As the Wall Street crisis has expanded, politicians are falling all over themselves arguing on behalf of the “little guy” against “fat cats.” But in reality, the main elements of “rescue” plans receiving a bipartisan push would represent a massive transfer of wealth from little guys and gals to fat cats’ pockets.

First, there was Treasury Secretary Hank Paulson’s $700 billion bailout the House defeated on Monday, but to be revived in the Senate as early as Wednesday night. Then there…

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