Wall St. Wins, We Lose, What Else is New?

Juggling money is still America's biggest growth industry, according to the new earnings boom for Goldman Sachs, Citigroup, JP Morgan Chase and Bank of America, who only months ago came to Washington to fill their begging bowls with taxpayer bailout funds.

Cranky Paul Krugman says such news "shows that Wall Street’s bad habits--above all, the system of compensation that helped cause the financial crisis--have not gone away" and "that by rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely."

Back to business as usual, the big firms are generating huge profits from trading and underwriting securities to make up for the failure of those who are losing jobs to keep up with payments on mortgages and credit cards.

At the same time, the pain is being spread equally to prudent retirees who saved without gambling in the stock market but, thanks to the Fed's concern for Wall Street's ability to keep wheeling and dealing, are earning a fraction of one per cent on their hard-earned money, much of which will now go to keeping up the huge bonuses of those who shuffle it around.

Is this a great country or what?