The Nation‘s DC editor, Chris Hayes, provides a quick run-down of
the bailout, its limited trajectory, and what its limitations mean for
the Obama administration. Although Hayes’ explanation is easy to
understand, the continued profits that the bailout is providing for Wall
Street–and
no one else
–are more difficult to swallow. Because of the staggering
17.5 trillion dollars being pumped, basically for free, into the banks,
they’re making profits–but the bucks stop there. If that’s the only
silver lining, Hayes explains, this misdirected spending is a “ticking
time bomb” for Obama. As unemployment, foreclosures, and wages feed
economic misery, the banks shouldn’t expect the American people to throw
them victory parties any time soon–and neither should the members of
bailout-defending administration.

Fernanda Diaz

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