Wednesday, February 29, 2012

U.S. bank profits hit 5-year high -- YAY BAILOUTS!

GM's profits are at an all-time high; and so are the TBTF Wall Street banks'. Connection? They were both bailed out by the U.S. Government!

In fact, the bailout for Wall Street continues indefinitely. It's now at over $29.6 trillion.

On the other hand, the bailout of GM, Chrysler and their suppliers (and by extension, Ford) saved 1 million jobs and an entire U.S. industry from extinction. Detroit has come back leaner, meaner and arguably with better products. Whereas Wall Street has come back with... the same old shit: huge bonuses; millions spent on bribing, er, lobbying our leaders; telling us 99 percenters to get "real" jobs; lecturing us how stupid and anti-business we are for questioning their judgment, etc.

February 28, 2012 | AP

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