So, Obama is now complaining “outraged” about the bonus checks distributed by the financial services sector despite being recipients of the bailout.

Maybe he needs a refresher on what those bonuses represent; a stimulus package for the NYC metro area economy. Consider that for 2008, bonuses were down by the largest amount in 30 years. It was a huge hit to the coffers of NYC and NYS (and significant hits to CT and NJ). It meant the loss of $1 billion in state tax revenue and hundreds of millions in lost city revenue.

That money has to be made up somewhere.

Now, imagine if the bonuses weren’t distributed at all… we’d be talking a huge hit to the state and city economy.

Once again, it’s validation of the trickle down economic theory - proof positive that spending money by the rich has measurable benefits for everyone.

Note also that the City and State are looking at raising taxes and fees on everyone to close their budget holes - holes that would have otherwise been filled had Wall Street simply held it together this past year.