Via Kevin Drum, an article in the Washington Post telling us just how well the banksters are doing after crashing the economy for the 99% with their gambling.
The largest banks are larger than they were when Obama took office and are nearing the level of profits they were making before the depths of the financial crisis in 2008, according to government data.
Wall Street firms � independent companies and the securities-trading arms of banks � are doing even better. They earned more in the first 21 / 2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show.
Behind this turnaround, in significant measure, are government policies that helped the financial sector avert collapse and then gave financial firms huge benefits on the path to recovery. For example, the federal government invested hundreds of billions of taxpayer dollars in banks � low-cost money that the firms used for high-yielding investments on which they made big profits.
I�m sure that none of this comes as a shock to anyone paying attention, but what strikes me most about the story is the opening point regarding how the financial industries executives are consistently criticizing Obama and his administration for excessive regulations and other �anti-business� moves that are hurting them.
I suppose it shouldn�t surprise me that the banksters attitudes match those of the �license to bully� supporters in Michigan. It�s the very same pattern of crying victimhood by the powerful to attack any measure that might actually protect their victims and if possible twist such measures into something that further entrenches their privileged place at the top of the pyramid.
Little wonder they�ve become such natural allies.