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"idealogically they thought this was the right thing to do"
Yeah...if your ideology is narcissism
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.
Terrific interview! TY for the link.
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.
A little off topic, but how do you say "Gold Bitches" in Chinese?
The interwebs say it would be thus:
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.
Banker to Congress...
"Ahh, but it's the Dollar that dies"
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.
Rubin is the economic assassin who turns to shit everything he touches. I hope Marla stabs him with a spork.
all this is known and still nothing is done.. hey - what time is Dancing with the Stars on?
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!
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.
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.
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.
This must be stopped. Full frontal assault on constitutional power limits.
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?
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.
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.
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.
Change you can belive in
Obama -- the Jimmy Carter of the 2000's
Jimmy Peanut = Fool
Barry Boy = Tool
Obama . . . . rodeo clown of Chicago politics
This just pisses me off. I wrote my CongressCritters -- all Democrats. I hope everyone reading this will do the same.
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.
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.
Great to see some mention of Rubin. The guy should wear an ankle monitor.
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.
Change you can believe in.
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.
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.
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.
When does the new article come out?
The Rolling Stone is on the stands...It will make your head explode.
Rubin is the modern day McNamara
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
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).
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.
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.
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.
as long as the jail cell has a full length mirror, everyone's happy
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.
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.
america gets bamboozled by the ivy boys club once again...
Matt looks like he's going to need therapy now.
Welcome to jungle, sir.
BTW, how does S0r)s fit in?? Reflexively,I imagine.
Bernanke poll numbers... YIKES!
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).
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.
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.
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
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