By now you've heard that some of the most powerful banks on Wall St. posted record profits in 2009. Impressive! And those banks will be rewarding their executives with big fat bonuses as per usual. But of course! Well noo, no of course these weren't the same banks that received billions in federal assistance in order to prevent bankruptcy! - wait, they were?
Well surely we can all be glad that these long-suffering companies are back on their feet, as healthy banks mean healthy loans for the rest of us who are just tryin' to live the American Dream. After all, these banks were granted that bailout on the assumption that the influx of cash would get credit flowing again.
What's that? The banks have cut back on the money they're lending?
How strange!
The fact is, while most U.S. Americans wait patiently for an economic recovery, the "other America" is tired of playing frugal fannie. They piously reined in their spending this past year, largely out of fear of being judged for spending in an era of widespread economic uncertainty. Perhaps they feared they would become the targets of the same suspicion and criticism they direct toward families on welfare who dare to buy their kids new clothes. After all, the cash funding that new Bentley came from what essentially amounts to corporate welfare.
Well, after months of chaste frugality, the Wall St. crowds are and ready to get to spending their "hard-earned" million dollar bonuses. High on the it-list are vacation homes, art, and jewelry. But don't worry, they won't be conspicuous about it.
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