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Matt Taibbi Exposes Obama's Wall Street's Inner Circle, Pays Particular Homage To Robert Rubin

Tyler Durden's picture




 

Matt Taibbi gives an in-depth presentation unmasking the Wall Street crony advisors that whisper in the President's ear daily, the political push-pull that ended up gifting Tim Geithner his current job, as well as an analysis of the brains behind it all- former Goldmanite, Robert Rubin.

 

 

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Wed, 12/02/2009 - 20:53 | 149959 DaveyJones
DaveyJones's picture

"idealogically they thought this was the right thing to do"

Yeah...if your ideology is narcissism  

Wed, 12/02/2009 - 22:43 | 150142 Anonymous
Anonymous's picture

And greed. As in how much can we gamble and stick the American taxpayer for our losses. That's the mantra of their Free Market Capitalism rhetoric.

Wed, 12/02/2009 - 20:54 | 149960 vachon
vachon's picture

Terrific interview!  TY for the link.

Thu, 12/03/2009 - 09:17 | 150498 AngryVoter
AngryVoter's picture

Isn't it concerning that the Rolling Stone is now the eminant financial reporting media outlet.  If they aren't Orwellian mouthpieces one would think it would shame the MSM.  Their silence is confirmation of their role as partners in the conspiracy to subvert the truth.

Wed, 12/02/2009 - 21:06 | 149972 Anonymous
Anonymous's picture

A little off topic, but how do you say "Gold Bitches" in Chinese?

1224

Thu, 12/03/2009 - 00:11 | 150244 Steak
Steak's picture

The interwebs say it would be thus:

Jin, Saobi

Wed, 12/02/2009 - 21:07 | 149973 Cursive
Cursive's picture

The pacing of this is unreal.  Watch it.  You will not be bored. Anyone who thinks we, the American people, have not been majorly hoodwinked and laughed at is a fool.  It begins tomorrow with Bernanke.

Thu, 12/03/2009 - 08:20 | 150469 Rusty Shorts
Rusty Shorts's picture

Banker to Congress...

"Ahh, but it's the Dollar that dies"

 

http://www.youtube.com/watch?v=-eZpE3RhLFQ

Wed, 12/02/2009 - 21:23 | 149989 heatbarrier
heatbarrier's picture

Stan Fisher (Bernanke's MIT advisor) from the IMF, Rubin-Summers from Treasury and Greenspan from the Fed, was the Committee to Save the World during the 1997-98 Asian Crisis. Small world.

http://en.wikipedia.org/wiki/Stanley_Fischer

Wed, 12/02/2009 - 21:22 | 149993 Anonymous
Anonymous's picture

Rubin is the economic assassin who turns to shit everything he touches. I hope Marla stabs him with a spork.

Thu, 12/03/2009 - 11:23 | 150646 DaveyJones
DaveyJones's picture

The Anti-Midas

Wed, 12/02/2009 - 21:34 | 150014 Gubbmint Cheese
Gubbmint Cheese's picture

all this is known and still nothing is done.. hey - what time is Dancing with the Stars on?

*sigh*

 

 

Wed, 12/02/2009 - 22:48 | 150149 Anonymous
Anonymous's picture

This is old and kinda weak! Seems, Matt's had a flaming crush on Sara Palin, for about a month now. Wasted a lot time bashing a woman, out selling a book. That couldn't hurt anyone, even if she wanted to!

Thu, 12/03/2009 - 10:06 | 150556 Anonymous
Anonymous's picture

Matt is banging on Palin because the stooge Republicans- yeah are grooming a total twit for the Presidency- to finalize the takedown on this society. Hopefully he can forestall it.

Wed, 12/02/2009 - 21:41 | 150026 Anonymous
Anonymous's picture

People need to understand exactly how serious this is from a Constitutional perspective: What we have here in this new bill is unlimited spending power in the hands of the Executive branch.

The Congressional "power of the purse" (ie: All spending bills *must* originate in the House) is the primary check-and-balance against the consolidation of power in the hands of the Executive branch. Without the Congressional power of the purse, we live in a dictatorship -- A government in which a small handful of people can control the nation.

One must ask WHERE ON EARTH is the Supreme Court? TARP was already, by itself a massive breach of Constitutional authority because it was open-ended. This new bill -- which allows for "infinite bailouts" is essentially a handover of Legislative authority to the Executive. In other words: A coup.

Thu, 12/03/2009 - 00:55 | 150289 AR
AR's picture

Anonymous  /  You are very perceptive.  We have observed this as well, slowly, for the last 6 months. Americans has no idea what is happening right underneath them as they sleep. This all is very, very BAD. You have no idea how true your words are.

Thu, 12/03/2009 - 04:45 | 150421 Apocalypse Now
Apocalypse Now's picture

This must be stopped.  Full frontal assault on constitutional power limits.

Thu, 12/03/2009 - 14:12 | 150988 WaterWings
WaterWings's picture

Let's begin with recognizing the 10th Amendment for the constitutional lynch-pin that it is: "Feds, back the **** off!"

If it weren't for Jefferson and his compatriots known as the Anti-Federalists we would all be at the mercy of the vague 'general welfare' of the Federalists. How can one say the Anti-Feds lost out when they brought us some pretty important basics, like freedom of speech and the right to shoot back? 

Thu, 12/03/2009 - 09:25 | 150504 basehitz
basehitz's picture

Consider also the transfer of power to the Executive Branch potential in both the Cap & Trade and Healthcare bills being discussed. In some cases it is a cabinet appointee such as HHS Secretary for healthcare, but with energy it appears to be largely unelected czars appointed without Congressional review who wield the most power.

Thu, 12/03/2009 - 09:26 | 150507 Green Sharts
Green Sharts's picture

Without the Congressional power of the purse, we live in a dictatorship -- A government in which a small handful of people can control the nation.

Well said.  We effectively have an cabal of the Executive Branch (Obama, Geithner, Summers), the Fed (Bernanke) and major financial institution leaders (Dimon, Blankfein), as Simon Johnson's Atlantic Monthly article "The Quiet Coup" from earlier this year documents.  

Wed, 12/02/2009 - 21:49 | 150036 Anonymous
Anonymous's picture

doesnt he know you are not allowed to blame geitner, berhake, summes, rubin, feldman, hank grenberg, cass sumstein, orszag, sheila bair, mary shapiro,goldman,ram enmanuel, axelrod. it is illegal to blame them.

Wed, 12/02/2009 - 21:49 | 150037 Anonymous
Anonymous's picture

Change you can belive in

Wed, 12/02/2009 - 21:49 | 150039 Anonymous
Anonymous's picture

Obama -- the Jimmy Carter of the 2000's

Thu, 12/03/2009 - 07:26 | 150455 Anonymous
Anonymous's picture

Jimmy Peanut = Fool

Barry Boy = Tool

Wed, 12/02/2009 - 21:51 | 150045 Anonymous
Anonymous's picture

Obama . . . . rodeo clown of Chicago politics

Wed, 12/02/2009 - 22:01 | 150069 Anonymous
Anonymous's picture

This just pisses me off. I wrote my CongressCritters -- all Democrats. I hope everyone reading this will do the same.

------------------------
Senator,

No wonder average Americans are getting screwed while Washington Politicians bail out the Wall Street Gangster Banksters.

If there is no serious regulatory reform of the Financial Services Industry, to include breaking up the "to big to fail banks", there will be serious problems for those facing election next year. Democrats will rue the day they went along with this travesty.

Watch the video. Imagine your opponent running this -- pointing the finger at you -- for voting for some "do nothing" bill.

xxxxxxxxxxxx
-----------------------

Matt Taibbi Exposes Obama's Wall Street's Inner Circle, Pays Particular Homage To Robert Rubin
Submitted by Tyler Durden on 12/02/2009

Matt Taibbi gives an in-depth presentation unmasking the Wall Street crony advisors that whisper in the President's ear daily, the political push-pull that ended up gifting Tim Geithner his current job, as well as an analysis of the brains behind it all- former Goldmanite, Robert Rubin.

http://www.youtube.com/watch?v=G4it-Fs8RLw&feature=player_embedded

http://www.zerohedge.com/article/matt-taibbi-exposes-obamas-wall-streets...

Wed, 12/02/2009 - 22:06 | 150080 Dixie Normous
Dixie Normous's picture

Great to see some mention of Rubin.  The guy should wear an ankle monitor.

Wed, 12/02/2009 - 22:19 | 150097 Unscarred
Unscarred's picture

You just knew Rubin wasn't going to ride off into the sunset after being forced out (I'm sorry, resigning) at Citigroup.  The question that begs to be asked is, would we prefer he fuck up (I'm sorry, advise) the $45B TARP investment in Citi, or the $14T U.S. economy?

We know which one Obama picked.

Wed, 12/02/2009 - 22:26 | 150112 trillion_dollar...
trillion_dollar_deficit's picture

Change you can believe in.

Wed, 12/02/2009 - 22:37 | 150128 boooyaaaah
boooyaaaah's picture

You mean hiring more regulators is not the answer?

You mean there will be a law that requires bailouts?

It won't be a crisis anymore?

There won't be any September / October surprises anymore?

I guess that was the old fashioned, infantile way to steal elections.

 

 

Wed, 12/02/2009 - 22:41 | 150138 Anonymous
Anonymous's picture

is it really credible that bob rubin was oblivious to what citigroup was doing to itself during 2003-2006 or so? i don't know, i can't shake the idea that he was working for the squid all along.

Thu, 12/03/2009 - 09:42 | 150528 Green Sharts
Green Sharts's picture

Rubin wasn't oblivious to what Citi was doing.  It has been well documented that he was encouraging Chuck Prince to ramp up trading risk in an effort to make higher returns.  Rubin's model was Goldman, where he had come from.  Never mind that Citi was a massive conglomeration of bolted together acquired businesses that bore little resemblance to Goldman.

One of the conditions of Rubin taking his highly paid job at Citi was that he have no line management responsibility or accountability.  He tried to leave himself with plausible deniability.  It wasn't his fault, he only gave advice.  Other people made the decisions, as if they were going to ignore advice of former Treasury Secretary Bob Rubin, one of the men who saved the world in the 90's per the cover of TIME magazine.

Wed, 12/02/2009 - 22:57 | 150162 Anonymous
Anonymous's picture

When does the new article come out?

Thu, 12/03/2009 - 01:12 | 150306 myshadow
myshadow's picture

The Rolling Stone is on the stands...It will make your head explode.

Wed, 12/02/2009 - 23:17 | 150183 SDRII
SDRII's picture

Rubin is the modern day McNamara

Wed, 12/02/2009 - 23:50 | 150224 THE DORK OF CORK
THE DORK OF CORK's picture

Mcnamara at least expressed some shame for what he had done , Rubin and his ilk seem to be blessed with a clear conscience.

My God any man with a little honour in his bones would crawl into a cave and cry tears of anguish for the rest of his life.

These men/creatures should be both pitied and despised

 

Thu, 12/03/2009 - 07:54 | 150462 BoeingSpaceliner797
BoeingSpaceliner797's picture

D of C,

 

Rubin and his ilk are sociopaths.  As such, they have no conscience and can behave any way they want to/screw anybody they want to and feel nothing except pure exhiliration for "winning the game."  Check out, The Sociopath Next Door, by Martha Stout (hat tip to Dixie Normous for recommending this read to me).

Thu, 12/03/2009 - 09:45 | 150525 Bob
Bob's picture

Both pathologically narcissistic and sociopathic personalities fall into the diagnostic category of "Personality Disorders." It is common for a narcissist to exhibit very strong sociopathic traits as he/she ruthlessly pursues consumately self-aggrandizing ends.  Of course, the converse clearly holds true of the predominantly sociopathic personality pursuing its own ends.  In the real world, there can be a fine line between the two or--far more often--a large region of overlap between the two "components" of a single personality.  It's usually a matter of "potata-potahta."

These individuals are predominantly screaming narcissists whose sociopathic inclinations are supported by a layer upon layer of long-established supporting systems (which they themselves control) within a culture that worshipfully celebrates "success" above all.  

See The Culture of Narcissism by Christopher Lasch. 

Not that they shouldn't be jailed for their sociopathic actions in any case . . . but prosecution is almost exclusively reserved for  "losers" in America. 

Thu, 12/03/2009 - 10:18 | 150569 BoeingSpaceliner797
BoeingSpaceliner797's picture

Thank you for the read rec Bob.  Agreed, there is no money in prosecuting/jailing sociopathic/narcissistic leaders.  There is only money in prosecuting/jailing the "losers" among the numerous, "unwashed" masses.

Thu, 12/03/2009 - 11:26 | 150654 Bob
Bob's picture

Actually, what boggled my mind during a year spent as a prison psychologist was that penny ante criminals whose crimes cost society virtually nothing were being "corrected" to the tune of hundreds of millions of dollars of taxpayer money while world class financial criminals were enjoying the world as their oyster. 

Every day was a hell of surreal cognitive dissonance (no relation to the ZH poster) as I compared what was within those razor wire-topped walls with what was on the "outside." 

If as a society we had any meaningful will whatsoever to arrest financial crime, it would be a relatively simple matter--it would even be self-financing.  While petty criminals have no money or assets, white collar criminals have substantial "net worth" in financial terms.  Punishing them in appropriate terms most meaningful to them--seizing all their assets--would clean up the financial system, inject massive funds into prison systems, and (I strongly suspect) have a salutory deterent impact on financial crime. 

Actually, I think the majority of the population would support just such a system.  Too bad the deck is so insanely stacked in favor of the wealthy in every way, shape and form. 

Thu, 12/03/2009 - 11:30 | 150660 DaveyJones
DaveyJones's picture

as long as the jail cell has a full length mirror, everyone's happy

Thu, 12/03/2009 - 11:41 | 150690 Bob
Bob's picture

I thought it would be interesting to mix the white collar criminals in with the blue collar felons,  but dressed in uniforms that would not be so demeaning to them as the usual "prison blues" or orange jumpsuits.  We wouldn't want to strip them of their basic human dignity, after all. 

I think jumpsuits designed to resemble business suits would be just right. 

Thu, 12/03/2009 - 02:10 | 150347 Mark Beck
Mark Beck's picture

Robert McNamara was awarded the Medal of Freedom. I think for his efforts during the Cuban Missile crisis it was well deserved. Kennedy would have pulled out of Vietnam on the advise of McNamara, but was killed before the withdrawal could be finalized.

McNamara made mistakes, but I still have a lot of respect for him. McNamara was a smart individual that made some bad decisions. Johnson did not take his advise on the Vietnam war and boxed him in with rules of engagement. Johnson was pathetic, and ignorant of what Vietnam represented, in addition he did not search out the truth on his own.

Mark Beck

Wed, 12/02/2009 - 23:23 | 150190 tip e. canoe
tip e. canoe's picture

america gets bamboozled by the ivy boys club once again...

Wed, 12/02/2009 - 23:47 | 150218 spekulatn
spekulatn's picture

Matt looks like he's going to need therapy now.

Welcome to jungle, sir. 

BTW, how does  S0r)s fit in?? Reflexively,I imagine.

Thu, 12/03/2009 - 00:02 | 150236 Anonymous
Thu, 12/03/2009 - 00:37 | 150267 lizzy36
lizzy36's picture

The fact that Matt is writing about these issues (with his brilliant humor) gives me a degree of hope that more yanks (present company excepted) may become engaged in these issues.

Doesn't it seem like the definition of insanity that this time last year we were all reading Micheal Lewis's "The End Of Wall Street" and this year we are partying like it is 1999 (cramer pumping AMZN).

Thu, 12/03/2009 - 00:57 | 150292 Dixie Normous
Dixie Normous's picture

Given how much play the Vampire Squid article got over so many outlets, one can only hope that this time around Rob Rubin will be exposed to sunlight and subsequently dry up.  Not likely, but I can dream.

Funny you should mention reading and the AMZN pump, don't ya know, all books will be replaced with Kindle's and the stock will never have another down day.

Thu, 12/03/2009 - 00:52 | 150288 rapier
rapier's picture

Obama had no choice. If he had gone in any other direction there was nobody among the political or financial elites who would follow. They would blow the place up.

Well that's my story. The one thing that does not fit any story is why the market kept tanking through Feb as all the players were put in place and word went out no accounting rule was going to be so sacred it could not be ignored and that yes AIG would pay off the favored ones and yes Ben would print up a trillion, to start?  That is what had me fooled. I was aware that the in crowd was in again and going to get much of what their dreams were so I could not unserstand C at a buck.

I guess they were just setting the hook. I generally don't like to think in those terms but what can you make of it otherwise. The final plunge to 666 was engineered.

Thu, 12/03/2009 - 01:15 | 150310 Thaisleeze (not verified)
Thaisleeze's picture

Seconded. I really fear for my 1 year old son's future and feel stupid for having so much hope on behalf of America when Obama was elected...err, seems like he really was selected by Bilderberg

Thu, 12/03/2009 - 08:18 | 150468 Anonymous
Anonymous's picture

Its not just your 1 year old son, it will be his sons and daughters as well as their sons and daughters to come, that will be paying for all this.

Was this the CHANGE we asked for ?

Now, lets hear it again ... FOUR MORE YEARS

FOUR MORE YEARS

Lets hear it for the Man who's bringing us back onto the path of prosperity.

That is, if you're working on Wall Street.

Thu, 12/03/2009 - 11:35 | 150669 DaveyJones
DaveyJones's picture

it's not just his 1 year old son, it's his father too. The shit is hitting the fan as we type. I often think that we will be the most hated generation for not stopping everything that is going down.    

Thu, 12/03/2009 - 12:44 | 150721 Bob
Bob's picture

Not to mention being the generation that aided, abetted, and perpetrated it to begin with.  Will they be willing to pay for our malfeasance?  Love for my children forces me to say that I hope not.  It's gotta end somewhere. 

Thu, 12/03/2009 - 04:41 | 150419 Brett in Manhattan
Brett in Manhattan's picture

My theory is that Wall St. insiders knew they were going to launch a long rally in the spring, and by shaking out investors who bought in at November lows more inventory could be obtained for later distribution.

Thu, 12/03/2009 - 01:03 | 150299 Anonymous
Anonymous's picture

Oh, Robert Reich, we hardly knew ye.

P.S. The math question was wrong, which does not reinforce confidence in my recent investments in gold.

Thu, 12/03/2009 - 01:04 | 150300 Anonymous
Anonymous's picture

Will there ever be a boiling point to all this thievery? Or, will we just sit by and watch the robot bid/ask wars for etnernity with our own tax dollars?

Can't help but feel completely helpless on the sidelines.

Thu, 12/03/2009 - 01:05 | 150301 Anonymous
Anonymous's picture

I think it's official the GS bashing band wagon has officially come to an end, I just heard Jim Cramer give GS the outrage of the day. Should be the outrage of the past century for still existing. Could the GS bash trade finally be overcrowded? I hope not.

Thu, 12/03/2009 - 03:55 | 150406 time123
time123's picture

Interesting interview. Worth listening to all points of view.

admin

http://invetrics.com

Thu, 12/03/2009 - 05:18 | 150423 Apocalypse Now
Apocalypse Now's picture

I hope Matt does his next expose on climategate.

Check out this headline:

Boxer: Hackers should face criminal probe over 'Climategate'

In response, a suggested expose title:

Nation: Political Hacks should face criminal probe over 'Climategate'

I detest this carbon dioxide emitting life form posing as a representative of the people.

The arrogance, the audacity, the political mis-calculation - let freedumb reign.  Barbara Boxer you are an embarassment to our country, don't try to treat us like we are 5 years old - trying to change the subject and go for an ad hominem attack doesn't address the most important questions.  The crime here is your friends destroying data despite a freedom of information act request - they were caught in the act and now want to draw attention to the individual that shined a light on your corruption.  Whoever released the information was a brave hero and lover of freedom - they should get a medal of honor.

You think we're fucked now America, just see what happens if cap and trade taxes go through and the president is granted the power to provide permanent funding for any entity without the separation of powers required in the constitution - including funding the IPCC, Acorn, and any other slush fund using companies like AIG as a conduit.  Unlimited funds to their cronies paid through bailout conduits like AIG.

Thu, 12/03/2009 - 05:59 | 150432 BorisTheBlade
BorisTheBlade's picture

He wrote very shortly about Cap&Trade in his famous article about Goldman, but I hope he gets to investigate the whole scam in much more details.

Thu, 12/03/2009 - 18:05 | 151480 sgt_doom
sgt_doom's picture

What's to investigate?  After those two attorneys from the EPA came out with their story on cap-and-trade being nothing more than an ineffectual financial scam (carbonfees.org) and that GAO study explaing the very same thing awhile back (fraught with financial fraud, does nothing for real pollution), and the known facts of ownership stake:

ICE US Trust:  Goldman Sachs, Morgan Stanley, JP Morgan and the oil cartel.

Climate Exchange PLC (holding company which owns all the other climate exchanges): see above (the very same crew)

InterContinental Exchange (ICE): Goldman Sachs, Morgan Stanley, JPMorgan and the oil cartel.

Markit Group: Goldman Sachs, JPMorgan, Citigroup, BofA

DTCC: 35% ownership by NYSE, the rest: Goldman Sachs, Morgan Stanley, Credit Suisse, etc.

Thanks for a great Taibbi interview, BTW!!!

Thu, 12/03/2009 - 08:28 | 150473 Anonymous
Anonymous's picture

This President has done some good things.

He is trying to inspire America onto greater entrepreneurship.

For example, I wouldn't know how to set up a brothel for underaged girls with some funding from the Govt.

But thanks to the expertise provided thru Acorn, we can all be brothel keepers when we lose our day jobs.

C'mon, look on the bright side.

Thu, 12/03/2009 - 09:00 | 150490 Anonymous
Anonymous's picture

AN;
I too, have been hoping, and watching Matt. I hope I'm wrong, but it appears ClimateGate goes against his religion. He is aware of the GS,JPM,PNC, ClimateGate dog knotted love feast. But like the ostrich with it's head stuck in the sand. Matt's got his nose firmly attached to Palin's ass crack, hoping ClimateGate will fix itself or just go away.

Thu, 12/03/2009 - 05:45 | 150430 Anonymous
Anonymous's picture

Bad close. Taibbi has no idea if these guys really believe in their stated ideology or not. Chances are, they are just thugs.

I know it may sound unthinkable that such noble characters as Summers, Geithner, Rubin, and yes, Obama, are just mafia, who really have no belief in all the neoliberal crap they've been selling, but have just been gaming the system, serving their clients at the big banks, and making out like bandits.

That is what the empirical evidence points to though. Just thugs. There were a dozen ways they could have rescued the economy that DIDN'T include preserving the organized crime operation that is the "financial sector."

Tocque

Thu, 12/03/2009 - 10:02 | 150550 Bob
Bob's picture

We all have a remarkable ability to believe whatever puts us in the most favorable light and provides the highest returns.  It's easy--seems almost instinctive for nearly everyone. 

I would expect that, if we could see within their hearts, they believe everything they say and anything that should interfere with that on an intellectual level is simply blocked out.  Do you think Mafioso's are having evil thoughts during Mass?  That they don't really love their families?  That they have any doubts that what they are doing is righteous (within their value systems) and that they have worked hard to earn all that they have?

How do you suppose all the folks who participate in our system as waterboys for the bankstas et al live with themselves?

It may be sick, but in a sick system it is those who most cleverly apply the peculiar advantages of their own sickness who rise to the top.

Fri, 12/04/2009 - 12:40 | 152472 tip e. canoe
tip e. canoe's picture

bob, love your expert observations on criminal psychology.    please continue posting in this vein...it's very important to understand the thought processes of these individuals for those seeking to break from their grip.

also find it interesting that all comments that i've read on the net from people with advanced psychology degrees all point to the pathological sickness of society itself.

Thu, 12/03/2009 - 10:52 | 150598 Anonymous
Anonymous's picture

The close sure left me wondering why he said that.

You're right. Obama owes Air Force One transportation, the limo, and other emoluments of office to the Goldman Sucks
tribe, who have no belief other than personal aggrandizement.

Thu, 12/03/2009 - 11:39 | 150687 DaveyJones
DaveyJones's picture

+100. Nothing makes sense until you realize they're just criminals.

Thu, 12/03/2009 - 07:23 | 150453 Anonymous
Anonymous's picture

Beats pulling into the bank and seeing an "Out of Business" sign in the window and the ATM turned off.

Thu, 12/03/2009 - 08:37 | 150477 Anonymous
Anonymous's picture

Caused the financial crisis by deregulating the industry?

Wrong. It was regulation of the industry, specifically forcing banks to made bad mortgages and the GSEs to buy them, that distorted the housing market and caused the inevitable credit collapse.

I can understand why bashing Rubin is popular here - I engage in it frequently myself - but let's not mix junk economics into the argument.

Thu, 12/03/2009 - 09:41 | 150520 BoeingSpaceliner797
BoeingSpaceliner797's picture

No offense intended to any other posters here but it is folly to cite deregulation or regulation (or any other single variable) as the sole cause of the ongoing global financial/economic crisis save one:  our monetary system.  JMO, when your government cedes it's authority to issue the nation's money to a private corporation which is allowed to act with full independence and impunity, then booms and busts are an inevitable fact of life.  In fact, it allows booms and busts to be engineered if people with questionable or no conscience and unmitigated greed are put at the controls. 

 

It's not that difficult to understand.  Which entity exerts greater control over each of our daily lives, the Federal Reserve or the Federal government?  The Fed setting target interest rates, regulating (or choosing not to regulate) bank holding companies and printing money (add 0s and commas electronically as much as they want to) are just a few of the reasons why I believe that the Fed exerts far greater control of each of us in our daily lives than the government.  They directly control or indirectly influence our mortgage rates, credit card rates, loan rates.  Through issuance/contraction of money/credit, they directly control or indirectly influence whether we experience inflation or deflation.  As is painfully obvious to anybody willing to pay attention to current events, they also currently control our government.

Thu, 12/03/2009 - 18:09 | 151490 sgt_doom
sgt_doom's picture

You are right, of course, technically speaking.

But still, the passage of Gramm-Leach-Bliley allowed for the establishment of ultra-financial monopolies, while the passage of the Commodity Futures Modernization Act of 2000 allowed for ultraleveraging by those ultramonopolies.

And we all know who the guilty parties are......

Thu, 12/03/2009 - 09:43 | 150529 EQ
EQ's picture

A bunch of crooked muther fruckers.

Thu, 12/03/2009 - 09:44 | 150531 Dadoomsayer
Dadoomsayer's picture

Taibbi gets an A+

Thu, 12/03/2009 - 10:24 | 150573 Anonymous
Anonymous's picture

Love ya' Taibi--

But can someone EXPLAIN to America, why a guy from Rolling STONE magazine is one of the only journalists getting to the TRUTH for us??

WHY is our president not ititiating massive investigations into the Wall Street corruption and CRIMES committed against the citizens of this nation??

Oh yeah, I forgot-- Because he HIRED them all to run his administration.

SOS SOS SOS SOS SOS SOS SOS SOS SOS SOS

Thu, 12/03/2009 - 11:35 | 150674 Unscarred
Unscarred's picture

Be cafeful of how much you laud his efforts.  He's got a bit of sensationalism in his reporting, as well.  From an earlier post:

http://www.zerohedge.com/article/smoke-and-mirrors-everywhere#comment-10...

 

Thu, 12/03/2009 - 18:18 | 151506 sgt_doom
sgt_doom's picture

Simple.  Because this has been in the making for quite some time (from generations to centuries, actually).  Today we have 50,000 foundations plus 40,000 DC lobbyists plus 5 media-controlling corporations who engineer our news awarness and reality.

When NPR shows are staffed with shills from the American Enterprise Institute (its chairman is the owner of the largest hedge fund around); the Cato Institute (whose finacial backers are part of the family which gave us the Liberty Lobby and the John Birch Society [Koch family]; the various AIPAC-connected subgroups; the Heritage Foundation, the Brookings Institute, and all those other phony "stink tanks" -- and there are people who actually believe they get the "news" from NPR, and Foxtard, CNN and the others are too depraved and bent to even comment upon....then everyone should get the BIG PICTURE!

Thank God for Taibbi, Nomi Prins, Pam Martens, Prof. James K. Galbraith, Prof. Michael Hudson, Prof. R.T. Naylor, etc.

ref: http://www.theendofpoverty.com/

ref: http://www.ied.info/

ref: http://michaeljamesbarker.wordpress.com/

 

 

Thu, 12/03/2009 - 14:05 | 150971 Anonymous
Anonymous's picture

Sounds a little too conspiratorial. Robert Rubin's son? Come on. You have to do better than that.

Thu, 12/03/2009 - 15:17 | 151129 Phocion
Phocion's picture

"If God exists may he strike me dead right now..."  Point being, it is very difficult to prove, empirically, that God does exist, while just as difficult to prove the opposite (depending on your line of reasoning).  This is the same rationale Taibbi employs in his critique of economic policy makers.  His voice is a necessary one in the course of the public debate, but, in my view, it is important to keep his views in perspective.  While there are no doubt many inherent conflicts of interest in this cadre of economic advisors, what other officials have had the requisite experience to carry out the duties of the country?  Should all economic policy roles be handed to Economics Professors from the same 5 elite institutions, who have little to no experience in capital markets?  

Thu, 12/03/2009 - 18:28 | 151518 sgt_doom
sgt_doom's picture

"..what other officials have had the requisite experience to carry out the duties of the country?"

Lame, Phocion, very, very lame.

Gee, so you are claiming that Diana Farrell, who has made all her millions as a working adult in the American jobs-offshoring industry (McKinsey Global Institute, Goldman Sachs), has the requisite experience????

So you believe Laura Tyson, director at Morgan Stanley and uber-supporter of NAFTA, really has the requisite experience for anything other than supporting the offshoring of as many American jobs as possible, along with global money laundering by American transnationals?

Does the Solicitor General position REALLY have to go to a former Goldman Sachs person?

Does a former pharmaceutical industry person, Tara O'Toole, really deserve to be in the Dept. of Homeland Security?

Does the majority of Obama's appointments really have to be either from Goldman Sachs, and/or private equity firms?  Do you realize how damaging those private equity firms have been to the tax base of America?  Do you know anything about the US tax structure and interest tax deductibility and debt leveraging?

Does Mark Patterson, former Goldman Sachs lobbyist, really deserve to be Geithner's chief of staff?  Does Geithner really have the experience to qualify for Treasury?  (I know, he was in the Treasury during both George H.W. Bush's admin. as well as Clinton's.)

Why is virtually almost every Obama appointee either a member of the Bretton Woods Committee (brettonwoods.org) or from an organization that is a member?

And you do realize that Bretton Woods Committee is the most anti-worker, anti-union and anti-American lobbyist group of the ultra-rich?

 

 

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