Only one more bailout? Really?

Maybe, but this is not very convincing. To some degree it looks like more of a public kicking for Detroit as GMAC takes a public thrashing but the others are not being singled out. GMAC may deserve the criticism, but it escapes me how and why Bank of America, Citi or Wells Fargo avoid the same. Who are the mysterious investors out there who will pump billions more into those banks? Maybe private capital will emerge to rescue the big banks but they certainly are in deep hiding today. The more likely scenario is that most if not all of the banks who are required to raise capital will be coming back to the federal government as opposed to private investment.

All of this shows how far the auto industry has fallen in terms of wielding power in America. The money Detroit has received is nothing compared to the trillion and counting for Wall Street yet Wall Street gets little more than a light tap on the wrist. As much as Detroit may deserve criticism, this public kicking of all things Detroit is wearing thin. It's high time Wall Street is treated the same and Washington quits scapegoating Detroit. Obama's economic team is playing with fire the longer they avoid confronting Wall Street.