Really, I can’t. It does not come as a surprise to me that vast resources were put into play to maintain the integrity of the economic elite by the power elite. In less than a year, those who actually created the economic crisis appear to be back on their feet. According to Nobel Laureate, Paul Krugman (one of the few economists I’ve read who has made accurate predictions about the crisis and what it would take to resolve it), it is business as usual for these banks. In essence, they create money in dubious and ridiculously unstable ways, steering their investors into lucrative, short term profits with the a renewed certainty that their largess will be covered by the us, the American taxpayer.
In essence, we the people are the financial insurance for firms like Goldman Sachs, Bank of America, Morgan Stanley et al. Why shouldn’t these companies accrue huge, short term profits when their long term losses are covered by Taxpayer Financial Insurance. I have an idea. Why can’t we, the taxpayers charge the financial institutions for the insurance that we provide? Every other insurer is paid for the risks of providing the insurance, but the American taxpayer gets nothing but grief from this arrangement.
In the meantime, what is going on with the American taxpayer, on whose shoulders the profits of America’s largest banks rest. Why, we’re still struggling to make ends meet, keep our homes, find jobs and keep ourselves above water. There is no working class or middle class bailout as such. For working Americans, the recession is very real and very current.
It’s a shame that we are still tied to the invalid theory that wealth will ultimately trickle down from the top tier of society to the workers. We were told this during the twenties, only to have the country nearly destroyed by the Great Depression. We were then sold this rancid fruit by the infamous Reagan Revolution and his descendants (which apparently includes President Obama), which includes Republicans and Democrats. In that time the American worker experienced nothing but sagging wages, loss of benefits, decreased job security and one recession after another. This was bolstered by a self destructive reliance on credit to create an illusion that our economic conditions were improving.
As always, working Americans must wait for the scraps to fall from the tables of the rich for our sustenance!