I'll just post the last few paragraphs but the whole article is worth a read.
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.