Reuters reports that thirty-three TARP recipients missed payments to the government last month.
It’s a powerful indication that the U.S. banking system remains troubled. And it throws cold water on talk that taxpayers are “making money” on the bailout.
Something is seriously wrong when banks get bailouts, then pay themselves billions in bonuses while the poor who have been foreclosed must fend for themselves in court because funding for legal services has been slashed.
I’ll be blogging this coming week on the populist revolt of the 1890’s. At their peak, they were a major third party and political force. They opposed the obvious corruption in Congress, the looting of the country by a tiny few at the expense of everyone else, the unchecked power and “personhood” of corporations, the waves of foreclosures. Sounds familiar, doesn’t it?