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The inside story of how the Republicans abandoned the poor and the middle class to pursue their relentless agenda of tax cuts for the wealthiest one percent

The Stone is a forum for contemporary philosophers on issues both timely and timeless.

Not long ago I was sitting at home writing something for publication - I won't say what, except that it was a passage about a certain politician on the Hill. Out of habit I launched into a description that was full of nasty and personal language, and I was about to press on to the next part of the piece when suddenly I hit a mental speed bump. A voice in my head whispered - this really happened - "If you write that shit and Bernie Sanders sees it, he's going to be disappointed in you." So I went back and removed the gratuitous body blows from the article.

So the debt deal has finally been reached. As expected, the agreement arrives in a form that right-thinking people everywhere can feel terrible about with great confidence.

Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after police stumble upon past intrigues in some old file - "Hey, chief, didja know this guy had two wives die falling down the stairs?" No more burglary sprees cracked when some sharp cop sees the same name pop up in one too many witness statements. This is a different world, one far friendlier to lawbreakers, where even the suspicion of wrongdoing gets wiped from the record.

The point of all of this is, if you add up all of the MBS-related liability out there, the banks as it stands are facing an Armageddon of claims from all sides. It can't possibly be less than a trillion dollars, and it's probably much, much more. But the Obama administration's current plan is to let them all walk after paying a few shekels apiece into a $20 billion kitty.

I'll have more coming out about this in a few days, but there have been two disgusting developments in the realm of plutocratic intervention on behalf of Wall Street that everyone protesting should take note of. The fact that both of the following things took place in the middle of the full fever of OWS, when everyone is supposedly trying to placate anti-banker sentiment and Obama and the DCCC are supposedly pledging support of the protesters, shows how completely bankrupt this system is and how necessary street-level protests have become. Popular uprising is probably the only move left to stop developments like the following:

When Joe Homeowner bought too much house, essentially betting that home prices would go up, and losing his bet when they dropped, he was an irresponsible putz who shouldn't whine about being put on the street. But when banks bet billions on a firm like AIG that was heavily invested in mortgages, they were making the same bet that Joe Homeowner made, leaving themselves hugely exposed to a sudden drop in home prices. But instead of being asked to "suck it in and cope" when that bet failed, the banks instead went straight to Washington for a bailout -- and got it.