Bank bailout is nothing more than a large wealth transfer to the already wealthy

Here's the problem with the first bailout of the banks.

If you'll recall, I opposed the first bailout because banks were the primary benefactor.

My opposition stemmed from the fact that taxpayer provided cash was going to banks who had made poor decisions. Additionally, the targeted banks were investment banks that dealt primarily with wealthy investors and institutions.

My concerns were twfold: 1) Banks were rewarded for bad decisions and prevented from suffering the fate of businesses in the market who fail because of those decisions. 2) The wealthy investors were getting a handout from the government while the rest of us footed the bill.

Well, it seems my fears are being borne out.

The banks used the TARP money to prop themselves up and secure their viability at the taxpayer's expense.

This is yet another reason why Bush was wrong for America: He rewarded the wealthy at the expense of everyone else.

Thanks.