There was a very interesting article written on Tuesday by Robert Scheer of truthdig.com called “No Banker Left Behind”. The article talks about a recent report from the New York State comptroller that stated bonuses for Wall Street financiers reached a whopping $20.3 billion in 2009, a jump of 17%.
This fact just illustrates exactly what we’ve been saying for years now… that despite the fact that record numbers of people are losing their homes, underwater on their mortgages, losing jobs and racking up debt, the Wall Street fat cats who caused this whole mess in the first place are laughing all the way to the bank.
Their bonuses certainly weren’t paid because of the fact that they’ve saved the economy or helped the millions of struggling Americans to get by. In fact it’s the polar opposite. They gambled with the homes and mortgages of those on Main Street, and when things didn’t continue to balloon as they had anticipated, they had the US Treasury (read US Taxpayers) flip the bill, to the tune of 1.25 TRILLION dollars.
Once playing with the houses’ money, they bought low and essentially won their “double down” bets, making record profits for the huge financial institutions. But on Main St. things keep getting worse. 1 in 4 mortgages are upside down, millions are behind on their mortgages and/or unemployed. Consumer confidence is at a nearly 30 year low, and the FDIC’s list of “problem” banks just hit a 20 year high. Pat yourselves on the back ladies & gents in the finance industry, bang up job you’re doing over there… enjoy that trip to the Caribbean.
Civil Disobedience and The Debtors Revolt has begun. This YouTube Video has 504,963 views and growing fast with a 5 star rating.