There is a truly incredible chart this morning in the Financial Times headlined "The rapidly shrinking banking industry". When you look at the chart you understand: the banking sector will either implode dramatically, even further than before, or we will nationalize large chunks of the banking sector. And, unless ths Administration and Congress significantly raise taxes on the richest Americans, the entire mess will be footed by the average person.

   Check this out. The chart compares the market capitalization for major banks two years ago (March 1 2007) to the market cap as of yesterday, and then shows how much money the government has poured into the banks to shore them up.

   Bank of America–March 2007: $225.3 billion. TODAY: $36.7 billion  OUR MONEY GIVEN TO THE BANK: $45 BILLION

   JP Morgan Chase–March 2007: $170.9 billion. TODAY: 74.8 billion  OUR MONEY GIVEN TO THE BANK: $25 BILLION

   Citigroup–March 2007: $250.4billion. TODAY: $17.2 billion  OUR MONEY GIVEN TO THE BANK: $52 BILLION

   Pretty astonishing. Now you understand the dire circumstances facing our financial sector–circumstances brought on by people like Robert Rubin and the rest of the geniuses who cratered the system. And unless there is an outcry like we haven’t heard in a generation, we are going to pay for this entire mess out of our pockets.