a time for vivid outrage

If anyone thought the big banks were grateful for the massive bailouts they received from the American taxpayer - and the American taxpayers' grandchildren - look no further than California.

At Bank of America, which counts the state of California as a commercial client, existing customers can only deposit IOUs - and only until Friday.

"We don't want acceptance (of IOUs) to deter the state from a budget agreement," bank spokeswoman Julie Westermann said.

Oh really, Julie.

Ms. Westermann has taken on the job of fiscal disciplinarian. Funny. Her company, after going on an obscene sub prime lending spree, came begging to the U.S. Government for billions just a few months ago. Bank of America and Citigroup each received $45 billion in multiple installments between October and January. Each also benefits from guarantees against losses -$7.5 billion for Bank of America and $5 billion for Citi.

To put it succinctly: Ms. Westermann has a job because you and I and our descendants propped up her employer.

I do not know at what point seething anger at banks and their criminality will boil over into rage - but that point will come. The hypocrisy here is too hard to stomach. When they are about to fail the Feds must bail them out - or "the entire economy will sink." When people need what amounts to an extension - Wells Fargo, Citi, and BoA tell them to go to hell.

Don't get me wrong. There is much blame to go around. The California state government is utterly dysfunctional. Californians have made matters worse by voting for unfunded mandate after unfunded mandate, dependant on a pie in the sky economic model that was, in turn, gamed for profit - and later tax payer bailouts - by unscrupulous bankers. Everyone was in on this circle jerk.

Nevertheless major banks refusing to take IOUs from the state so soon after the rest of the country saved their butts is petulant and arrogant almost beyond comprehension.

The economic system we are currently watch fail in slow motion promotes amorality. More than that it deifies amorality. A very small portion of the population continues to loot the majority.

How long can go one before the blow back becomes a firestorm? It is, indeed...a time for vivid outrage.