"Compared to the cold shoulder given to struggling homeowners," the New
York Times argues on this morning's editorial page, "the cash and attention
lavished by the government on the nation's financial titans..." Well,
let's get to the logic of the piece, yes, a scandal, nothing
less. "Socialized Compensation" is what the lede is called, and socialized
compensation is what it actually is.
But it's not just the rewards given to the top executives for failure, it's
the thousands of people fired and about to be fired for having done their
jobs. It's also the hundreds of thousands of lapsed pension accounts,
bankrupt because of how these overpaid robber barons ran their businesses.
Let no one underestimate what is occurring in America: it is a collapse of
the social contract. And I'd like some presidential candidate to talk
about this. I'd assume it'd be Obama who'd be the first...but not yet. Or
maybe Hillary...Hillary who works the night shift. Or maybe John who will
win only if he wins the votes of millions of people who are now being
screwed by the system.