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Taibbi nails it with this one sentence:
"...an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy."
Here is a related article from Armstrong Economics which made me even more disgusted with Gov't Sachs:
I have never ready anything so riveting and scary. This
is the first step. We must get the message out.
Actually I see this all the time in emerging markets. Five years back I was still naive enough to believe this did not happen in developed nations...
Well well well--the two headed hydra just never seems to sleep---GS has nothing on our fed govnmt---heres the latest financial statement---keep in mind that EVERYTHING
is a loan--yes even unemployment as the state unemployment paycheck deductions are sent to--drum role-----the US Treasury Dept under an account called Unemployment Trust Fund-another story for another day--take several hours for this big bitch cause its gigantic.
It is plain that Government Sachs must be stopped. This will not happen unless we use their enemies against them. It's time to tell the Greens that GS is the problem so they can flood the streets like at the G-7 and G-20 meetings to prevent them from getting into their offices, or at least hit with rotten vegetables. I am a capitalist. But unrestrained and unregulated capitalism is the definition of the Mafia and a license to steal. This Paulson, Summers, Bernanke, Geithner, Obama et al will never want for anything? The leaders that control the people do that to ensure that they make the profits.
We have a president who radio host Michale Savage said is a communist last night. He didn't say he had gulags, but rather a soft hand, at this time, that was practiced at first by Lenin. And now, he needs power and that power comes from the oligarchs he feeds with our childrens money.
Goldman Sachs must be broken up. They are the belly of the beast.
Socrates: GS's big daddy is the privately held federal reserve corporation.
The fed needs to be revoked
Exec order 12631 needs to be exposed and transparent or revoked.
All fed/treas acronyms starting with tarp need immediate revocation.
Glass-Stegall needs to be immediately reinacted.
SIV's and SPV's need to be banned, and immediately made 100% transparent.
CDS's need to only be allowed for proven positions, and verification quarterly by a responsible party. And larger reserves need to be held to sell CDS's.
i would bet everything i had on the idea that there is no way that certain TBTF entities meet any proper stress tests--i think the lies are running rampant here too...we need to audit this audit.
currently it is illegal for brokers to write to the public. typically broker never thought it was a good idea for any invester to buy a stock with a 110 p/e ( internet ) where the 80 year average p/e has been 15. most brokers were not telling clients to buy oil at $100. for the past 10 years the s&p index has underperformed more then 80% of active managers and you would not know it unless i just told you. you have no idea how economics works because those who apply it are shut off from telling you. it is the general media leading you over the cliff. you can find a thousand articles in 2007 to buy china while goldman had china as an underweight. freddie mac collapsed the bond market because an idiot put it in place not goldman and an idiot repealed glass stegall not goldman. blame the idiots not the smart people.
Yeah, right. GS are the "smartest guys in the room", just like Enron.
Goldman lobbied heavily to get Glass Steagall repealed. They (among others) made massive campaign contributions (aka bribes) to congresscritters. Former GS employees flooded the upper echelons of government, including multiple treasury secretaries.
The people who repealed Glass Steagall weren't idiots. They were agents of Goldman Sachs, bought and paid for. GS is exactly where the largest share of blame should go.
I remember when i heard the news about Glass-Stegall being repealed, i felt exactly the same that day, as i did the day i found out that TARP passed...then the next day when paulson led his hardcore band of thieves with a few strawmen to the treasury insisting that his plan had changed indeed it was bank robbery all in the name of saving all of us.
He had three weeks to ask for power to unwind the TBTF instead of lobbying for his free bazooka, instead we are left vulnerable, confused, and still no one can fathom the magnitude of this theft, only the magnitude of 165 million in AIG bonus. I hope someone can translate all of this for the rest of the country, and that would get something done, and the change that no politician owned by the fed can ever provide.
I don't know if GS is the "enforcer" for government or vice versa.
Is GS the "enforcer" for government or vice versa?
MATT TAIBI for President!!!!!!!!!!!!!!!!!!!!!
GS are the smart guys. Influencing the idiots (Congress and by extension, we the electorate) to do their bidding. It won't stop until we make it stop. All I hear the media talking about is "greed". The government has taken the flip side of the equation "fear" out of the picture. As long as these guys are bailed out by tax payer money, there will be no fear. The smart people realize this. It is time to put "fear" back in the equation.
About generation ago....
Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows that the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
Thats how it goes
Everybody knows that the boat is leaking
Everybody knows that the captain lied
Everybody got this broken feeling
Like their father or their dog just died
Everybody talking to their pockets
Everybody wants a box of chocolates
And a long stem rose
Everybody knows that you love me baby
Everybody knows that you really do
Everybody knows that youve been faithful
Ah give or take a night or two
Everybody knows youve been discreet
But there were so many people you just had to meet
Without your clothes
And everybody knows
Everybody knows, everybody knows
Thats how it goes
And everybody knows that its now or never
Everybody knows that its me or you
And everybody knows that you live forever
Ah when youve done a line or two
Everybody knows the deal is rotten
Old black joes still pickin cotton
For your ribbons and bows
And everybody knows
And everybody knows that the plague is coming
Everybody knows that its moving fast
Everybody knows that the naked man and woman
Are just a shining artifact of the past
Everybody knows the scene is dead
But theres gonna be a meter on your bed
That will disclose
What everybody knows
And everybody knows that youre in trouble
Everybody knows what youve been through
From the bloody cross on top of calvary
To the beach of malibu
Everybody knows its coming apart
Take one last look at this sacred heart
Before it blows
And everybody knows
Oh everybody knows, everybody knows
Thats how it goes
Written by the Great Leonard Cohen and Sharon Robinson
Some of you may have heard the above song by Leonard Cohen... Very appropriate for these times... even though it was written about a generation ago.......
Excellent work Tyler Durden. This is a huge story and an exemplar of our age. The fact that it's out on the internet and in Rolling Stone is excellent. Now, watch for the backlash and the failing empire strikes back. Beyond GS, the people at risk include - well - everybody just about in a position of major power and/or influence. This is like the 1 million dead Iraqi civilians due to the Bush-Cheney invasion, stolen elections (presidential and otherwise), and the role of Greenspan in the subprime fiasco: all stories that don't quite make it. The movement of this story into ever widening circles can make this an exception (I'm betting McClatchy will pick it up and run). Tiabbi is a warrior and so are you Mr. Durden. Keep it up and thanks!
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