by Jazz-minh Moore
As the Middle Class tumble down the cliff, three bankers exchange briefcases of money. Of the $700 billion government bailout, $10 billion was given to Morgan Stanley, a number that, roughly, equates to the $10 billion in yearly bonuses allotted to their employees. Many (not all) of the Morgan Stanley bankers lost millions of investors money and do not deserve these bonuses, but they will probably get them anyways. As ‘normal’ Americans suffer financial hardship, this kind of corrupt Corporate Welfare is being played out in many of our country’s most powerful institutions.
Commenting on the sense of pain and betrayal expressed by millions as they lose homes, assets and dreams of retirement, Phil Gramm, one of John McCain’s top economic advisors (and incidentally, one of those to pass the law enabling the Enron scandal) said, “We’ve kind of become a nation of whiners”. In so doing, he became a mascot for the out of touch, cold, rank perspective of the Elite. Meanwhile, the future of Wall Street’s performance is seen in its steep decline down the chart from its 12,000 point peak.
