Large White House Bailout Bonuses Confirm Government is in the Grip of the Powerful Financial Elite.

White House bailout bonuses continued, even though by March 2009, the world was suffering economic hardship with some formerly prosperous countries officially declaring a period of falling house prices, increasing unemployment and great economic uncertainty.

Some say that after a period of relative prosperity the West was due for a downturn or correction, but sadly governments had to admit that they had encouraged a greedy society.

This sad state of affairs is in many ways unprecedented in that it is the banks which are in deep turmoil, and in spite of huge bailouts they continue to beg for more.

Years of carelessness have led to the banks receiving free money from government, but why should the taxpayer have to stump up the money when some of it will be going straight to greedy bankers’ pockets?

It was estimated that Wall Street firms gave out roughly $18.4 billion in year end bonuses in 2008, for an industry which has gone to the brink of collapse.

Ordinary, hard-working Americans were rightly outraged knowing the average bonus on Wall Street was $112,000, which is twice the average American’s income.

Of course, these bonuses were for those already on a very good salary, whereas the tellers and secretaries got nothing at best and at worst were shown the door.

CitiGroup, which was once the largest banking corporation in the world, took receipt of $45 billion in capital from the government and yet still cut 53.000 jobs early in 2009.

Bonuses were paid with money borrowed from the Federal Reserve Bank (Fed), a privately owned business that pays pennies to print bills for which the taxpayers pay face value, plus mounting interest.

By March 2009, the unemployment rate was at its highest for a quarter of century, and yet arrogant bankers seemed oblivious to the pressure being felt by families across America and other countries.

One unnamed banker was reported on newsvine.com as complaining that she had to cut corners because her bonus was cut by 38 percent, and as a result had to cut back on small luxuries.

The millions of unemployed or hard working low paid Americans will have no sympathy for that woman.

White House bailout bonuses m have gone to already wealthy and well paid executives in excess while many school teachers, nurses, road sweepers and millions of others who work hard for a living are wondering why.