What are the long-term effects of excesses and duplicity in the housing market? Employers slashed 533,000 jobs in November 2008, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. Naive economists thought 330,000 jobs would go away, showing how over half a million is more serious than we thought.

As banks merge it is common knowledge in business, as it has been for years, that a ten percent cut is expected as soon as a merger or buyout is completed. Unfortunately banks are using bailout money to buy other banks. Does that help the average American? Not really, and it hurts employees. In one case a bank used the bailout money to buy another bank, and found they qualified for more bailout money because they owned both.

Abuses continue, taxpayers foot the bill, and there are fewer taxpayers.