Capital Account - 11/16/11
We've seen a crackdown in the last few days on Occupy Wall Street from police, and over the 60 days from critics who have derided them as socialists. If that's the problem, then what about the government handouts to people who don't need them? We'll tell you about the wealth redistribution that has billions of dollars in subsidies going to millionaires. And speaking of government payouts, how about more than a million dollar signing bonus for joining one of the mortgage giants controlled by the US Treasury? How about millions paid out to its executives? It's a much better payoff than the one for most US taxpayers, who have spent $170 billion to rescue Fannie Mae and Freddie Mac, in the most expensive bailout of the financial crisis. And the deficit commission, the so-called Super Committee has a week to come up with a deal to downsize the deficit by $1.5 trillion bucks over a decade.