Paul Krugman likens our economic woes to “a play in three acts:”
In the first act, bankers took advantage of deregulation to run wild (and pay themselves princely sums), inflating huge bubbles through reckless lending. In the second act, the bubbles burst — but bankers were bailed out by taxpayers, with remarkably few strings attached, even as ordinary workers continued to suffer the consequences of the bankers’ sins. And, in the third act, bankers showed their gratitude by turning on the people who had saved them, throwing their support — and the wealth they still possessed thanks to the bailouts — behind politicians who promised to keep their taxes low and dismantle the mild regulations erected in the aftermath of the crisis.
And so far, the Wall Street crooks have not been charged for any of the many crimes they perpetrated on the American people. But that may change; it’s nice to see that respected voices in the media are lending support to the Occupy Wall Street movement.