Last night, I posted THIS diary, which detailed four basic, dovetailing stories:
1.) Bank of America’s impending collapse and/or hidden taxpayer bailout, to come. Our nation’s largest commercial/retail bank, Bank of America, is either going to receive another massive—but more-than-likely quite covert--bailout, or it will fall into some form of receivership, establishing its failure as one of the iconic, historical events of our era.
2.) The real nightmare that very few are talking about concerning the S&P downgrade of our country’s creditworthiness. The S&P downgrade of our country’s creditworthiness, in and of itself, will have nowhere near as much impact upon Main Street as will the cascading nightmare that it’s already starting to create in our country’s municipal bond marketplace.
3.) How would the public react if they were aware that our government was already spending somewhere around $200+/- billion per year to bailout Wall Street; and, furthermore, what would voters do if they became aware that we’ve actually been doing this since 2008? Speaking of a “new” bailout for Wall Street, specifically with regard to Bank of America, the truth of the matter is that the Wall Street bailouts never stopped; and, effectively, taxpayers are spending an easy $200 billion dollars per year, if not significantly more than that, on a slew of bailouts and general “Wall Street Tax[es],” as Gretchen Morgenson highlighted one of those “tax programs” in an article in the NY Times this past weekend.
4.) What “recovery” are they talking about? With every passing day, lately, it’s looking more and more like our country is headed into a double-dip recession; but, I also point out that it really doesn’t matter what we call it; as I asked: How can we, as Democrats and as a country, even use the word, “recovery,” to describe the current state of our economy, when an easy 100 million-plus Americans are either living in--or on the verge of falling into--poverty, right now?
I received quite a few (unprecedented for me, in fact) emails asking me to repost last night’s diary (fair warning: it’s a lengthy one), but I’m posting this, instead. Again, here’s the link to my post from just over a day ago: “As Bank of America Falls So Falls Central Falls.” Feel free to comment on it, below.