Is Goldman Sachs About To Drag Down The Federal Reserve?
Goldman Sachs, which lately has been caught in a toxic spiral of potential misrepresentations (courtesy of the SIGTARP report which plainly refuted the firm's claims that it was not on the hook vis-a-vis AIG, and by the way, Ms. Tavakoli, we are waiting for you to retract your apology to the 85 Broad team) and horrendous PR (first Blankfein apologizing for something, then Gasparino telling Lloyd he should step down), may be the final straw that finally breaks open the Fed's "book of death" (for the middle class, f/k/a "book of life" for the banker cartel). Ahead of tomorrow's hearings on various Fed transparency initiatives, Rep. Elijah Cummings is calling for a complete tear down of the existing Fed structure, and demands an overhaul to the "minimal accountability" that the Fed is subject to courtesy of the current Wall Street perpetuated (and lobbied) status quo.
Full Cummings letter below.
In the words of Bullet Tooth Tony, it would be sadly ironic if it ends up being Goldman Sachs that gets the fed into the pickle of complete transparency. At the end of the day, if we want to even have a chance of preventing another system collapse, one of the two has to happen: i) Goldman has to be dismembered, with the very least being its prop trading being ripped apart from the firm's agency core operations, or ii) the Fed has to be not only audited, but to provide constant information on who it is that is the recipient of generous taxpayer bailouts day in and day out, as well as what securities make up the collateral the various bail out programs, as well as what marks these securities are ascribed by the Fed's less than spectacular trading desk. No exceptions. If neither of these changes, and the status quo persists, then another occurrence of an AIG type blow up is not a question of if but when.
| Attachment | Size |
|---|---|
| Frank_Dodd letter re Fed.pdf | 61.59 KB |
(8 votes)
on Wed, 11/18/2009 - 17:03
#135073
Here's hoping. But Frank and the rest of the vipers in the grass will do their best to block any audit until we throw them out next fall.
on Wed, 11/18/2009 - 17:26
#135125
GS is going to chop off all their tentacles? Huh?
Yeah, Mr. Fwank definitely co-opted Mr. Paul - at the last minute! What a jerk - doesn't he like freedom and kittens? Oh, wait. Mr. Fwank does like kittens. Just not the kind you and I would normally think of: "Nawty, nawty, you hungky kitten."
I pray to freaking God in the Heavens above this forsaken plain that there are no national elections in 2010! Something has to give - will the world even allow us to continue this charade?
Yes We Can bomb Afghan weddings!
on Wed, 11/18/2009 - 20:31
#135386
plain?
on Wed, 11/18/2009 - 23:29
#135491
as in 'fruited'.
on Thu, 11/19/2009 - 10:43
#135739
We do need to throw him out, but for another dem.
I sure hope you don't really believe republicans will come back in and do better. Ron Paul, sure. The rest, will have no trouble with the 'status quo', and 'lasseiz faire'.
Only progressive dems, and ron paul repubs are fit to be in office. Pick between the two. But make sure whoever you pick, fits that mold. Otherwise you'll get a Michelle 'bigger retard than palin' Bachmann. Which is all that repubs will be running in 2010.
on Sun, 11/22/2009 - 08:29
#138640
Hmmm....maybe a Romney or Newtster or McCain would be more acceptable?
on Wed, 11/18/2009 - 17:04
#135074
(end the fed)
on Wed, 11/18/2009 - 17:07
#135081
The Fed beast is a creation of Congress.
In the words of Bill Cosby " I brought you into this world and I can take you out "
Not gonna happen, but there's the solution.
on Thu, 11/19/2009 - 06:12
#135600
Yeah, but a Congress with a gun to its head.
on Wed, 11/18/2009 - 17:11
#135089
That's a happy thought; we get a 2fer. GS & the FED exit the system. Time for a gold audit also.
on Wed, 11/18/2009 - 17:11
#135091
As we say down south - Oooh hell yeah!
on Wed, 11/18/2009 - 17:12
#135092
It'll be easier to just wait for a total stock market and currency collapse then start over.
on Wed, 11/18/2009 - 18:12
#135199
that comment made be burst out loud with laughter. very funny shit. thanks, I did need it.
on Wed, 11/18/2009 - 17:12
#135096
It's all smoke and mirrors.
Nothing, will change. It will take the collapse of the US economy to force a change.
on Wed, 11/18/2009 - 17:23
#135117
Well put. But that doesnt stop me of dreaming everyday about the day when someone, by the name of Tyler, leads an army of fed-up educated hard-working people down Wall Street and put an end to this travesty.
on Wed, 11/18/2009 - 17:13
#135099
"Hell hath no fury like a banker scorned!"
Representative Lindbergh’s mentioning of the “Money Trust” was a reference to the “Pujo Committee”, conducted from May 16, 1912 to February 26, 1913. The committee concluded that a conspiracy to control the money supply and amass wealth did in fact exist, stating:
The entire report from the “Pujo Committee” which substantiates the existence of a conspiracy of bankers is available for download from the “FEDERAL RESERVE Archival System for Economic Research, -FRASER” in 32 separate PDF files.
on Wed, 11/18/2009 - 18:35
#135230
I, too, have seen "The Skulls".
on Wed, 11/18/2009 - 17:14
#135100
NEWS STORY 2015 U. S. seeks foreigh aid from isreal.
on Wed, 11/18/2009 - 17:47
#135159
News :2012 OBAMA WINS !!!.....
pg.2 Goldman Sach's buys Federal Reserve for debt swap
on Wed, 11/18/2009 - 17:55
#135165
Owners of the privately held federal reserve already own half of the Dow, so i am sure they also own most of Goldman in addition to being probably the majority of their income source as a client.
on Wed, 11/18/2009 - 17:15
#135101
This all sounds good, but then the NY Banking Crew & the London Connection decide that they don't like it, you can watch the World Wide Credit Markets dry up in a matter of weeks, if not days or hours. We hads money panics before the Fed; we will haves them with or without it. All thanks to World Banking Cartel. Been that way for centuries.
When you want to get that aligator out of your backyard pool, you should either call an expert or just wait for it to leave on its own. Doing it yourself is rarely a good idea.
on Wed, 11/18/2009 - 17:36
#135142
Yeah but that's why god keeps Vengeance for herself: She has all the fun.
In this case at least we may not get the trillions in clawbacks from these poisonous vipers but they sure as hell can be cast out of the garden, and perhaps as we pull the plug to begin a draining of the pool, (no need for a reptile handler)those most responsible for the chaos will also perish. (You only have to be able to outrun the perp, not the Croc).
on Wed, 11/18/2009 - 22:58
#135472
"Doing it yourself is rarely a good idea."///unless you're a hippo
http://yepyep.gibbs12.com/wp-content/uploads/2009/11/191386-top_foto2-35...
on Wed, 11/18/2009 - 23:08
#135476
Drain the pool....
on Wed, 11/18/2009 - 17:15
#135102
Wishful thinking. Ain't gonna happen. Once again: Follow the money.
on Wed, 11/18/2009 - 17:16
#135104
Lloyd "my bad" Blankfein is completely out of his league. A few more speeches and we could have a Paul/Grayson presidential ticket.
Props to Congressman Elijah "Kashkari is a chump" Cummings.
on Wed, 11/18/2009 - 17:24
#135120
CNBS Anchor: "Does Goldman's image really matter? I mean, who cares if people hate them, as long as they are making money?"
We'll see. Maybe when the stimulus runs dry and un-employment creeps north of 30%. Maybe when the angry mob starts tossing molotov cocktails into the Four Seasons while your eating lunch.
on Wed, 11/18/2009 - 17:56
#135166
"An efficient legal system operates on the assumption that everyone is guilty of something."-CBW
Yes, it does matter.
To fight an evil you first have to name it.Goldman Sachs is two words and three syllables.
I'd have workmates ask me how the hell did i make money in the last 2 years(some of them have damaged their retirement funds beyond repair.)
I'd start talking about 1973 and fiat money and their eyes would glaze over.
Goldman personifies everything that is wrong.
When i talk about Goldman and AIG and Lehmans and all it's boys "working" for O'bama.
I very quicky see two things: Understanding then anger.Even Delivery drivers get it.
Takes about three minutes
on Wed, 11/18/2009 - 18:30
#135223
"I very quicky see two things: Understanding then anger.Even Delivery drivers get it."
Much the same experience, LongMarch.
Joe/Jill Six Pack know they are being phucked. They can grasp the big picture quickly. Most can even understand the stupidity of allowing someone to take out multiple fire insurance policies on their house, then burning it down.
So far I have not found a single one that I have talked with pleased to learn that they and their children are the ones paying off these insurance policies on their burned down home.
Given Marla's recently expressed senstivities, I will avoid a discussion of the arms being accumulated. the skill set of many of these folks, etc. Personnally, I would prefer seeing this matter settled at a ballot box rather than in the streets.
I remain hopeful, but there is much work to be done. Just gotta keep chipping away.
on Wed, 11/18/2009 - 23:06
#135475
much the same as well.
even the PuffHo's are catching on:
http://www.huffingtonpost.com/2009/11/18/rep-defazio-fire-timmy-ge_n_363...
http://www.huffingtonpost.com/linda-r-monk-jd/the-sorcerers-apprentice_b...
fatal flaw boys, never underestimate joe sixpack & suzie hockey mom with a cable modem. collective intelligence is a bitch.
on Thu, 11/19/2009 - 00:51
#135544
We all do what we can.
What's needed is a catchy phrase that encapsulate the whole damn problem and goes viral.
Maybe ZH can run a competition:The crisis and how to fix it in one sentence.
Needs to be accurate,clear and simple so everybody gets it first time round.
What do you think Tyler? Marla?
on Wed, 11/18/2009 - 17:26
#135126
Yeah, good luck with that. Bernanke may be low-key, but his ego is just as big as Paulson's and Geithner's. He ain't going quietly into that good night.
on Wed, 11/18/2009 - 17:30
#135133
Elijah Cummings is calling for a complete tear down of the existing Fed structure
go man go....tear it all down....burn it down.....grind it into flour and scatter it to the winds...
on Wed, 11/18/2009 - 17:30
#135134
Giant octopus (vampire squid) vs. whale ... This should be fun to watch.
on Wed, 11/18/2009 - 17:31
#135136
Now i am in love with Elijah E. Cummings!!! Bravo and God bless you sir!!!
Anyone who actually wants to be a public servant, is going to get behind HR1207 and S604 because the public soon will be fully behind this and NOT SUPPORTING THESE BILLS IS A BETRAYAL OF THEIR DUTY AND PURE TREACHERY....and it is only a matter of time before the evil of the entrenched financial/governemnt legislating machine falls.
on Wed, 11/18/2009 - 17:33
#135137
I think dispersions toward Rep. Frank regarding blocking true reform are unfounded. Senator Dodd, however, has shown an unwillingness to consider reform that would in any way be detrimental to the insurance and hedge fund industries that are concentrated in his state.
on Wed, 11/18/2009 - 17:39
#135146
If you mean aspersions, you need to revisit your recent financial history.
Barney Frank's as much responsible for the housing mess as any other flake in Congress.
Do some homework for heaven's sake before making an outrageous error like that.
on Wed, 11/18/2009 - 18:37
#135236
Barney is just a better actor. I would send him a plastic Oscar if I could find one.
He is filthy just like the rest of the pigs congress
on Thu, 11/19/2009 - 07:15
#135621
You send him the plastic Oscar- I'll send him the lube.
on Thu, 11/19/2009 - 10:41
#135736
What, you want him to ENJOY it????
on Wed, 11/18/2009 - 17:37
#135143
All the right wingers on the site should take a step back and remember that it was Phil Gramm in the Republican controlled Senate as well the parade of Nixon/Reagan admins. veterans that destroyed our financial regulatory structure during the 8 year Bush nightmare. You voted for these embiciles. You are more to blame for this situation than anyone in the Obama admin.
on Wed, 11/18/2009 - 17:43
#135152
Yeah, Rubin, Clinton, Greenspan,Dodd, Cox, ----ahh what's the use----
The "embiciles" are gonna get you after they eat their "dispersions".
Compton Elemetanry, right? Class of 08?
on Wed, 11/18/2009 - 18:04
#135183
+1 and +1 for the one above, too.
on Wed, 11/18/2009 - 18:09
#135192
Gramm-Leach-Bliley (which repealed Glass-Steagall) passed the Senate 90 - 8. The bankstas control the left, right, and center.
on Wed, 11/18/2009 - 18:40
#135240
And was signed by... William Jefferson Clinton.
Yeah, but it's All Bush's Fault.
on Wed, 11/18/2009 - 19:06
#135272
No, he just get's blamed for TARP, Lehman, Bear, AIG, bailout nation, Bernanke, and Paulson.
on Wed, 11/18/2009 - 19:30
#135301
You're right, Bush(es) is(are) awesome.
on Wed, 11/18/2009 - 19:51
#135331
Uh, I never said that.
on Wed, 11/18/2009 - 23:10
#135478
and don't forget who billy boy gave the pen to...
on Wed, 11/18/2009 - 18:05
#135185
parties were invented to make you think you have a choice. you don't.
george carlin....
on Wed, 11/18/2009 - 19:40
#135316
It's like the Irish say, "It doesn't matter who you vote for, the government always gets in."
on Wed, 11/18/2009 - 18:17
#135204
The best thing Obama can do is follow Jimmy Carters example. Serve one term and enjoy, a nice long happy, unproductive life, far away from Washington!
I kinda liked Carter till he called me a racist the other day.
on Wed, 11/18/2009 - 20:53
#135402
mbasham, you need to look at what these politicians actually do; not their rhetoric. I was a strong Obama supporter. Now we have a Dem in the White House and both house of Congress are controlled by the Dems; instead, I think we are learning that Congress is not controlled by Dems or Repubs, it is controlled by bankers and insurance companies.
Barney Frank is the worst. He talks a good game, but he acts a different one. Look at HR1207. He said we would see a vote on it, when he has no intention of allowing it to pass.
Please Massachussetts, find someone to replace Frank.
on Wed, 11/18/2009 - 21:24
#135433
I believe Clinton was president when Gramm passed his bad bill.
on Wed, 11/18/2009 - 21:46
#135445
Damn, you've got the post above about Barney Frank being an angel, and now this????
New book received today (UPS, not the "80% of every dollar goes to salaries, benefits, and pensions" USPS), "The Dollar Meltdown" by Charles Goyette, may I lift this quote and throw it your way, in speaking about the book's subject matter?:
"But it is not for the faint of heart or for those poisoned by a pointless loyalty to a particular party." (Emphasis mine).
on Wed, 11/18/2009 - 17:41
#135148
Complete and Public... okay, I'm waiting...this had BETTER get GOOD!
on Wed, 11/18/2009 - 18:07
#135190
"and by the way, Ms. Tavakoli, we are waiting for you to retract your apology to the 85 Broad team"
Oh, this is a standing ovation!
on Wed, 11/18/2009 - 18:11
#135196
JPM is there to carry on after Goldman takes their bow-n-exit. They were the ones to take the fall. imho.
on Wed, 11/18/2009 - 19:38
#135310
Why Jamie "Morgan": gets a pass on this board is mystifying to say the least.
on Wed, 11/18/2009 - 19:54
#135337
the zh community knows about dimon and the jpm crew.
sometimes it makes sense to focus the laser on the worst part of the cancer first, then work your way through the rest of the diseased body.
on Wed, 11/18/2009 - 20:31
#135385
+100
on Wed, 11/18/2009 - 18:11
#135198
All this talk is wasted. The government, both republicans and democrats are bought and paid for by the blood sucking gamblers called bankers. If the banks need another bailout, it will be provided. Neither Obama, the Congress nor the bankers give a rat's _ss what we the people care or think. They know the american people are sheeple and can be minipulated at will by the media machines. I fear there will be violent and bloody revolution before this is over. May God have mercy on us all.
on Wed, 11/18/2009 - 19:56
#135341
All this talk is wasted.
That's what some said when The Federalist Papers were published by three anonymous guys.
on Wed, 11/18/2009 - 18:14
#135201
I for one am going to eventually nut-the-fuck-up if nothing happens....
on Wed, 11/18/2009 - 18:25
#135214
Take away Goldman's direct pipeline to government insider dealings and they are just another fucking bucket shop.
on Wed, 11/18/2009 - 19:44
#135323
The other way'round. Government has been staffed by Goldman Sucks employees past and present. Hundreds of them infest every key financial position in the world.
Gotta hand it to them. They were able to performa a bloodless coup, a creep so quiet no one caught on until the cancer spread thruout the entire global economic enterprise.
You who do not believe there is conspiracy and has been for a hundred years to capture and keep a certain select few
in the lap of luxury for a thousand centuries are likely
to believe that Caruso-Cabrera doesn't have fake titties.
on Wed, 11/18/2009 - 19:45
#135324
The other way'round. Government has been staffed by Goldman Sucks employees past and present. Hundreds of them infest every key financial position in the world.
Gotta hand it to them. They were able to performa a bloodless coup, a creep so quiet no one caught on until the cancer spread thruout the entire global economic enterprise.
You who do not believe there is conspiracy and has been for a hundred years to capture and keep a certain select few
in the lap of luxury for a thousand centuries are likely
to believe that Caruso-Cabrera doesn't have fake titties.
on Thu, 11/19/2009 - 00:27
#135523
It's true. She has fake titties, and they work for Goldman.
on Thu, 11/19/2009 - 12:07
#135854
They are, in fact, Goldman's Sacks.
Thanks for the update.
on Wed, 11/18/2009 - 18:26
#135218
It is moving well. Bernanke will not have a second term. China shoved toxic medical products up Obama's behind and sent him home. That is what he gets for bowing.
Today on Fox News.com, 6:00 PM
Exclusive to Fox News by the Obama White House: Israeli settlements are dangerous.
Last week Fox was the enemy, this week it is lovey dovey.
Get ready, the oligarchy is about to panic. You can take the fool out of Chicago, but you cannot take Chicago out of the fool.
on Wed, 11/18/2009 - 19:58
#135343
Bernanke will not have a second term
I believe that this possibility is more likely than one month ago.
on Wed, 11/18/2009 - 18:26
#135219
on Wed, 11/18/2009 - 19:12
#135278
pretty good
on Wed, 11/18/2009 - 19:35
#135307
Whale: "Right, Ahab. Better ride in the short bus. You're tickling me."
on Wed, 11/18/2009 - 20:11
#135358
Captain Ahab
what art thou short bus
on Wed, 11/18/2009 - 19:48
#135327
KHAN!
on Wed, 11/18/2009 - 21:03
#135417
=]
on Wed, 11/18/2009 - 18:34
#135229
Yeah.
Elijah Cummings is going to straighten this all out.
I'm living in a freaking cukoo clock.
on Wed, 11/18/2009 - 21:30
#135438
ROFLMAO. That was fucking hilarious.
on Wed, 11/18/2009 - 21:51
#135447
Make that cuckoo, the guys here bellied up thought you were referencing cuckoldry. But yeah, Elijah wants a little attention, let me go see who contributes to him.
on Wed, 11/18/2009 - 18:36
#135232
As a capitalist, free market trader, I have to say Goldman Sachs and the Fed and elite Wall Street bankers have TOTALLY lost me.
I want free markets back. I want the Federal Reserve dissolved. I want Goldman Sachs closed, and all Goldman Sachs employees barred from working in government. Goldman folks are so addicted to government positions and money.
on Wed, 11/18/2009 - 21:38
#135441
Your comments are rather profound when you think about them. I suspect that many will agree that we want free markets back. But here we are in the USA wanting capitalism to return.
on Wed, 11/18/2009 - 18:39
#135237
Although it's a lonnnng shot. It is still good news.
With *tongue thoroughly planted in cheek.
I can see it now...
GS Prop desk - given this news and if it generates any traction...
"We dumped all of our shitty stuff courtesy of maiden lane/tarp.
The taxpayer is the counterparty! Our balance sheet and cash flow statement look better with each passing day!
What's the trade now?
Is there a CDS for the Fed? (Insurance against the Fed and the dollar).
Maybe it's just the yuan?
Or is it just puts on / against the dxy?"
Anyhow,
GS and other IB's continue to load up trades - all under the cover of "business" and "shareholder value."
The cycle continues until everyone is eaten.
on Wed, 11/18/2009 - 18:49
#135249
Why isnt RON PAUL's signature on there????
on Wed, 11/18/2009 - 19:48
#135329
They didn't bother asking him. His office is outside near the septic tank.
on Wed, 11/18/2009 - 18:57
#135262
"Is Goldman Sachs About To Drag Down The Federal Reserve?"
You mean they haven't up to now? Then again the Federal reserve is so low already, GS would have to reach a hand out of hell itself to drag them lower.
I guess that can be arranged...
on Wed, 11/18/2009 - 19:14
#135281
It’s no secret that Goldman has a massive public relations problem. That might be, of course, because of its fraudulent ways and its set aside so far this year of a $16.7 billion bonus pot for its employees, now averaging a handsome $770,000 each, during such tough economic times. At any rate, its image fixes are a bit strange.
First, there’re the press releases about Goldman’s charitable giving—dimes for charity contrasting with billions for Goldman. Then, not to be on the wrong side of the faithful, Lloyd suggests the company is doing God’s work. In the meantime the armies in the financial press keep up the drumbeat that Goldman is successful because Goldman is smarter, not because Goldman has an open door into the Fed and the Treasury. But of all the fixes to the golden image that we’ve seen so far, perhaps the worst was announced this morning with the massive lift of $500 million that Goldman said it would spend to help thousands of those small businesses recover that it ran over with its tractor tires.
To make the pittance—about 3 percent of the $16.7 billions set aside for its own bonuses-- go down with a spoonful of sugar, the Goldies had to go all the way to Omaha, Nebraska, and bring back the "be-sweatered" Buffett to help with the smiles and greetings for the downtrodden.
Was it only three weeks ago that the great Goldman told us “the overall economy is probably weaker at present than suggested by many standard indicators and the strength in the equity market because smaller companies—which are underrepresented in standard indicators and are not publicly traded—are underperforming larger ones…”?
As if that’s not enough, as any good Madison Avenue agency could tell you, one of the worst things Goldman could do after absconding with billions in tax money and then doling it out to each of its employees, was to cancel Christmas.
Yep. According to Business Insider, “Goldman has canceled its corporate Christmas party.
“Worse, they've also banned employees from funding their own parties, according to Investment News.”
Says BI, “This is the second year in a row that Goldman has killed the Christmas party.
"’Melissa Daly, a spokeswoman, confirmed that Goldman will not host a Christmas party this year and that it didn't hold one in 2008," Jessica Toonkel Marquez reports for I.N. 'She could not comment on whether the company is banning employees from holding their own parties.’
“We wonder, however, whether taking a stance against one of America's most beloved holidays is really a winner here.”
As do we. In the gathering list of companies criticized for Xing Christ from Christmas such as Gap, Old Navy, Banana Republic and now Buffett’s own See’s Candies, we’ve notice that the Christians’ Putting-Christ-Back-In-Christmas websites already have mentioned Goldman’s cancellation, for the second year in a row, of Christmas.
on Wed, 11/18/2009 - 19:51
#135332
This cutie just in from Ian Mathias of The 5 Min. Forecast:
Goldman Sachs, at perhaps the peak of its unpopularity, has announced the biggest charitable donation in the firm’s history. Goldman is grabbing headlines this morning with their new $500 million small-business assistance program, which over the next five years will pump money into various charities, investor education programs and grants.
Since $500 million over the next five years accounts for 3% of Goldman’s 2009 bonus pool… well… no one will confuse them for the March of Dimes anytime soon.
We’ve got an idea for Goldman. It’s complicated and a bit revolutionary, so stick with us: Double that sum to $1 billion and dump it in a new LLC. Instead of handing out free money, this company will borrow from the Fed at 0.25% and then lend money at 1.25%. With a billion in the vault, it’d be no sweat to extend around $10 billion in loans, all of which would be the cheapest in history. Borrowers would have money to invest and Goldman (thank heavens) would make up to $100 million… which they can then give to charity if they still can’t wash the blood off their fingertips.
We’ll call this new LLC a “bank.”
on Wed, 11/18/2009 - 23:22
#135489
and get muhammad yunus to run it
on Wed, 11/18/2009 - 19:22
#135286
John Adam was famously know as anti-partisan. Thomas Jefferson was famously know as anti-central bank.
The two both died on July Fourth. Our democracy starting dying immediatly after as our country quickly dove into deep partisan do-do in the early 19th century. The final nail in the coffin was the Federal Reserve in the early 20th. Now we are just decomposing in the early 21st century
Unless we can both eliminate the central bank and lift ourselves out of broad partisan affiliation we are f&*ked.
Bi-partisan is the worst because every time the D's and R's agree the average citizen gets f&*ked.
We need NON-partisan.
on Wed, 11/18/2009 - 19:39
#135311
There will be a sacrificial lamb bust up. It ain't the Fed.... I can think of a few screaming to the alter.
on Wed, 11/18/2009 - 20:03
#135349
They'll break up First Jersey Securities.
They wont do dick.
on Wed, 11/18/2009 - 20:04
#135350
the question "is GS going to bring down the fed?" is a little like asking "which came first the chicken or the egg?".
on Wed, 11/18/2009 - 20:05
#135351
Lloyd would never let this happen.
This is throwing the masses a bone. Just like the "contrite" Lloyd did on Friday, and the $500 million announcement to today. Public relations rule! And if they don't, congress is already bought and paid for.
BB
on Wed, 11/18/2009 - 20:10
#135356
Watch Glenn Beck show 11 17 09 on youtube. I personally dont like the guy, but it's a very interesting discussion. The good part starts when they talk about the dollar carry trade ( the final bubble) and the destruction that will hapen when there is a reversal. Its going to be a "flame out". I agree completely. Total economic collapse in a flash.
I have been thru it. I have lived under a socialist government, communist government. My father nearly lost his life trying to change things by force. Did not work. We finally had to get out, totally wiped out financially, but at least alive.
We came to this country for what it stood for. All is now nearly gone. I hope to God that we can make it thru this.
on Wed, 11/18/2009 - 20:27
#135379
Oh come on, just end the FED and let's get rockin.
on Wed, 11/18/2009 - 20:58
#135408
Happy $12,000,000,000,000!
http://www.treasurydirect.gov/NP/BPDLogin?application=np
on Wed, 11/18/2009 - 21:02
#135415
The goal of the letter is FRB transparency. But the effect will be that Congress uses this issue to take over control of the money supply. And then it's all over. Congress will be far worse than the Fed. Print and Spend, Print and Spend.
on Thu, 12/10/2009 - 20:55
#135418
We'll see if God protects GS from a downturn in the economy or will GS have to come begging for more money from the US tax payers.
on Wed, 11/18/2009 - 22:03
#135453
There have been a million charges against the evils that the establishment of the Federal Reserve has created. IMO, one of the best examples was demonstrated on today's Zero Hedge with the advent of Tyler Durden’s New York Fed Bringing Mortgage Bond Purchasing In-House, Halves External Managers.
Says Durden: "Why beat around the bush Dudley? Why not just announce that you are moving in all equity capital markets activity inhouse: especially the S&P and Russell 1000 futures which you have become so very specialized in. Additionally, in the future you can trade with the Treasury direct, buying their bonds and other worthless pieces of paper direct at par on the dollar, with Goldman picking a 3% vig on both sides of the trade, and having zero days of trading losses in Q4.”
on Wed, 11/18/2009 - 23:37
#135495
Elijah Cummings is my "representative". Despite numerous calls and e-mails to his office over the last year, he still has not cosponsored Ron Paul's Audit the Fed bill-- so it is hard to take his call for a "complete and public audit of the system" seriously. I wonder what his true motives are in wanting, as you say, "a complete tear down the existing Fed structure." Maybe it is to make way for the new agency that Dodd is proposing in the "Financial Stability" bill? Whatever his motive, I'm sure, based on his voting record, that it is not concern for the taxpayers.
on Thu, 11/19/2009 - 00:06
#135514
GS is off its highs, unlike the market which hit new highs this week. Best to use the timing signals to figure outg which way GS and the marketg go next.
time123
http://invetrics.com
on Thu, 11/19/2009 - 03:24
#135573
"According to the Books of Kings, Elijah raised the dead, brought fire down from the sky, and ascended into heaven in a chariot. In the Book of Malachi, Elijah's return is prophesied "before the coming of the great and terrible day of the Lord"
Things are looking up - rock on Elijah
on Thu, 11/19/2009 - 04:26
#135582
love listening to Cummings on C-Span. He's an honorable man who is asking the common sense questions nobody else on Capitol Hill is asking. Grayson is the "pit bull for the people" and Dodd is taking on the Wall Street mafia. Best of luck to the 3 Musketeers. Nobody in Europe can understand why America has degenerated into a complete basket case situation of Wall Street's "heads I win, tails you lose" proposition. I don't think anybody outside of America understands why America has allowed this to happen to such a great country.
on Thu, 11/19/2009 - 10:39
#135729
Are you kidding? Dodd taking on the Wall Street mafia? Dodd is IN the Wall Street mafia.
on Thu, 11/19/2009 - 06:02
#135597
I am absolutely certain that one of the two you mentioned will happen. But I do not think it GS which will go down but the FED. You must understand why the FED was ever created. Then understand who created it. Understand the devilish families called the rothschild. Goldman is the pet playground while FED purpose to drain the wealth. That purpose is almost done isnt it?
FED will go down in spectacular fashion. Infact the sign that gold broke thru was the first symbolic sign that the graveyard is being dug
Why Gold wil run In this article I make this point clear that Gold is being allowed to run to pay off the debt which FED has collected.
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on Thu, 11/19/2009 - 06:09
#135599
No mention of 12/3/1928 and the brilliantly timed launch of the GS Trading Corp., which, inflation-adjusted, blew the equivalent of $400+ Billie in their original Ponzi Scheme.
Bueller ? Bueller ? nobody? weak.
on Thu, 11/19/2009 - 06:46
#135617
How does the SIGTARP report "plainly refuted the firm's claims that it was not on the hook vis-a-vis AIG"?
I read the opposite
on Thu, 11/19/2009 - 09:48
#135679
From Ron Paul:
November 19, 2009
Critical Vote on Audit the Fed Today!
by John Tate
A few weeks ago, the Campaign for Liberty sent out an alert that Representative Mel Watt was attempting to water down HR 1207 in the House Financial Services Committee.
The latest reports we have received have informed us that a vote on the Watt amendment could come today!
There's still time for us to stop this attack on Audit the Fed! Click here to get a full list of Financial Services Committee members, along with their contact information.
Financial Services leadership seems determined to include Audit the Fed as part of a regulatory reform package instead of passing it as a standalone bill.
While will still do everything in its power to fight for a standalone vote on Audit the Fed on the House floor, it is critical we challenge Watt's amendment in Committee.
It will become much easier for our representatives to claim they still support Audit the Fed on the House floor if the Watt version passes, when, in reality, Representative Watt's amendment puts restrictions on Government Accountability Office audits of the Fed.
For example, Watt's amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.
Congressman Paul will offer an amendment in Committee restoring an audit of the Fed's entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.
Help us turn up the pressure on these members! Below is the list of Democrats on the committee who have cosponsored H.R. 1207. Please call them and urge them to vote "Yes" on Ron Paul's amendment. Click on their names to get their web contact information.
1. Rep. John Adler, NJ (202) 225-4765
2. Rep. Travis Childers, MS (202) 225-4306
3. Rep. Steve Driehaus, OH (202) 225-2216
4. Rep. Alan Grayson, FL (202) 225-2176
5. Rep. Rubén Hinojosa, TX (202) 225-2531
6. Rep. Suzanne Kosmas, FL Toll Free: 1-877-956-7627
7. Rep. Dan Maffei, NY (202) 225-3701
8. Rep. Brad Miller, NC (202) 225-3032
9. Rep. Walt Minnick, ID (202) 225-6611
10. Rep. Ed Perlmutter, CO (202)-225-2645
11. Rep. David Scott, GA (202) 225-2939
12. Rep. Brad Sherman, CA (202) 225-5911
13. Rep. Jackie Speier, CA (202) 225-3531
on Thu, 11/19/2009 - 10:44
#135740
We do need to throw him out, but for another dem.
I sure hope you don't really believe republicans will come back in and do better. Ron Paul, sure. The rest, will have no trouble with the 'status quo', and 'lasseiz faire'.
Only progressive dems, and ron paul repubs are fit to be in office. Pick between the two. But make sure whoever you pick, fits that mold. Otherwise you'll get a Michelle 'bigger retard than palin' Bachmann. Which is all that repubs will be running in 2010.
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