James Grant asks a question I’ve been asking myself. Given that the credit crunch and the ensuing economic mess it has caused is almost entirely the fault of bankers and traders, why is there so little populist outrage aimed at Wall Street?

Wall Street is off the political agenda in 2008 for reasons we may only guess about. Possibly, in this time of widespread public participation in the stock market, “Wall Street” is really “Main Street.” Or maybe Wall Street, its old self, owns both major political parties and their candidates. Or, possibly, the $4.50 gasoline price has absorbed every available erg of populist anger, or — yet another possibility — today’s financial failures are too complex to stick in everyman’s craw.

Grant doesn’t quite answer question, but at least he asks it, and gives anyone reading the article a great run down on why they should be pissed.