The Current Economic Reality

I read Atrios, so I know most of what the corporate media is shoveling at us about the bailouts is 100% pure unadulterated crap. Here's the real deal, from three of Duncan Black's posts today:

(a) For over a year the one point that I and others have been trying make is that the polite fiction that masters of the universe of Wall Street and their defenders in the media and Congress have been trying maintain, that this is liquidity crisis not an insolvency crisis, is utter horseshit. They made bad leveraged bets and lost immense amounts of money, and now they, and their buddies Geithner and Summers, want taxpayers to bail them out so they can go on living their opulent life styles while some of my neighbors wonder if their next food stamp card is going to show up.

(b) The question all along has been who is still standing when the music stops, which sucker gets stuck holding the bag.

(c) Bailing out these institutions might be necessary, but bailing out executives and shareholders is not.

Since the people running Obama's economic team are Wall Streeters, it appears that we the taxpayers will be the bagholders.