There is a quote at the beginning of Goodfellas where Henry Hill is talking about why he accepted his father's abuse, and it perfectly describes our banking system right now:
"Every once in awhile, I'd have to take a beating, but by then I didn't care. The way I saw it, everybody takes a beating sometimes."
The nation collectively has to take a beating right now. Some of us who saved when the banks were paying 1% on CDs, didn't buy into the housing bubble, paid our bills on time, earned enough money to pay taxes unlike 33% of the nation might be a little pissed right now after 7 years of the dollar losing value, inflation, and now a weird transfer of wealth that will have our mortgage and debt payments go to new debt holder-overlords all on the backs of taxpayer money that might take a loss. We've been doing what's "right", but we have to take a beating because it's only "fair".
Yes, you read that right 33% of American have no tax liability. None. So the next time someone says the Bush tax cuts helped only the rich, tell them that since Bush took office the number of slackers not paying any taxes went from 25% of the nation to 33%. Either candidate today will push it to over 40%. I won't be one of them. Is this "fair" Obama? Is it fair for nearly half of the nation to pay nothing in taxes? I'm not rich, so why do I pay and nearly half of America does not? Why do we have stimulus rebate checks that go to people who didn't pay any taxes at all last year? What is that a rebate of? How do you rebate nothing?
My prediction will be for an Obama victory in November, with a pretty long recession in 2009 and into 2010. Then it is a race to see how fast we can have a recovery in time for the 2012 election. If the economy can truly recover, Obama can win reelection provided he doesn't fuck up by trying to install nationalized health care. If not, well toodaloo Obama. As my friend who works in Washington and writes here agrees, the GOP will put Romney on their ticket as the "businessman" to fix our economic problems... even if he is a slimeball.