Sympathy for the Devil?

It's time for this "idea" to be taken out back and put out of our misery.

The story goes that "a receding tide lowers all boats" and it's as ridiculous as Reagan's so-called "supply-side economics".

We're supposed to feel bad for the rich, because they've lost so much more than we have. Or maybe we're supposed to feel like "we're all in this together".

Let's look at the big picture, shall we?

When Bill Gates lost about a third of his wealth in the past year, he was left with "only" $40 Billion - and as the economy recovers, it will regain value. He took quite a hit, but he doesn't really have to tighten his belt.

However, when the average just-retired Baby Boomer lost a third of their savings, that left them in the position of cashing those investments in at exactly the worst time; when they'd lost much of their value. Many now face the very real possibility of not having enough to last their retirement.

So here's a more apt image: The rich have their yachts out in deep harbor and the rest of us in our rowboats just got beached.

And here's the real punch line: We're still expected to pony up to bail out the "too big to fail".