Wall Stree

Political Convergence: Bank Bail Out Profits and the Public Option

by: Tom Rinaldo

Wed Oct 21, 2009 at 12:29

The great Wall Street Bail Out, TARP and the various programs associated with it, continues to breed deep levels of resentment and cynicism in the American public who footed the bill for rescuing the financial sector in America. The resentment is easy to understand. The fact that there really were no good options left by the time Obama was elected President helps to explain his Administration's actions in that crisis, all taken under duress and incredible pressure with virtually no time for full contemplation let alone careful detailed planning. Those facts do almost nothing though to deal with the publics anger, which repeatedly flares up like a California wild fire facing El Nino winds. Huge Goldman Sachs bonuses and Wells Fargo record profits are merely the latest gale wind gusts. All the while cynicism keeps growing that our government is in bed with giant financial interests writing sweetheart legislation as Valentine Day presents for corporate Sugar Daddies in a ritual that repeats as often and predictably as Groundhog Day in Hollywood.

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