It seems like just a little while ago that the Washington Post's Dana Milbank was rightfully complaining about the rogering he was getting at the hands of Citibank. One might have imagined that Milbank's trials and tribulations then would have given him some insight into the reality that income disparity exists and that ordinary people are bearing the brunt of the bad economy. Only, now that a bunch of Democratic lawmakers have set out to try to ameliorate these problems, Milbank has reverted back to a position of hyena-bray ridicule.
While the SEC suit is certainly big news in itself, more important is what it says about what the financial elite has been doing to America for the last 30 years: shorting the middle class. The American people were sold on the promise of never-ending prosperity while Wall Street was overseeing a massive transfer of wealth from the middle class to the richest Americans. READ MORE Guns vs Butter 2010 We hear endless talk in Washington about belt-tightening and deficit reduction, but hardly a word about whether the $161 billion being spent this year to fight unnecessary wars of choice in Afghanistan and Iraq might be better spent helping embattled Americans here at home. READ MORE WATCH: The Economist Interviews Arianna: Is America Becoming a Third World Country?