Go read No Banker Left Behind at the NYTimes. Let us recap, shall we?
The bankers, who had all of their bonuses protected and bailed out with our federal tax dollars when they blew up the world because people like Larry Summers argued that it was unfair to violate their compensation contracts, are bearing down on Detroit to pay outrageous sums of money on ill-advised derivatives transactions that will result in innocent Detroit municipal employees forfeiting up to 90% of their pensions.
I blame Obama. Yes, I do. If he had come into office committed to holding responsible the people who lied, conned and irresponsibly gambled away our money, we might well be on the road to real recovery right now. Instead, he had people like Larry Summers and Tim Geithner advising him to go easy on the bankers because shoring up the banks was THE most important thing.
Screw everyone else.
What I really regret is that so many former Democrats went off in a rabid frenzy over some stupid birth certificate issue instead of focussing on the real offenses of this White House. So much time and energy wasted over citizenship red herrings and vacations. I’m not sure which is worse. Stupid conservative leaning Democrats or banker lackeys in the Oval Office.
Whichever it is, Detroit’s employees shouldn’t have their lives ruined over it and I have yet to see Obama step up and prevent this unfolding tragedy from taking place. Which only means one thing to the rest of us: if our own pension plans go belly up because of some stupid merger or incompetent pension fund manager or predatory bankers, we’re all equally screwed. No one is going to step up and protect your deferred compensation for all your years of work.
The White House is just going to let the bankers drink your milk shake.