The Upside to Obscene Banker Bonuses

In the interest of balance, here's a quote from a New York Times article today that explains why the recession in New York will probably be a lot less severe than predicted, and the recovery quicker.

Economists say the hundreds of billions in loans and aid the federal government pumped into the city's banks fueled a quick reversal of Wall Street's fortunes. That turnaround saved thousands of high-paying jobs and the controversial bonuses that go with them, averting a sharper drop in tax collections and consumer spending that would have brought more layoffs.