Infuriating

Via Consumerist, the NYT reports that Chase aims to use the billions of dollars it has received from the bailout plan for acquisitions rather than to make new loans -- that's right, instead of using the money for its intended purpose, they plan on using it to buy up other banks and thereby line their own pockets.

This is why I was against this damned bailout. We actually expected these money-grubbing corporations who screwed us to begin with to suddenly be "scared straight" and deal with this handout in an honorable manner? Several of these companies have already used bailout funds to send their executives on fancy retreats and spa treatments.

Conservatives have cleverly duped us into buying the image of welfare recipients as lazy and unwilling to work. Reagan railed against the mythical "welfare queens" who drove around in Cadillacs. And it's far easier for your average American to turn their anger against the poor in their midst than the faceless CEO at the top of the heap. Corporations have been sucking at the teat of the taxpayer for decades, and taking far more money than your average food stamp recipient could in a thousand lifetimes. This bailout is a bonanza for them, and companies like Chase are gleefully abusing these new funds without any shame. It sickens me.