The real villains

Thank goodness.  Yesterday I wrote about how efforts at bailing out Spanish banks were depressing investors because the wealthy just weren't given enough money.

A bailout of up to €100bn for Spain‘s ailing banks failed to calm nerves about the future of the euro on Monday amid confusion over the plan’s details…

But then the markets went up, way up. Why, exactly?

Stocks took their cues from Europe's troubled debt markets on Tuesday, staging a comeback rally to end up more than 1 percent as Spanish bond yields came off euro-era record highs.

But nothing really changed...for the rich, for average folks though:

Investors have apparently concluded that the rescue is potentially a much better deal for the banks and their shareholders than for the government, its taxpayers and bondholders.

As long as everyone but the rich suffer it is all good.  After all they are all obviously reaping what they sowed.

[cross-posted at Firedoglake]