in Massachusetts, the difference between Martha Coakley and Scott Brown just became even clearer. Martha Coakley will fight for taxpayers." (DNC Chairman Tim Kaine, "DNC Chairman Kaine Blasts Scott Brown For Standing With Banks, National Republicans And Against People," Statement, 1/15/10)


REALITY: Tax Will Be Passed Onto Consumers Through Lower Interest Payments On Savings Accounts.

SUZE ORMAN: "Every time we get involved and we impose fees on the banks and we do certain things, what do you think the banks do? ... They pass those fees ... down to the bottom line so that every single consumer ends up paying for those fees ... Where do they renew those CDs today in order to get income to live? Not at a bank giving that's giving them 1%. And why so little? They're paying zero for that money ..." (MSNBC's "Morning Joe," 1/12/10)

  • SUZE ORMAN: Tax Would Hit "Every Single Taxpayer, Every Single Consumer, Every Single Person That Is Struggling Today To Just Get By." (MSNBC's "Morning Joe," 1/12/10)
  • Senior Banker Says Tax Will Be Passed Onto Bank Customers And Harm The Economy. "One senior banker said: 'The bottom line is that we have a bottom line. If our costs rise, we will charge people more. This levy idea could actually backfire and end up harming the economy and consumers.'" (Francesco Guerrera and Krishna Guha, "Outcry On Wall Street At 'Absurd' Levy Plan," The Financial Times, 1/12/10)
  • And Will "Crimp Bank Lending," Hurting Bank Customers. "Of course banks (along with everyone else) benefited from government action to combat the crisis and someone must pay. Ultimately, it is likely to be banks' customers. ... Such penalties can crimp bank lending. If the tax is calculated on a rolling basis, the incentive to shrink balance sheets, and compete more vigorously for US deposits, increases. Meanwhile, international deposit-taking becomes more costly, while the appeal of off-balance sheet vehicles is perhaps enhanced." ("Obama's Levy," The Financial Times, 1/14/10)

Rep. Barney Frank (D-MA) Admits Revenue From Savings Tax Will Be Used For More Government Spending. "That is where Rep. Barney Frank comes in. In an interview on CNBC this afternoon, Frank essentially said the fee was a tax simply designed to raise revenue for the government spending. Frank, who is in favor of Obama's proposed fee, said the money raised could be used to pay for the war in Afghanistan, repair bridges, fund programs like social security disability benefits or subsidize mortgage-modification programs." (Michael Corkery, "Barney Frank Comes Clean on TARP Tax," The Wall Street Journal's "Deal Journal," Blog, 1/14/10)


Coakley Claims To Stand With "Middle Class Taxpayers" In Attack On Brown Over Savings Tax. "This is a defining difference between us that every voter should consider before Tuesday.... I choose to stand with the middle class taxpayers who deserve to get their money back from the big banks that caused the economic crisis and are now lavishing bonuses on failed executives. Scott Brown is standing with Wall Street CEOs." (Ben Smith, "A 'Defining' Difference?" Politico, 1/15/10)

Brown Opposes Obama's Tax Because It Will Kill Jobs And Won't Put The Economy Back On Track. "Democrat Martha Coakley earlier today pushed her rival on the fee on large banks that President Obama announced today, and a Brown spokesman, Felix Browne, sends on a response: 'Scott Brown is opposed to higher taxes, especially in the midst of a severe recession. Raising taxes will kill jobs. Martha Coakley's tax-raising policies will make it harder to get our economy back on the right track.'" (Ben Smith, "Brown Opposes Bank Fee," Politico's "Ben Smith" Blog, 1/14/10)

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