By PETER MORICI
"......This all comes at a cost to someone—America’s elderly.
Many retirees depend on interest from certificates of deposit. Those rates are down dramatically, and as CDs expire retirees are compelled to reinvest their savings at lower rates and live on less. They can take comfort that their sacrifices are helping pay off Wall Street's losses from the lavish bonuses paid bankers. For example, the $70.3 million Goldman doled to CEO Lloyd Blankfein in 2007.
The contrast between how the banks and car companies are treated is the product of political acumen, not financial skills, at Goldman Sachs and other banks. Feeding the campaign machines of both political parties and lavishing speaking fees on future White House economic advisors, these financial wizards have managed to purchase preferred treatment in our Capital....."