Last week, Goldman Sachs released its second-best set of quarterly earnings ever, putting the firm on track to paying its highest bonuses ever. Reacting to suggestions that this was somehow wrong, Goldman Sachs Chief Financial Officer David Viniar said, "We are focused on the economic climate. We are focused on what is going on with other people."

He held back what most people at Goldman are thinking: "We really just don't care."

Why should they? The government, with its massive bailout and subsidization of Wall Street, has sent the message that public money will c over private losses if you happen to be a very large bank or traverse the right circle of powerbrokers.

The American people may have shorter memories than they used to - but we remember last year. We...