Bailout babble.

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Financial-services firms are getting taxpayers' money to the tune of $700 billion. And then they're going to get more.

Why? Because some people took out mortgages that were designed, by the banks that supplied them, to be, eventually, unaffordable and ended up being unable to afford them. Stupid poor people with their American Dream.

Banks were hemorrhaging money. To get the red ink off their books they, in very basic terms, sold these "bad" or "toxic" mortgages (in the parlance of our times) to financial-services firms. When these firms' books started gushing red like the elevator in "The Shining," they created an entirely new financial instrument that allowed them to sell bits and pieces of mortgages and on into things I won't discuss because I can't understand them.

Everything fell apart. So the Bush Administration and Congress acted with the speed of Hurricane Katrina to pass the Troubled Assets Relief Program (TARP) -- $700 billion for the financial sector.

...And?

We're in Great Depression II. TARP provides the best example yet that for a half-century the US economic system has been subsidized capitalism. Incompetence will be rewarded or punished based on a person or business's wealth. The less-fortunate must rely on governments that pass special laws to make charging 400 percent interest legal (payday loans).

To survive, 99.9 percent of us will have to work a lot harder, longer, and smarter at jobs we'll consider ourselves lucky to have or manage to get. These jobs will pay, adjusting for inflation, less than they did in 1980.

0.1 percent of Americans, their real wages having grown 497 percent in the past decades to an average of $1.7 million, will continue to invent new ways to screw the other 99.9 percent, cheek-to-cheek with a government as immoral and unethical as they are.
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