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Robert Bennett

Government by IOU

By now it's apparent to anyone paying any attention at all that the political process here and abroad is a game fixed to favor big banks at the expense of ordinary citizens. The banksters take enormous risks. If everything falls their way, they pocket vast bonuses. If, as in the case of the subprime mortgages that cratered the world markets the last couple of years, their bets go sour, the losses are socialized — that is, absorbed by the nondifferentiated mass of taxpayers — and the banksters celebrate by further lining their pockets.

It was announced this week that the smart boys and girls at AIG were to collect $380 million this year in bonuses for the great job...