We all remember the furor over the bonuses at AIG (NYSE AIG), Merrill Lynch (NYSE MER), and others, don’t we? How absurd it seemed that millions upon millions of dollars lined the pockets of select employees, all this in light of billion dollar corporate losses.

Many of us were justifiably angry. Here we are, facing a major economic slump with individuals and businesses both in a world of hurt. Yet, somehow and from somewhere, large companies found the resources to pay out bonuses. Maybe from our bailout funds, you think?

Our emotions ebbed and flowed. Some even took tour bus rides to see where and how the AIG bonus-receiving folks lived.

Just when you thought it was safe to get back in the water…here we go again. This time, it’s Fannie Mae (NYSE FNM) and Freddie Mack (NYSE FRE) who have produced the death defying deed of … hold on to your hat now …bonuses!!! That’s right, these two stalwarts of the home mortgage landscape are as we speak writing $210 million dollars worth of bonus checks.

Crazy? Yes, but it’s happening right before our very eyes. Thank God for transparency. But what good are glasses to a blind man? The reason given for the bonuses: to retain key employees to insure the continued success of Fannie Mae and Freddie Mac. Give me a break. It seems to me that the last thing these two blood sucking entities would want is to keep the very people who created the 108 billion dollar loss that required a major federal bailout.

In a statement Friday, Iowa Republican Sen. Charles Grassley said: “It’s hard to see any common sense in management decisions that award hundreds of millions in bonuses when their organizations lost more than $100 billion in a year. And, it’s an insult that the bonuses were made with an infusion of cash from taxpayers.” Can we have a big AMEN for the senator?

I know, I know, we folks out in the belt land of America once again feel impotent to do anything about these shenanigans. There is a sense that our world is spinning out of control. We end up doing exactly what those folks in Washington want us to do: tend to our own business.

Well, maybe we can do something. Just as people like you and I gathered for the symbolic tea parties held around the nation on April 15th, it’s time for more of us to join in expressing our outrage at how it seems to be business as usual on Wall Street and in Washington.

Tell us again Barney Frank, how secure and well run are Fannie May and Freddie Mac? How did these two firms amass billions in debt by loaning millions of dollars to people who simply weren’t able to pay it back?

If you’re angry, (and I think you should be) talk about it with others. While your at it, write a letter to your representative in Washington, outlining your anger and have you and your friends all sign it. Find out who organized the tea party in your area and get in touch with them. Do something! Together, we can reclaim our country!