I realize that I'm just whistling into the wind here but someone has to say that the phony optimism being ginned up by Wall Street is simply the lead-in to another con.
Nearly a year after the federal rescue of the nation’s biggest banks, taxpayers have begun seeing profits from the hundreds of billions of dollars in aid that many critics thought might never be seen again.
The profits, collected from eight of the biggest banks that have fully repaid their obligations to the government, come to about $4 billion, or the equivalent of about 15 percent annually, according to calculations compiled for The New York Times.
This might - might - mean something if the profits had been generated by increased income from new business but it's important to remember: they weren't. They were generated either by one-time sell-offs of subsidiary companies or businesses, or they were generated by the kind of insider financial trading that Paul Krugman called "worthless if not destructive from a social point of view."