Bank on Big Bonuses for the Boneheads
By Mike Botta
It’s amazing that Americans coast to coast aren’t absolutely outraged over last week’s news alert that Wall Street intends to dole out billions of dollars in bonuses this year to the very people who caused the whole big financial mess to begin with.
The very same people who subsequently were rescued from oblivion with taxpayer money, then turned around and hit the taxpayer with huge increases in credit card interest rates and penalties, bumped up all sorts of ATM and other nuisance fees and made it very difficult for the average citizen – even those with stellar credit -- to get a simple car loan.
Sure you hear people grumbling and attending occasional “tea parties.” Whether picking up items at the grocery store, strolling through the mall, waiting in line at the movie theater or settling in for dinner at a local eatery, people are mumbling and grumbling about the nonsense taking place at taxpayer expense.
Kicked So Much It No Longer Hurts
But, it’s almost as if members of the middle class – the only ones really paying for all the rescues and bailouts – have become so numbed by getting kicked in the backside so often that now they’re even resigned to getting kicked in the front-side without making more than a whimper.
There’s been no huge backlash against the big banks, the legislators who gave away the taxpayer money without demanding line by line accountability on how all the dough was being spent, or the mainstream media outlets that largely continue to sweep any criticism under the rug and out of the public view.
Not About the Bailout
This is merely an observation, not a condemnation of the bailout program that over the year certainly has rescued – if even only temporarily – the country from the brink of financial collapse. One could probably make an argument that had Washington done nothing at all, we all might be living in boxes in public parks today counting the ants climbing hills.
No, this is about the arrogance of the money marauders who took the taxpayer money, righted their own personal ships, threw the taxpayer overboard and now plan to pocket oodles of cash in the form of big holiday bonuses. All this while the unemployed engineer in Detroit is wondering how to make it to the holidays and still have a roof over his or her head.
Those Who Can Fix It, Don't Feel the Pain
This is also about the Washington types – both Dems and Reps – who routinely don the makeup, go on the Sunday talk shows and yap about how Wall Street needs to be reigned in, but never really get down to doing anything about it while the mauled middle class gets hammered.
Of course, maybe those in power aren’t doing anything to fix the big mess because they don’t live within the middle class masses they represent and, thus, don’t feel the pain.
Besides, instead of fixing the banking system, health care and all the other important issues of the day, it’s a heck of a lot easier to just draft some new taxes. That always fixes everything.