Poverty is on the rise and the ranks of the uninsured in this country have swelled. But who is crying the loudest these days? Mostly the super-rich. They’re whining about losing tax breaks and shouting at the rooftops about government’s attempt to regulate their reckless behavior — you know, the risky trading practices that crashed our economy and helped put us in the sad state of affairs we find ourselves in. Author Les Leopold finds the situation perplexing (HuffPo — Poverty Rises and Wall Street Billionaires Whine):
Is it really possible to make $900,000 an hour (not a typo — that’s what the top ten hedge fund managers take in), and still feel aggrieved about the way government is treating you? After you’ve been bailed out by the federal government to the tune of $10 trillion (also not a typo) in loans, asset swaps, liquidity and other guarantees, can you really still feel like an oppressed minority?
You’d think the Wall Street moguls would be thankful. Not just thankful — down on their knees kissing the ground taxpayers walk on and hollering hallelujah at the top of their lungs! These guys profited from puffing up the housing bubble, then got bailed out when the going got tough. (Please see The Looting of America for all the gory details.) Without taxpayer largess, these hedge fund honchos would be flat broke. Instead, they’re back to hauling in obscene profits.