You're now on the archive server. Commenting has been disabled.

Is Goldman Sachs About To Drag Down The Federal Reserve?

Tyler Durden's picture




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.




Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 11/18/2009 - 18:03 | Link to Comment Ivanovich
Ivanovich's picture

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.

Wed, 11/18/2009 - 18:26 | Link to Comment WaterWings
WaterWings's picture

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!

 

Wed, 11/18/2009 - 21:31 | Link to Comment Anonymous
Thu, 11/19/2009 - 00:29 | Link to Comment faustian bargain
faustian bargain's picture

as in 'fruited'.

Thu, 11/19/2009 - 11:43 | Link to Comment Anonymous
Sun, 11/22/2009 - 09:29 | Link to Comment albion402
albion402's picture

Hmmm....maybe a Romney or Newtster or McCain would be more acceptable?

Wed, 11/18/2009 - 18:04 | Link to Comment faustian bargain
faustian bargain's picture

(end the fed)

Wed, 11/18/2009 - 18:07 | Link to Comment sysin3
sysin3's picture

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.

Thu, 11/19/2009 - 07:12 | Link to Comment Gordon_Gekko
Gordon_Gekko's picture

Yeah, but a Congress with a gun to its head.

Wed, 11/18/2009 - 18:11 | Link to Comment Lionhead
Lionhead's picture

That's a happy thought; we get a 2fer. GS & the FED exit the system. Time for a gold audit also.

Wed, 11/18/2009 - 18:11 | Link to Comment ShankyS
ShankyS's picture

As we say down south - Oooh hell yeah!

Wed, 11/18/2009 - 18:12 | Link to Comment buzzsaw99
buzzsaw99's picture

It'll be easier to just wait for a total stock market and currency collapse then start over.

Wed, 11/18/2009 - 19:12 | Link to Comment deadhead
deadhead's picture

that comment made be burst out loud with laughter.  very funny shit.  thanks, I did need it.

Wed, 11/18/2009 - 18:12 | Link to Comment Harbourcity
Harbourcity's picture

It's all smoke and mirrors.

Nothing, will change.  It will take the collapse of the US economy to force a change.

 

Wed, 11/18/2009 - 18:23 | Link to Comment Divided States ...
Divided States of America's picture

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.

Wed, 11/18/2009 - 18:13 | Link to Comment Prophet of Wise
Prophet of Wise's picture

 "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:

“An established and well-defined identity and community of interest between a few leaders of finance which has been created and is held together through stock holdings, interlocking directorates, and other forms of domination over banks, trust companies, railroads, public service and industrial corporations, and which resulted in a vast and growing concentration of control of money and credit in the hands of a comparatively few men….”8

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.

Wed, 11/18/2009 - 19:35 | Link to Comment Daedal
Daedal's picture

I, too, have seen "The Skulls".

Wed, 11/18/2009 - 18:14 | Link to Comment delacroix
delacroix's picture

NEWS STORY 2015   U. S. seeks foreigh aid from isreal.

Wed, 11/18/2009 - 18:47 | Link to Comment Miyagi_san
Miyagi_san's picture

News :2012  OBAMA WINS !!!.....

pg.2  Goldman Sach's buys Federal Reserve for debt swap 

Wed, 11/18/2009 - 18:55 | Link to Comment agrotera
agrotera's picture

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.

Wed, 11/18/2009 - 18:15 | Link to Comment NYPoke
NYPoke's picture

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.

Wed, 11/18/2009 - 18:36 | Link to Comment Anonymous
Wed, 11/18/2009 - 23:58 | Link to Comment tip e. canoe
tip e. canoe's picture

"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...

Thu, 11/19/2009 - 00:08 | Link to Comment Brother can you...
Brother can you spare a dime's picture

Drain the pool....

Wed, 11/18/2009 - 18:15 | Link to Comment RockyRacoon
RockyRacoon's picture

Wishful thinking.  Ain't gonna happen.  Once again: Follow the money.

Wed, 11/18/2009 - 18:16 | Link to Comment Careless Whisper
Careless Whisper's picture

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.

Wed, 11/18/2009 - 18:24 | Link to Comment primus
primus's picture

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.

Wed, 11/18/2009 - 18:56 | Link to Comment LongMarch
LongMarch's picture

"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 

 

Wed, 11/18/2009 - 19:30 | Link to Comment Anonymous
Thu, 11/19/2009 - 00:06 | Link to Comment tip e. canoe
tip e. canoe's picture

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.

Thu, 11/19/2009 - 01:51 | Link to Comment LongMarch
LongMarch's picture

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?


Wed, 11/18/2009 - 18:26 | Link to Comment vachon
vachon's picture

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. 

Wed, 11/18/2009 - 18:30 | Link to Comment Anonymous
Wed, 11/18/2009 - 18:30 | Link to Comment Missing_Link
Missing_Link's picture

Giant octopus (vampire squid) vs. whale  ...  This should be fun to watch.

Wed, 11/18/2009 - 18:31 | Link to Comment agrotera
agrotera's picture

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.

 

Wed, 11/18/2009 - 18:33 | Link to Comment mbasham
mbasham's picture

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.

Wed, 11/18/2009 - 18:39 | Link to Comment Anonymous
Wed, 11/18/2009 - 19:37 | Link to Comment snorkeler
snorkeler's picture

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

Thu, 11/19/2009 - 08:15 | Link to Comment mojine
mojine's picture

You send him the plastic Oscar- I'll send him the lube.

Thu, 11/19/2009 - 11:41 | Link to Comment Anonymous
Wed, 11/18/2009 - 18:37 | Link to Comment mbasham
mbasham's picture

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.

Wed, 11/18/2009 - 18:43 | Link to Comment Anonymous
Wed, 11/18/2009 - 19:04 | Link to Comment Argonaught
Argonaught's picture

+1 and +1 for the one above, too. 

Wed, 11/18/2009 - 19:09 | Link to Comment Careless Whisper
Careless Whisper's picture

Gramm-Leach-Bliley (which repealed Glass-Steagall) passed the Senate 90 - 8. The bankstas control the left, right, and center.

Wed, 11/18/2009 - 19:40 | Link to Comment docj
docj's picture

And was signed by... William Jefferson Clinton.

Yeah, but it's All Bush's Fault.

Wed, 11/18/2009 - 20:06 | Link to Comment Careless Whisper
Careless Whisper's picture

No, he just get's blamed for TARP, Lehman, Bear, AIG, bailout nation, Bernanke, and Paulson.

Wed, 11/18/2009 - 20:30 | Link to Comment BobPaulson
BobPaulson's picture

You're right, Bush(es) is(are) awesome.

Wed, 11/18/2009 - 20:51 | Link to Comment docj
docj's picture

Uh, I never said that.

Thu, 11/19/2009 - 00:10 | Link to Comment tip e. canoe
tip e. canoe's picture

and don't forget who billy boy gave the pen to...

Wed, 11/18/2009 - 19:05 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:40 | Link to Comment Johnny G.
Johnny G.'s picture

It's like the Irish say, "It doesn't matter who you vote for, the government always gets in."

Wed, 11/18/2009 - 19:17 | Link to Comment Anonymous
Wed, 11/18/2009 - 21:53 | Link to Comment Anonymous
Wed, 11/18/2009 - 22:24 | Link to Comment GoldmanSux
GoldmanSux's picture

I believe Clinton was president when Gramm passed his bad bill.

Wed, 11/18/2009 - 22:46 | Link to Comment Big Red
Big Red's picture

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).

Wed, 11/18/2009 - 18:41 | Link to Comment D.O.D.
D.O.D.'s picture

Complete and Public... okay, I'm waiting...this had BETTER get GOOD!

Wed, 11/18/2009 - 19:07 | Link to Comment deadhead
deadhead's picture

"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!

Wed, 11/18/2009 - 19:11 | Link to Comment pocomotion
pocomotion's picture

JPM is there to carry on after Goldman takes their bow-n-exit.  They were the ones to take the fall. imho.

Wed, 11/18/2009 - 20:38 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:54 | Link to Comment deadhead
deadhead's picture

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.

Wed, 11/18/2009 - 21:31 | Link to Comment tomdub_1024
tomdub_1024's picture

+100

Wed, 11/18/2009 - 19:11 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:56 | Link to Comment deadhead
deadhead's picture

All this talk is wasted.

That's what some said when The Federalist Papers were published by three anonymous guys.

Wed, 11/18/2009 - 19:14 | Link to Comment JuicyTheAnimal
JuicyTheAnimal's picture

I for one am going to eventually nut-the-fuck-up if nothing happens....

 

Wed, 11/18/2009 - 19:25 | Link to Comment Fritz
Fritz's picture

Take away Goldman's direct pipeline to government insider dealings and they are just another fucking bucket shop.

 

Wed, 11/18/2009 - 20:44 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:45 | Link to Comment Anonymous
Thu, 11/19/2009 - 01:27 | Link to Comment Missing_Link
Missing_Link's picture

It's true.  She has fake titties, and they work for Goldman.

Thu, 11/19/2009 - 13:07 | Link to Comment MsCreant
MsCreant's picture

They are, in fact, Goldman's Sacks.

Thanks for the update.

Wed, 11/18/2009 - 19:26 | Link to Comment waterdog
waterdog's picture

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.

Wed, 11/18/2009 - 20:58 | Link to Comment deadhead
deadhead's picture

Bernanke will not have a second term

I believe that this possibility is more likely than one month ago.

Wed, 11/18/2009 - 19:26 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture
Captain Ahab
Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee
Wed, 11/18/2009 - 20:12 | Link to Comment waterdog
waterdog's picture

pretty good

Wed, 11/18/2009 - 20:35 | Link to Comment Anonymous
Wed, 11/18/2009 - 21:11 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Captain Ahab

what art thou short bus

Wed, 11/18/2009 - 20:48 | Link to Comment Art Vandelay
Art Vandelay's picture

KHAN!

Wed, 11/18/2009 - 22:03 | Link to Comment D.O.D.
D.O.D.'s picture

=]

Wed, 11/18/2009 - 19:34 | Link to Comment Rusty_Shackleford
Rusty_Shackleford's picture

Yeah. 

 

Elijah Cummings is going to straighten this all out.

 

I'm living in a freaking cukoo clock.

Wed, 11/18/2009 - 22:30 | Link to Comment eggy123
eggy123's picture

ROFLMAO. That was fucking hilarious.

Wed, 11/18/2009 - 22:51 | Link to Comment Big Red
Big Red's picture

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.

Wed, 11/18/2009 - 19:36 | Link to Comment newera22
newera22's picture

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.

Wed, 11/18/2009 - 22:38 | Link to Comment Careless Whisper
Careless Whisper's picture

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.

Wed, 11/18/2009 - 19:39 | Link to Comment Anonymous
Wed, 11/18/2009 - 19:49 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:48 | Link to Comment Johnny G.
Johnny G.'s picture

They didn't bother asking him.  His office is outside near the septic tank.

Wed, 11/18/2009 - 19:57 | Link to Comment MsCreant
MsCreant's picture
"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...

Wed, 11/18/2009 - 20:14 | Link to Comment JR
JR's picture

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.  

Wed, 11/18/2009 - 20:51 | Link to Comment RockyRacoon
RockyRacoon's picture

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.”

Thu, 11/19/2009 - 00:22 | Link to Comment Anonymous
Wed, 11/18/2009 - 20:22 | Link to Comment Tommy
Tommy's picture

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.

Wed, 11/18/2009 - 20:39 | Link to Comment max2205
max2205's picture

There will be a sacrificial lamb bust up. It ain't the Fed.... I can think of a few screaming to the alter.

Wed, 11/18/2009 - 21:03 | Link to Comment Shylock81611
Shylock81611's picture

They'll break up First Jersey Securities.

 

They wont do dick.

Wed, 11/18/2009 - 21:04 | Link to Comment CB
CB's picture

the question "is GS going to bring down the fed?" is a little like asking "which came first the chicken or the egg?".

Wed, 11/18/2009 - 21:05 | Link to Comment Anonymous
Wed, 11/18/2009 - 21:10 | Link to Comment Anonymous
Wed, 11/18/2009 - 21:27 | Link to Comment Anonymous
Wed, 11/18/2009 - 21:58 | Link to Comment Anonymous
Wed, 11/18/2009 - 22:02 | Link to Comment Breaker
Breaker's picture

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.

Thu, 12/10/2009 - 21:55 | Link to Comment graspthemarket
graspthemarket's picture

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.

Wed, 11/18/2009 - 23:03 | Link to Comment JR
JR's picture

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.”

Thu, 11/19/2009 - 00:37 | Link to Comment Anonymous
Thu, 11/19/2009 - 01:06 | Link to Comment time123
time123's picture

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

Thu, 11/19/2009 - 04:24 | Link to Comment whydtinogo
whydtinogo's picture

"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

Thu, 11/19/2009 - 05:26 | Link to Comment blueskyscottsdale
blueskyscottsdale's picture

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.

Thu, 11/19/2009 - 11:39 | Link to Comment Anonymous
Thu, 11/19/2009 - 07:02 | Link to Comment fresbee
fresbee's picture

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.

You can subscribe to the updates:

Investing Contrarian Updates

Fresbee
Investing Contrarian

Thu, 11/19/2009 - 07:09 | Link to Comment Chopshop
Chopshop's picture

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.

Thu, 11/19/2009 - 07:46 | Link to Comment Anonymous
Thu, 11/19/2009 - 10:48 | Link to Comment Anonymous
Thu, 11/19/2009 - 11:44 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!