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Ratigan Throws Down The Gauntlet At Goldman Sachs
Dylan Ratigan has issued a direct challenge to Goldman Sachs:
There is a sense that if you make money you are going to give. Making money, however, is different from stealing money. If you steal the money, you are not expected to give it to a charity my friends. If you steal the money we will take the money back from you, by way of the government, and put you in jail. The American taxpayer in fact has given trillions of dollars, billions directly to Goldman Sachs so that Goldman can use the taxpayer subsidy to play a parlor game and pay themselves record bonuses.
What apparently set Dylan off so much, were the hypocritical statements made earlier by Goldman employee Lord Brian Griffiths, at a conference on morality and markets, in which he implored bankers, in addition to saying that inequality helps all, to increase charitable giving to "boost the banking industry's tarnished reputation."
Dylan's proposals on how to effectuate the anti-Goldman movement:
- Move money to small banks
- Use cash, not credit cards
- Contact your lawmakers.
Full clip below:
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Goldman Sachs announced plans last week to donate $200 million to charity, a move designed to quell criticism over the firm's massive profits (and the massive bonuses that will soon handed out to the bank's employees). The donation isn't a gigantic sum for the investment bank—Goldman makes $200 million every three days or so—but it's a big step up from last year when the largest of the Goldman-affiliated foundations, the Goldman Sachs Charitable Fund, gave out about $10 million. So which non-profit groups stand to benefit the most from the firm's increased largesse? The institutions that Goldman wrote checks to last year runs about 25 pages. (You're welcome to go through it yourself; it's embedded below.) We focused on the dozens of elite private schools and fancy boarding schools that made the cut, a list you can review after the jump. But before you go out and start piecing together a conspiracy theory, we'll point out that the school that Goldman CEO Lloyd Blankfein's two sons (and his wife) attended wasn't anywhere close to the top.
http://cityfile.com/dailyfile/7616
its easy to give away other people's money...see Congress
kick-ass.
Correct. What is stunningly absent from the discussion is that none of these nimrods are "Goldman Sachs"; they are simply employees. How about a dividend hike? Then the owners of the company would be compensated, which includes pension funds, endowments, and even a few Joe Sixpacks. The fact that this is not being debated is evidence of the rot in capitalism.
Hey anonymous, what's stopping the pension funds, endowments, and Joe Sixpacks from synthetically creating dividends by selling the equivalent amount of their shares?
It's not about the holders of the shares raising funds, it's about the wealth 'generated' by Goldman Sachs making its way back to those who invested in it rather than to the employees. That's what capitalism is supposed to be about: those that provided the capital enjoy the rewards. Selling the shares merely passes on the companies' liability to someone else. It doesn't change the company's bottom line.
This further exposes the myth that buying existing shares is investing. It's not. It merely moves the investment around. True investment is only by buying new shares, injecting capital.
Another myth exposed is that the price of shares reflects the expected future value of the payments by the company. How can it, if the company does not distribute its earnings to its investors? Share trading is merely speculation.
The share price does have an effect on the company's bottom line, but only in its ability to make debt-for-equity swaps, and suchlike, without excessively diluting existing holdings.
An extended dividend payment is payment now while retaining the expectation of future dividends. Selling the shares reduces the expectation of future dividends, because you now have a smaller holding of the stock.
It is an audacious outrage to give money to charities - it's like the King riding along in hgis carriage and sprinkling coins to the peasants. Where is the self-respect of the American voter. The arrogance of this move must - must - be the final straw.
It is an audacious outrage to give money to charities - it's like the King riding along in his carriage and sprinkling coins to the peasants. Where is the self-respect of the American voter. The arrogance of this move must - must - be the final straw.
Shame on you people. The Society for Education of (Goldman Sachs) Children is a reputable charity which is famous for its good work. After all, some of those kids might be neglected when their parents work long hours. Gold spoons are more expensive these days, what with the gold rally and all.
Too little.
...Too late!
Any possibility that with executive pay capped at govt funded companies, Goldman can now more easily pick off the best talent from these firms? Looks like further consolidation of power to me.
$200 million from Goldman is like me putting $5k in the collection basket.
Until the crossroads of commerce are properly maintained there will be no end to GS.
Use cash and move to small banks.. Check.
Write a sternly worded letter or place a call to government = Waste of O2.
Come on Dylan, wake all the way up! If you have the stomach for it.
Yes Dylan, Miles Kendig said it!
Really, here is another bit of truth from this little birdie--Dylan, most senators are purchased puppets, drawing up legislation to legalize the criminality that GS is profiting off of--like the revocation of Glass Steagall--no good reason to knock down that wall except if you want to put depositors money at risk--CITI violated the wall then sent their thugs to get Glass-Steagall knocked down--the arrogance of the City/Smith Barney deal is just one tiny example of the machine that uses their scumthugs to legislate the criminality that then robs the citizens...
Better work on getting a new party together Dylan, that promises one term, and no more legalizing what should be criminal and END THE FED.
Jump you Fuckers!
+1
can you say Grammy?
Good to hear your voice PM.
Thanks PM. Made my night.
It's too bad the only jumping they're doing is on bonus days... Something like this:
http://www.youtube.com/watch?v=czSzkPqceIQ
Good to see you post PM, I hope that things have been well for you.
Found a nice video on youtube that should interest you, CB, and hopefully many others. It is a PhD. telling a state review board what is wrong with the H1N1 vacine. Speaking as a scientist, this is the best review of the subject that I have seen. There are 3 videos with a total of 25 min.
http://www.youtube.com/watch?v=y3XlJB7J5-o
Also, it appears that german politicians are getting a different vaccine than the unwashed masses.
http://www.youtube.com/watch?v=Sm8Is6LBiXk
superb video, defender,thanks for posting it.It's a pity
there aren't more Gary Null's(the speaker)a man of
integrity, a friend of humanity
Awesome work PM!!!!!!!
How about millions of individuals shorting GS, in less than 24h? working together with financial journalists, bloggers, rogue politicians... creating massive uncertainty about GS's long-term business validity? Maybe not; their super-traders will profit twice from our lousy attack.
Or better instead: telling teenagers that there's more in life than GS' rocket-high bonuses? Nah! been tried for ages... but they all wanna join the big investment banks.
Forget it. I'll keep my GS' shares, cash some in and spend a helluva weekend somewhere distant from the markets.
I really like the path that Dylan Ratigan has embarked on.
He is on the right track and connects the dots where they need be connected.
It is only a matter of time now before Ratigan or someone else with a podium dares to request that every Congressman and woman produce their trading records of the past year and show when they might have started buying the pump and when they have dumped into the rally.
This was a major promo effort assisted by highest levels of government to manipulate the stock market. The players were given fresh cash to ignite the rally and the promoters were probably given advance notice and a piece of the action.
700 billion Dollars to start with goes a long way in the pump & dump business.
"Green shoots" and "recovery" were the key words in the promo to intice investors back into the game. It worked but there will be empty bag holders make no mistake with tons of worthless paper stocks.
I didnt know rattigan was running for congress..
:p
LMAO, cheese.gov -- you Cabrerra'd him!
MCC'd
rothlmao
That's kind of what I was thinking. Whatever it takes.
you mean giving money to beggars... charity money is given when you have a feeling for their pain...but when you give you money just to get rid of somebody...its called throwing money at beggars...
10 plus point swing in the S&P in less than 20 minutes... is there a power outage in NY?
In fact... forget all my pathetic "kind-of-funny" last comment. There's only one solution: I dare any senior Goldman employee(s), to explain us, with plain words, using the gazillion channels the media offers them (including ZH blog, as I'm sure some of them read), what the hell is going on. HOW, in this world, just after being bailed out with US Gov money, they can achieve this blatantly ridiculous earnings.
I don't believe in Jesus, nor God, nor Buddha, nor conspiracy theories, nor Zionist Armageddons, nor The Beatles... I just believe in me (thanks Lennon!). And as I don't want to make a fool of myself whenever I read GS' last 3Q earnings... PLEASE, explain.
fixed income trading has been amazing this last quarter (i'm a credit trader myself)....lots of volume and lots of opportunities to sell large, profitable structured trades to real-money style accounts.
You can say what you like, but every flow trading desk on the street is having a record year in fixed income...so the outsize profits are not really that suprising.
But I guess equity peasants like the day traders on this site don't understand much about this sort of thing!
We don't understand why we are providing the money for the game, money taken from us at gunpoint by dot gov.
Correct -- this is primarily a government problem -- handing out money they don't even have. GS is not the primary problem -- they are just taking what is being offered to them. Ratigan is guarding the wrong man. But his love of government blinds him.
Bullshit. The Goldman Sucks revolving door assures that firm of loading the dice. Ayn Rand said it decades ago:
There has to be no mingling of finance and government.
You are either a Goldman Sucks dupe or an idiot to think that the government is the problem when the government is goldman sucks employees present, past and future.
Get outahere.
I should have continued my sentence thus: "money taken from us at gunpoint by dot gov at the behest of wall Street."
You are right about one thing - the average person has no clue about the debt markets.
Credit trading probably is great this year - it is pretty clear that bondholders are a protected class, I am surprised spreads aren't tighter than they are now. Just stay away from any politically connected industries like auto and you should be fine.
Peasant is a nice word. Standard vocabulary I guess for an arrogant puke who has not lived long enough to see a full cycle of karma come around.
I can't describe it. But even when it happens to your worst enemy its kind of scary.
Carma indeed. Even when all a worst enemy can do is get out of the way and say; "Damn, that had to hurt".
Read between the lines of their conf call transcript on Seeking Alpha.
Viniar kept repeatedly saying their balance sheet remained the same but "velocity" was high. I'm no Dick Bove but that means they were trading the most liquid stuff like equity, commodity futures, currencies, all manner of bonds like corporates, trasureies, mortgages etc.
I suspect they earned most of their money by the wider bid/ask spreads due to less competition, commissions and plain ol' frontrunning. E.g. If Fido or some dumb MF wanted to increase their equity allocation a notch (after puking everything at the Mar bottom), GS got the call, gunned the /ES to their hearts content and then filled the orders.
I know most people here have crazy theories but it may be simple age-old tricks which made them a windfall this year.
LET ME TAKE A STAB AT YOUR QUESTION ABOUT GOLDMAN SACHS.
THEY OWN A HUGE NUMBER OF CLASS "A" SHARES, OF FEDERAL RESERVE STOCK.
"MONEY IS THE GOD OF THIS WORLD, AND ROTHSCHILD IS HIS PROPHET"
BRAVO 7
From the video:
Old English Geezer:
"I am a person of hope. And I think that we have to tolerate the inequality as a way of achieving the greater prosperity and opportunity for all".
In other words, you're going to have to tolerate being bent over and reamed by my white haired self, because I promise [shit eating grin] it'll be good for ya.
Will someone please explain to this relic that we've just witnessed a historic increase in inequality which has (one cannot help but notice) coincided with a massive *decrease* in prosperity for all.
Maybe they would like to take a page from Pablo.
http://www.youtube.com/watch?v=bVAanezeGAU
You are on a roll with your links..
Oh no, I have a better plan than just cancel your bank account. Here is my plan for BoA.
1) Take advantage of ever offer that they give for enhanced CD. For example, BoA sent out a notice that if you open a BoA Growth Money Market Savings Account with $500 by 11/07, they will give you $50 after two months. I plan to see if it is worth the effort to get that extra pound of flesh from them.
2) Have a checking account with the minimum amount in it for free checking. I believe that I only have to have my paycheck directly deposited to get free checking.
3) Pay off all my credit cards and accounts by an extra dollar. Since they have to write me a check for the closed account, I will make sure that I get the check. This should cost them about $100 to process.
4) When the $1 check is misplaced or I don't receive it, I will call their customer server to request that they resend the check. Which will cause them to cancel the previous check and resend it. This should cost them an additional $100.
5) I will keep the check which should drive them crazy. It is not worth my time to go to the bank to deposit a $1 check. Besides, I want them to call me and ask if I got the check. After a few phone calls, I will just add the check to my check stack.
In other words, I will be profitable to banks that help me and unprofitable and an anchor to banks that try to screw me.
great idea,
I wish I was living in the US right now to make more of a difference
Dylan Rattigan is a populist moron, full of incendiary rhetoric, all of it factually incorrect. I'd expect nothing less from MSNBC.
Tyler, you pollute your otherwise insightful and useful website when you post populist garbage from Dylan Ratigan, Max Keiser, etc.
Geitner is that you?
ooo, hit a nerve?
Been using cash myself for more than a year for this exact reason, already closed my BofA accounts.
did the same myself
Agreed.
He chastized people who were against the goldman bailout! He snickered at congressman who were against it!
Any "disease" in the United States can be traced to either FDR or that peanut farmer.
If you can't afford Skank of America's new credit card terms, switch to a bank you can afford. If they all go up, and you can't afford any, pay with cash...or get into the lending business.
Our choices were to either bailout firms or let them fail. Our LEGISLATORS chose to rain money on these firms...Now we're going to ask for their help? Bailout money was bound to be spent on bonuses, if you couldn't see that you indubitably did your part to put BHO and Smilin' Joe Biden in charge of the United States.
Ratigan "Throws down the gauntlet"? LOL? What "Gauntlet"? Please.
Ratigan was "critical". Bloggers are "critical". America is "critical".
Being critical amounts to absolutely nothing.
All of us are screaming in a vacuum.
If anyone thinks any of this very polite "criticism" amounts to some form of "pressure" on GS or anyone else, you're dreaming.
Pressure involves the threat of imprisonment, or instantaneous freezing of assets or personal injury. Until we're talking about one of those three things, we're all just masturbating.
Gauntlet. LOL.
+1000. Exactly...
Of the three threats, I think we are down to the last one.
absolutely agree
Incrementalism. Adding another speaker to another MSM channel spreading truth to the masses: "You are being fucked, and here, in less than 1000 words, is how, and here is something you can do about it."
Withdrawing your money from the banks is exactly the right thing to do. Absolutely positively exactly.
"Many folks are simply beginning to act in concert and at the same time. The catalyst for a middle class civil rights movement has arrived."
from: http://www.nakedcapitalism.com/2009/10/guest-post-a-new-civil-rights-movement-is-afoot-for-the-middle-class.html
long, but well worth the read
Great find, thanks for sharing it. I don't mind long reads, I got a batch of .308 cases primed while I read it.
Agreed 100%. "They" want this kind of "opposition", it lets the pressure out in a harmless way. Not at all unlike our 2 party system of government... completely useless and redundant, but gives the appearance of conflict. Everyone will sit back now and say "now that Dylan on top of it, I won't have to do anything."
"instantaneous freezing of assets"
God that would be delicious. This would clearly fuck with them worse psychologically than the other two.
Just think, if you were the devil, which one would you do? Okay, all of em... you are the devil. But if you wanted to choose one... wow.
Because I am the devil, I would add in, they can't get money from anywhere. Just like many of the unemployed...
They're trying to diffuse the moral hazard effect out into the population...Here's a charity you should invest in: our budget deficit.
Great job Dylan!! Do not let them get away with this.
when the regulators are owned by the regulated you can bet
the outcome with 100% certainty...the only trouble GS faced
in the last "crisis" was that the US GOV wouldn't buy the
radical put...they took the bailout cash to make it look like
they were in trouble, pure kibuki...
I like the idea of a concerted attack on the financial system by American Patriots. It is a cancer on our 'real economy' and must be irridiated. Congress has proven to be either bough and paid for or impotent or both. Tyler, want to put together a plan? stock up on food, booze, smokes etc. cash out and get gold silver etc. diversify into other currencies. and then, what, stop paying everything, no cards, no debit no credit no billpay no fractional extortion...how many people would it take I wonder...think about it.
Can be done. Its been done in the past in India. The Brits were thrown out of India by 'economic warfare' not military means. During the 'civil disobedience', 'non cooperation' movements in India, tens of millions of people stopped paying taxes, stopped buying British products, refused to work, systematically broke regulations that stole the livelihood of Indians. Hundred of thousands if not millions were arrested and flooded the jails. Basically made running the Indian empire extremely expensive. In the 19th century the Brits basically bled India and made huge profits, by 1920, the revenues of the British Indian government dropped and it began to run deficits.
Of course such a movement was costly and required tremendous sacrifice and will power on the part of the Indian population as well as a leadership that was at least perceived to be morally incorruptible, key ingredients missing today. In short today nobody has the balls to wage an economic war. But in theory it can be done and has been done .
"If you steal the money we will take the money back from you, by way of the government, and put you in jail..."
Jeezus. The government aided and abetted the stealing of taxpayer's money. If those in government actually had the moral fiber to fulfill their responsibilities to the people, banks in this country wouldn't be robbing the public blind.
misdirection on board.
God I love Ratigan. After the next crash I can't wait to see him pull a wallstreetpro2 lol
"If you steal the money we will take the money back from you, by way of the government, and put you in jail..."
WTF? Jeezus, the government wasd complicit in enabling the banks to rob the people blind. If government was an enforcer of moral truth, this outrage would not have happened in the first place.
Amen. This Goldman bashing is stupid. No one held the gun to the government's head to lend/give Goldman anything. GS Bashers want people to reject what a stupid government is handing out?? Ratigan is blaming Goldman when he should be blaming the government -- which he can not do because he LOVES government.
The Squid is the government, asshole. GS stands for Government Squid. Dylan's assuming that we the people are able to unplug the blood sucking funnel from Capitol Hill.
Bingo.
Yeah,... Barney Frank, Lindsey Graham, and Nancy Pelosi are going to make it all just right.
"Oh great alter of passive entertainment, bestow upon me thy discordant images at such speed as to render linear thought impossible."
Calvin
MOVE YOUR MONEY
OUT OF THE BIG BANKS
DO IT NOW
FOR AMERICA AND YOUR CHILDREN
IF WE ALL DO IT WE WILL SUFFOCATE THE VAMPIRE SQUID
DO YOUR PART AND GET ONE FRIEND TO DO SAME
I might become a CIA-target saying this... but just wait until some angry young techie discloses the names, family members, addresses, bank accounts, driving routes, etc of one and each investment banker in the US. You just need ONE senior GS banker kidnapped... and the rest will be hysteria. Financial mayhem. Short-term survival rate for GS suckers suddenly dropping to zero. And Main Street's recovering stability.
http://www.sportsmansguide.com/net/cb/100-of-new-us-military-hemp-rope.a...
U.S. military rope made from HEMP???
they must have bought it in Afghanistan.
Hemp rope is a required part of the protocol.
Remember, it needs to be boiled to take out any stretch or tendency to coil.
i'll remember that rusty, thanks.
Natch.
Actually. Buy in bulk.
http://www.sportsmansguide.com/net/cb/new-us-military-rope-spool.aspx?a=...
Enough for 40 simultaneous displays of the effect that gravity has on liars, murderers, and thieves.
Keep pushing Mr. Ratigan. Keep pushing ZH.
It is working.
This is good.
+100
I like Dylan Ratigan and appreciate his vigilance.
However, I must plead with any and all serious commentators to find another, more forceful word, to replace "shenanigans".
"Shenanigans" seems to suggest hijinx, such as whoopee cushions and hand-buzzers. What we are talking about here is not horseplay ... this is deadly serious.
Let's call these activities what they are ... fraud, predation, corruption, malfeasance, crony capitalism, financial terrorism, generational theft .... whatever ...
but not "shenanigans".
Please pass it on.
You are so right.
In eschewing its once noble calling to speak truth to power as the Fourth Estate, today’s captured corporate media has become our 21st century fifth column, abusing the public trust from within by either failing to investigate and accurately report evidence of massive unlawful conduct, or on the rare occasions it does, by sugarcoating criminal deeds with words more aptly suited to boyish pranks– shenanigans, hijinx, mischief, monkeyshines and foolishess– rather than call a spade a spade and honestly label them the acts of consummate lying, cheating and stealing they are
http://calltoaccount.wordpress.com/2008/12/14/28/
I like the rant format for Dylan. Its kind of a sophisticated Jon Stewart approach.
If his demographic includes people who actually vote, he may have a shot at creating some buzz.
There's nothing fraudulent about this year's bank earnings....trading conditions have just been excellent.
Oh, and goldies paid back all their government assistance with interest lol
gs is still on the government mammories.
And that is GS's problem?? Why is the government (folks you voted for) providing for GS???
Actually the fed is providing it and no one votes for them. BTW, GS is far from liquidating all of the positions backstopped by the fed.
and the 22-29 billion from FDIC TLGP.
including that ~60% premium from the AIG payout?
they'd hedged their aig exposure fella...didn't you read the memo?
i did...if i remember correctly, their main counterparties in case of an AIG default were BOA, JPM & Société Générale (please correct me if i'm mistaken).
then why didn't simply collect on their hedges instead of showing up to the AIG carving at the New York FED with a platoon of execs?
still waiting for your answer 2fish, sorry panda6.
please enlighten me dear sir.
Well, I might not be a rocket scientist, but if the counterparty on your hedge goes bust cause they also have made a zillion ridiculously stupid decisions with virtually no risk management then it likely doesn't matter what you've hedged.
GS never stopped spewing their verbal garbage about how they had no real "exposure," however if you have talk that much about it you likely have a bad case of just that.
Glad to see you're a GS cheerleader -- they need one. Once they payoff their FDIC-backed debt and fully extricate themselves from the gov't teat then they can do whatever the hell they want...just don't come back to the taxpayer the next time you blow up the whole financial world.
Counterparty=U.S. Gov.
panda6--WRONG
There were bankrupt entities (MS, GS, and C that got bailed out and even if GS paid back the money, they still got free money via the back door of AIG) that were officially turned into national treasures and declared toobigtofail, and now, we are held hostage by zero interest while they borrow for free, and play the playbook that is given to them by the President's Working Group and lever up that borrowed at zero percent money to frontrun all the things that are being done by the plung protection team--and you say nothing fraudulent--the whole system that has legalized all of this is fraudulent.
If Goldman's FDIC were withdrawn today, Lloyd Blankfein would be living in his car by Christmas.
Dylan needs support from some other avenues otherwise he will be marginalized even though he is so effective.
Another Ratgan rant that makes no sense. If there is to be a rant it should be "why did the stupid government give / lend / invest money to GS??" Don't blame GS for taking this capital -- why shouldn't they. Despite Obama & Axelrod comments to the contrary, GS (or no other company) has an "obligation" to "help the country." And the country has no obligation to help GS (or any other company). Folks need to grow up - this is real world.
You don't know much about how government actually works.
Lord Blankfein, Jamie Dimon, Bobby Rubin, Larry Summers
and several other gazillionaires front load the government appointments.
Do you know what that means?
The 'government' you claim is so stupid, is a prepaid expense of the investment banksters. Bernanke, Geithner, Hank Paulson, Summers, Rubin, Greenspan, Orszag, Kashkari and many more were not elected but THEY give trillions of your and my money to Lord Blankfein and his fellow gypsies, tramps and thieves.
Now do you understand or are you going to keep defending something you apparently don't know or pretend not to know shit about?
Point #1: The country was held hostage to "help" GS/others or it "would have be the end of capitalism". Through years of crafty lobbying, they were able to pull this off.
Point #2: GS and others, took this "help" either got their junk bets paid off in full through the backdoor, or stuck their junk bets on the American people.
Point #3: The spoils reaped from the "help" provided to GS and others is now being used to line the pockets of the employees of GS/others, rather than backfeed this gaping hole of s*it bets they stuck on American people.
This is not populist animosity towards others who have benefited financially from their superior skills/abilities, but rather anger towards those who have stolen from the mouths of Americas future generations. Agree that the holders of the key (i.e. gov.) were in on it, but it's hard to maintain composure when the main beneficiaries of the looted spoils are doing donuts on your front lawn in their new Ferraris.
THAT is real world.
+1
I think he did it the right way though, since going after "The Man" will get his ass audited quick time. He had to change jobs just to talk straight about GS for crying out loud. Most will draw the same conclusions as you, but this way, lawmakers can have their scapegoat to change their evil ways...holding breath.
OK, shit for brains. Thanks for the persuasive Goldman defense. You are a turd in the collectie toilet bowl in urgent need of flushing. Who's your report inside Goldman? (applies to Anon ...144 above.) Dick.
Methinks MSMBC understands if they can't shove the current government into actually doing something about the Banksters (and the coming economic meltdown), that government will be completely replaced soon... Which puts a kink in any social agenda they might have.
Either that, or Ratigan genuinely gives a shit.
I'm with a credit union and I only use debit cards. Unfortunately my 401K and morgage resides with a big bank. Very little I can do about that.
Can I have $50B in taxpayer funds, please? I want to take the opportunity to ramp the market 2000 points down from
here and then make a small contribution to all the
little people that made it possible.
The nerve of these MFers at Goldman who siphened huge sums of money from taxpayers and did not have to dilute their equity.
The smartest people around. You smart stooges were over levered and were going belly up at least you should be grateful to be employed you thugs.
I wish MSNBC has daily podcasts of his show. I often wonder why they don't, like they're waiting fir him to fail or something...
Endless rants about evil government from halfwits enable the ongoing class war to continue. The rich ARE the government, you fuckheads.
I hereby donate 10,000 karma points to Dylan Ratigan.
Damn, that dude's got some balls.
well, since I earn absolutely no interest on savings I see little reason to leave money in a bank. We can all express our disgust at the lack of a proper return by not allowing the bank to leverage our savings. Take away the ability to create money in a fractional reserve system and banks become impotent.
Take away enough money and the FDIC comes calling...at least one would hope. It's time the banks paid a market rate of interest to use our money. And I don't mean a Fed dictated interest rate either.
Ratigan for President....He seems like the kind of guy who would kick ass and take names!
By far, my favorite article this month was written by Matt Taibbi entitled "Wall Street's Naked Swindle". It beats the heck out of that lame "Nightline" "Warning" episode, which makes it seems like it's all about a couple of greedy guys vs. one honest person. The over-simplification almost hurts! Matt nailed the issue with facts, dates and numbers. A must read!
"Starve the beasts" is the motto that should be spread everywhere.
socialists.com
Right. "Frontline: Warning" was lame. Just another attempt by PBS to promote affirmative action for women. Lame.
Please take the time to write/email the following to your Senators: Senator xyz: "Why? Please answer just this simple question: Why should the American taxpayer, at the behest of Senators like you, bail out those Wall Street bankers who have levered themselves beyond comprehension through complex financial instruments like naked CDOs, MBS, and credit default swaps, i.e., derivatives? Why?"
Bingo. I thought the same thing. It seemed to miss the point. My takehome was that washington dc should simply be razed, for our own safety.