I'll just post the last few paragraphs but the whole article is worth a read.
Quote: America has, though, created a whopping entitlement for the biggest Wall Street banks and their top executives — who, unlike most of the rest of us, are no longer allowed to fail. They can also borrow from the Fed at almost no cost, then lend out the money at 3 percent to 6 percent. All told, Wall Street’s entitlement is the biggest offered by the federal government, even though it doesn’t show up in the budget. And it’s not even a public good. It’s just private gain. We’re losing public goods available to all, supported by the tax payments of all and especially the better-off. In its place we have private goods available to the very rich, supported by the rest of us. |
It's pretty depressing, because if you accept what he's saying the tipping point was right around the 70s/80s and it's hard to even imagine a way to "rebuild the middle class" as our President keeps saying he wants to do, whilst continuing to have Wall Streeters run the country's finances.