Sunday, November 6, 2011

Read This Now - Wall Street Is Doing Fine, How About You?

In the WaPo Zachary Goldfarb gives the quick and dirty synopsis of how the Federal Government helped the big banks and Wall Street regain their footing and enjoy a quick return of record profits and growth while main street and the majority of Americans have been left to wallow in the depths of the Great Recession.

“There’s a very popular conception out there that the bailout was done with a tremendous amount of firepower and focus on saving the largest Wall Street institutions but with very little regard for Main Street,” said Neil Barofsky, the former federal watchdog for the Troubled Assets Relief Program, the $700 billion fund used to bail out banks. “That’s actually a very accurate description of what happened.” 
I think the bigger takeaway is actually how quickly we've returned to business as usual with the big banks and Wall Street getting right back to crazy profits and no interest in fixing the things that got us into this mess.

It's a quick and worthwhile read.

(via @DRGrist)

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