TARP was shoved down the throats of voters in 2008. They opposed the bailouts of corporations, but to no avail.
They have forgotten. John Boehner, who was the the man who rammed the program through the House Republicans, is still Speaker of the House.
The TARP bills still mount up. The government bought a stake in failed companies, such as AIG. Today, the Treasury is having trouble unloading the IOUs of these companies at face value. It must take losses of 20% to 35%. The investing public wants discounts on these IOUs.
Then there were tax write-offs due to losses. They reported in 2011 profits because they escaped taxes. They wrote off the bad debts. It was all legal.
Do the firms give bonuses? Lots of them. Why? Because Congress does not care. The voters have no clout. “Let bygones be bygones.” So, the boys whose ships nearly went down on their watch did not get fired. They got bonuses instead.
The plutocracy is alive and well. Congress is generous. The voters have forgotten. The losses go to the Treasury.
Too big to fail? You bet! Too small for Congress to care about bonuses? You bet!
Until the Great Default makes all this impossible, nothing will change. The system is rigged against the voters.
Isn’t democracy grand?