Why millions are angry

Here's why many Americans are having a tough time digesting spending $700-billion in tax money to prevent an economic disaster triggered by bad mortgages and greed.

Washington Mutual, the giant lender considered by many to be a poster child for making big profits on wild mortgage lending, was seized by federal regulators Thursday night and immediately sold to J.P. Morgan Chase. It was easily the largest bank failure in American history and only the latest example of the economic instability gripping the country.

The company's chief executive, Alan H. Fishman, had been on the job for less than three weeks. He was on a plane flying from New York to Seattle when the deal was arranged, according to the New York Times.

But don't cry for Fishman. Analysts say he is eligible for $11.6-million in cash severance. And he can keep his $7.5-million signing bonus.

How's that compare to your severance and signing bonus?

It's hard for most Americans to grasp the size and importance of the Bush administration's proposed bailout, even if urgent action is necessary to free up credit and protect the mortgages, businesses and retirement accounts for everyone who has managed their own affairs responsibly. But everyone gets this math: less than three weeks of work at a failing savings and loan for more than $19-million.

That is outrageous — and it explains why so many are so mad.