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A Wall Street Insider's Response To Greg Smith

Tyler Durden's picture





 

Submitted by ZH reader Sleestak, who sports a 15 year career in the bulge bracket, including GS and the less fortunate Lehman Brothers, as a fixed income trader.

Greg Smith, the Jerry Maguire of Goldman Sachs, has struck a nerve with his New York Times OpEd admonition of the culture at his former firm, the symbol of all that is successful – and wrong – on Wall Street.  What he did was gutsy, if ill-advised.  But his disillusionment at a once-admired business culture gone bad is also almost adorably naïve and, worse, diverts from the real cancer that has metastasized in our banking “culture” during his years in it.

I’ll say it again: Greg Smith has nerve.  He took great risk putting his name to that letter.  He will be getting calls, emails and all else, straight to his person.  He might well face litigation, this from a foe few dare challenge.  And the men at the at the top, CEO Lloyd Blankfein and COO Gary Cohn, are powerful indeed, and Greg Smith has just publicly done them far more damage as individuals than any testimony in front of Congress did.

Still, what did Greg Smith really think he was getting into when he signed up to work on Wall Street?  Perhaps when contemplating his career he saw the ads we all see on television for Morgan or Merrill: “We’ll help you build your future with sound financial knowhow…”  And that does sound nice.  Finance is complicated and “lay” people surely can use a hand from a thoughtful ally in the trenches.  It is charming to think Greg Smith was taken in by such a mission.

But away from the advertising sets, Wall Street always has been a kill-or-be-killed pit of near-violent wills set against each other.  Perhaps a bit less so in the retail businesses that sell to Moms and Pops (though “broker production” is a hotly competitive racket, to be sure), but certainly in the institutional businesses where Greg Smith operated.   In these businesses, in which the banks trade with professional, accredited investors, the customers are often as bloodthirsty as the banks.  Yes, many could use a good salesman’s hand in furthering their interests, but as many – so many – seek the desk that’s sleeping that day and exact a predatory price. Many I’ve traded against gleefully relished it.

And frankly, that is how it should be.  Or at least, always has been.  One is expected to understand that when before sitting down to trade on Wall Street.  You leave money hanging in the air and somebody will come take it.  Such is the honor among thieves. This is not something that happened on Blankfein’s and Cohn’s watch.  Read Liar’s Poker.  Look up Jim Vranos.  Gordon Gekko.  Wall Street is an arena where people go to find who’s sleeping and relieve them of their money.

The thing is, left to its own, this isn’t so bad.  If a bunch of companies want to enter a figurative casino and see which one leaves with the most chips, who’s really hurt?  JP Morgan makes a killing, Citibank gets slaughtered, and at the end of the day there’s still a cold one at Killean’s Corner for $2 for Joe Sixpack.

But what Greg Smith’s letter does for pundits and politicians is help them dumb down the case against the banks and what they’ve become.  The great buzzword “muppet” - a term his Goldman colleagues use for “customer” - is easy to rally around as evidence of hardwired condescension.  (“Muppet” is a rather mild insult compared to ones I’ve heard and used, but it is far from a cultural crime to be arch when taking the other side of a professional’s well-considered trade.)  Unfortunately, focusing his suddenly large audience on sound bites and the “meanies” at his firm distracts from the far more destructive shift that has happened on or about Blankfein’s and Cohn’s watch.

It’s hard to pin down where began the banks’ road to their dangerous present position, though you could argue that it was at the downfall of Long Term Capital Management in the late 1990s.  No muppet he, former Salomon Brothers trader John Meriwether and a team of touted geniuses succeeded in getting the banks to lend that firm extreme amounts of money against positions thought to be low risk.  When discovered otherwise, these banks, particularly Lehman Brothers and Bankers Trust (where I then worked), found themselves muppetized.

Then-Federal Reserve Chairman Alan Greenspan, historically an outspoken prophet of free-market practices, found footing in a contrarian impulse in this case.  Here, capitalism’s consequences for poor business decisions would not be rendered.  Instead, he engineered a multi-billion deal in which all the solvent players at the table would ante up for the weak, and the team could resume the regular Friday night game.

Since that time, which importantly coincided with the repeal of Glass-Steagal, an historic policy error that enabled banks to gamble with depositors’ federally insured money, we have spiraled from crisis to escalating crisis, each time prescribing still more of the same medicine and ensuring the  banks’ prospects (though obviously not their managerial expertise).  The Internet Bubble pops?  The Fed slams short end interest rates into the dirt to cheapen banks’ financing.  Massive fraud at Enron, Worldcom, Tyco and others?  Same meds.

Then came the mother of all crises (so far), culminating with the failures of Bear Stearns, Fannie Mae, Freddie Mac, Merrill Lynch, Lehman Brothers and AIG.  And still, Fed and Government policy was unchanged.  Except for Lehman, the banks were held unaccountable, pumped full of cash and urged to get on with business as it was.

What did the banks do to deserve this incredible largesse?  Their rise to this position of official favoritedom is a feat of influence peddling that will be the subject of a history far more compelling than the one examining Goldman’s cultural waywardness under Blankfein and Cohn.  The methods are myriad: campaign contributions, lobbying, populating public office with former employees whose loyalties, are at the very least, questionable.  When this isn’t enough, the entire too-big-to-fail meme comes in handy, a form of extortion held over policy makers that promises extinguishment of life as we know it lest they get their way.

They have held themselves above capitalism’s consequences in a society which once prided itself on the concept of creative destruction.  Remember when Japan refused to liquidate its bad debts after its real estate debacle in the 1980s?  We mocked them and touted our own efficiency in punishing bad investments, liquidating debt and inventory, finding the clearing prices and pressing forward with new opportunity.  To boot, we tried thousands of bankers for fraud.

Well, as time and consequences progressed, we have come to take a large page out of Japan’s book.  In the years since 2008, the US Government – like Japan’s since the 1880s -- has allowed the banks accounting flexibility to mask bad loans.  The Fed has lent them money at rates they could not attract in the free market.  It has bought their bad assets onto its own (our central bank's!) balance sheet.  It has bought hundreds of billions in government bonds to make interest rates appear low enough to encourage people into the stock market and revive the banks’ prospects. 

To do this the Fed has printed trillions of the same money you store your savings in so it is worth less every day in terms of the things you need to survive.  That bank account you have is paying, what, one-tenth of one percent?  That’s the Fed’s super, bank-regenerating interest rate policy at work.  Think of that deposit as a loan to your bank (which it is) that they get at “great low rate!” with which they can, what, reinvest in our economy?  More likely your money will be speculating on Greek debt or oil futures.  Meantime, you’re embarrassed to give something so small as your annual interest to the paper boy for a tip.

Not one banking official of note has been tried for fraud.

This cannot be the right course for us to take in the wake of such a widely recognized crisis.  The lack of purposeful outrage is deafening.  We cannot restore lasting stability to our economy and society unless we are willing to face up to what we did wrong, right it, and throw out the bums who put us there.  Without that, the pattern of ever escalating crisis and interventionist, market-distorting solutions will surely lead to a bigger crisis still ahead.

Perhaps the most important symbol of our failure to address reform are the pictures accompanying much of the coverage of Greg Smith’s letter, those of a power-posing Blankfein and Cohn, who without the Government’s accommodation might be striking a very different pose, indeed.  You want to sign on to Mr. Smith’s army in joint distaste for Goldman’s lost culture?   Please, be my guest.  But more deserving of your enmity is the insidious co-option of the core premise of capitalism by a handful of people to ensure the banks’ undeserved survival, and their managers’ really nice lifestyle.

 


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Sun, 03/18/2012 - 21:23 | Link to Comment HungrySeagull
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If the news is broadcast while the People sleep, was it news?

Sun, 03/18/2012 - 21:30 | Link to Comment BoNeSxxx
BoNeSxxx's picture

These letters are already getting boring... Until Corzine is up in Attica getting fisted by his new husband Bubba, it's all hot air.

Sun, 03/18/2012 - 21:48 | Link to Comment Oracle of Kypseli
Oracle of Kypseli's picture

This crime of the century will not be forgotten, Corzine's soul will never rest, even if he returns the money. He will never enjoy the loot, no matter where he hangs out he will feel the wrath and contempt of the people arround him.

Sun, 03/18/2012 - 22:04 | Link to Comment MinnesotaMD
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Corzine has no conscience. He sleeps like a baby.

Sun, 03/18/2012 - 22:15 | Link to Comment knukles
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At the final actions of the final scene the mere handlers ultimately feasting upon each other shall be crucified by TPTB along the figurative Apian Way, distracting the victim from the last and final source of financial evil, the Central Banks.

Sun, 03/18/2012 - 22:22 | Link to Comment BoNeSxxx
BoNeSxxx's picture

So sayeth knukles.  And so shall it be.

You are correct (again), sir.

Mon, 03/19/2012 - 00:20 | Link to Comment iDealMeat
iDealMeat's picture

Wow..  I'm late to the conversation...  and I +1'd everyone above in thread..  ZH is becoming an Elks club..

Where are the trolls??  We need some fightin words if we pass 5 deep in a thread..

 

Edit:  Fuck you Ron Paul, for not calling Corzine out..  Formally, before your committee.. Publicly, or just generally... Get out of the way old man.. Let the collapse continue, briskly, in perpetuity.

 

Mon, 03/19/2012 - 06:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Free Jon Corzine!!!!

 

Oh wait......he is.

 

Sun, 03/18/2012 - 22:19 | Link to Comment macholatte
macholatte's picture

Since that time, which importantly coincided with the repeal of Glass-Steagal, an historic policy error ......

 

Calling the repeal of Glass-Steagal a policy error is one massive understatement.  Start here to get a basic understanding of what $300,000,000 in bribery can do.

A chronology tracing the life of the Glass-Steagall Act, from its passage in 1933 to its death throes in the 1990s, and how Citigroup's Sandy Weill dealt the coup de grâce.

http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html

 

Mon, 03/19/2012 - 00:20 | Link to Comment LetThemEatRand
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Glass-Stegall is government regulation.  Did you just catch on fire?

Mon, 03/19/2012 - 00:39 | Link to Comment macholatte
macholatte's picture

WTF does that mean?

Mon, 03/19/2012 - 02:26 | Link to Comment TraitorsHang
TraitorsHang's picture

You are correct. Glass-Stegall was government regulation.

But it is regulation to limit a broader fraud. It repeal accelerated the fraud that was already occurring along other vectors. There would be no need for something like Glass-Stegall if it were illegal to (say, for instance) leverage depositer's accounts without their express consent. Or if a bank that failed, you know... *actually* failed because there was no FDIC.

The monetary system is at fault. No amount of free-market can happen until that gets addressed.

 

Man, you got stung for that comment. But you were right.

Mon, 03/19/2012 - 02:05 | Link to Comment Clashfan
Clashfan's picture

It is wrong to cheat a trying man.

Sun, 03/18/2012 - 21:58 | Link to Comment gjp
gjp's picture

I thought Prudent Bear's Doug Noland had the perfect response..  Why doesn't ZH ever excerpt him?  Copyright?  He's one of the forefathers.  Pasted below.  Forgive the length, I think it's well worth it.

From what I’ve read, Greg Smith is an upstanding individual. He is accomplished and holds quite impressive credentials – and this week he made a name for himself with his “Why I am Leaving Goldman Sachs” op-ed piece in the New York Times. Mr. Smith was pilloried for breaking the industry taboo by “going public.” Many assume he is chasing fame and financial gain – ready for a lucrative speaking tour and book and movie deals. Yet when I read his piece I sense an earnest but deeply discouraged man. He’s lashing out – like so many millions would do if they had similar access. Goldman Sachs’ culture and, in particular, management are the target of his frustration. I can’t help but to believe Mr. Smith is onto something extremely important - and much beyond Goldman.

Irrespective of current stock market euphoria, I believe global financial markets are broken and dysfunctional. I am not alone in this view. Mr. Smith has issues with Goldman’s “toxic and destructive” culture – I’ll retort that it’s the “culture” of Wall Street/global securities markets that is today noxious and destructive. And, admittedly, I have a difficult time pointing blame at the Blankfeins, Cohns and Dimons of the world. They just happen to sit at the top of the pecking order for a massive “financial services” infrastructure operating in an environment where “money” and monetary management have gone terribly bad. Uncontrolled monetary inflations have always led to greed, corruption, malfeasance, anger and instability. Credit Bubbles always inequitably redistribute wealth - before their inevitable implosions reveal the massive wealth destructions associated with monetary inflations and financial manias. At the end of the day, unsound “money” will have torn lots of things apart.

And I’ll take some poetic license here. Mr. Smith laments “ripping eyeballs out” of “muppet” clients – the decline of “the firm’s moral fiber.” I believe a crucial facet of what’s unfolding is that employees throughout Wall Street, and global finance more generally, are working diligently to extract as much “money” as quickly as possible before the whole thing blows up. It’s as reprehensible as it is perfectly rational in light of today’s monetary and policymaking environment. In a backdrop where politicians spend as much as they want and central bankers “print” as much as they want – where prudence, fairness and reasonableness have been completely abandoned - of course those working amidst this monetary profligacy will feel perfectly compelled to take as much as they can get. Read monetary history.

Regrettably, most no longer think in terms of a long-term career judiciously serving the interests of their client-base. Instead, it’s dog-eat-dog – everyone working first and foremost for their immediate self-enrichment. Isn’t that the way Capitalism is suppose to function? It's just a broken incentive structure – powered by the confluence of ultra-easy “money” slushing about the system today and extraordinary uncertainties darkly clouding the outlook for tomorrow. This ensures a destabilizing short-sighted fixation by Wall Street associates, traders, speculators, investors, business executives and society generally. Greed may or may not be good, but it is certainly an upshot of unsound money.

And, I’ll assume, the closer individuals are to the belly of the beast the more jaded they must become. Mr. Smith’s expertise is in derivatives – “to trade any illiquid, opaque product…” If there is one area where I most fear obfuscation and the deleterious effects of monetary inflation, policy intervention and market degradation, it’s in this creature referred to as the “global derivatives market.” This demonstrated - and at times rather corrupt - monster has nonetheless been nurtured and promoted to the epicenter of contemporary global markets. It’s no coincidence that this realm has remained largely impervious to tighter regulatory oversight – even after 2008.

Mr. Smith protested selling products that were wrong for his clients. Whether it’s a derivative salesman, politician, or central banker, obfuscation has become commonplace at this disorienting phase of uncontrolled monetary inflation. After all, how can sound analysis and serving one’s clients remain the devoted focus when the current monetary backdrop incentivizes something quite different? How does one go about modeling future cash flows and valuing assets when there is every indication that the current monetary backdrop is both unstable and unsustainable?

Indeed, the market backdrop has regressed to little more than a “money” game. Speculative dynamics rule, and those that play (or associate with those that play) the game the best attain unimaginable financial wealth. How can one reasonably do analysis these days when so much depends on the extent to which global central bankers proceed further down the path of unlimited “money” creation? Do you want to bet that the Fed (and ECB, BOE, BOJ, PBOC, etc.) is largely through its crisis-induced money creation operations? Or is the Fed’s balance sheet on its way to $10 TN? These provide two altogether different scenarios to contemplate. Clearly, with central bankers propping up markets with Trillions of liquidity injections, one can toss traditional analysis (and market participant behavior) out the backdoor.

Credit Bubbles and attendant monetary inflations invariably risk a loss of trust – trust in “Wall Street” and the financial system; trust in politicians and the political process; trust in central bankers and monetary management; trust in institutions and “money” more generally. These dynamics are increasingly on full display, here at home and abroad. And it’s not Goldman’s culture and moral fiber that I worry about.

 

Sun, 03/18/2012 - 22:12 | Link to Comment MacroAndCheese
MacroAndCheese's picture

I don't agree that the top levels of management don't deserve a larger slice of the blame.  Top management sets the tone, sets the agenda, gives marching orders.  What would Apple be without Steve Jobs?  Where would MFG be without Corzine?

Yes it's a cultural phenomenon, but the CEOs have had a special role in bringing banking to where it is today.

Sun, 03/18/2012 - 22:50 | Link to Comment eddiebe
eddiebe's picture

Thank you, M cheese. I agree and raise you one. Top management deserves all the blame. It comes with the position. You want to call the shots and make the big bucks, you take the bullets. No more sleazy squinty eyed cowards allowed at the top.

Mon, 03/19/2012 - 00:08 | Link to Comment luna_man
luna_man's picture

 

 

NO! NO! NO!...It's the elected officials, sworn to uphold the laws!

All are CRIMINALS!!

Mon, 03/19/2012 - 03:27 | Link to Comment AUD
AUD's picture

Top management deserves all the blame.

Yes, that's exactly what Doug Noland is saying. Blankfein, Dimon et al are not at the top.

Mon, 03/19/2012 - 05:41 | Link to Comment i-dog
i-dog's picture

Bingo!

How easily the puppet master gets the children yelling at Punch and Judy....

Sun, 03/18/2012 - 23:12 | Link to Comment Dugald
Dugald's picture

And Tomorrow and tomorrow and tomorrow, creeps on its petty pace, you really think someone will grow some, and take real action?

Ha!

Sun, 03/18/2012 - 23:21 | Link to Comment 847328_3527
847328_3527's picture

"Management behavior flows down from Top Management... so the illegitimate behavior flows downhill...everyone follows the leader...." a business prof at Wharton said one time when describing why the entire top and middle management of Enron was infected and corrupt.

Since Enron it has degenerated even more.

Mon, 03/19/2012 - 06:32 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

Yes, Doug Noland is absolutely first-rate. His column appears on Asia Times Online on Mondays, as well as on the Prudent Bear site 'Credit Bubble Bulletin' the weekend before.

The absolutely on-the-money quote from Doug Noland in the excerpt you give above:

« I believe a crucial facet of what’s unfolding is that employees throughout Wall Street, and global finance more generally, are working diligently to extract as much "money" as quickly as possible before the whole thing blows up.»

Mon, 03/19/2012 - 03:20 | Link to Comment Sizzurp
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I agree with Sleestak, though I am less optimistic that any meaningful reforms can or will happen.  Over the last hundred years the Fed has gradually usurped the power of the markets and the people.  It seems that no crisis of their own creation ever went to waste.  The power to create money represents absolute power, and by definition is absolutely corrupt. The Fed has graciously accepted our lack of courage, foresight and responsibility to place themselves in this supremely powerful position. 2008 gave them the chance to stop eating us piecemeal, and simply devour us completely. Afterall we let them and so they did, stranger still we continue to let them.+

Mon, 03/19/2012 - 06:35 | Link to Comment Koffieshop
Koffieshop's picture

stranger still we continue to let them

 

What would be the alternative at this point?  Pull a USSR and cancel the empire?

Mon, 03/19/2012 - 15:43 | Link to Comment battle axe
battle axe's picture

Enact Glass-Steagal world wide and most of the problems are solved. It is really that simple. 

Sun, 03/18/2012 - 21:25 | Link to Comment williambanzai7
williambanzai7's picture

THE GAME

Sun, 03/18/2012 - 21:30 | Link to Comment Michael
Michael's picture

President Obama signs Executive Order allowing for control over all US resources

Kenneth Schortgen Jr
Finance Examiner
On March 16th, President Obama signed a new Executive Order which expands upon a prior order issued in 1950 for Disaster Preparedness, and gives the office of the President complete control over all the resources in the United States in times of war or emergency.

The National Defense Resources Preparedness order gives the Executive Branch the power to control and allocate energy, production, transportation, food, and even water resources by decree under the auspices of national defense and national security. The order is not limited to wartime implementation, as one of the order's functions includes the command and control of resources in peacetime determinations.

Section 101. Purpose. This order delegates authorities and addresses national defense resource policies and programs under the Defense Production Act of 1950, as amended (the "Act").

(b) assess on an ongoing basis the capability of the domestic industrial and technological base to satisfy requirements in peacetime and times of national emergency, specifically evaluating the availability of the most critical resource and production sources, including subcontractors and suppliers, materials, skilled labor, and professional and technical personnel; - White House

Advertisement
Additionally, each cabinet under the Executive Branch has been given specific powers when the order is executed, and include the absolute control over food, water, and other resource distributions.

Sec. 201. Priorities and Allocations Authorities. (a) The authority of the President conferred by section 101 of the Act, 50 U.S.C. App. 2071, to require acceptance and priority performance of contracts or orders (other than contracts of employment) to promote the national defense over performance of any other contracts or orders, and to allocate materials, services, and facilities as deemed necessary or appropriate to promote the national defense, is delegated to the following agency heads:

(1) the Secretary of Agriculture with respect to food resources, food resource facilities, livestock resources, veterinary resources, plant health resources, and the domestic distribution of farm equipment and commercial fertilizer;

(2) the Secretary of Energy with respect to all forms of energy;

(3) the Secretary of Health and Human Services with respect to health resources;

(4) the Secretary of Transportation with respect to all forms of civil transportation;

(5) the Secretary of Defense with respect to water resources; and

(6) the Secretary of Commerce with respect to all other materials, services, and facilities, including construction materials.

(e) "Food resources" means all commodities and products, (simple, mixed, or compound), or complements to such commodities or products, that are capable of being ingested by either human beings or animals, irrespective of other uses to which such commodities or products may be put, at all stages of processing from the raw commodity to the products thereof in vendible form for human or animal consumption. "Food resources" also means potable water packaged in commercially marketable containers, all starches, sugars, vegetable and animal or marine fats and oils, seed, cotton, hemp, and flax fiber, but does not mean any such material after it loses its identity as an agricultural commodity or agricultural product.

Executive Orders created for national defense and national preparedness are not new in American history, but in each instance they brought about a Constitutional crisis that nearly led standing Presidents to hold dictatorial power over the citizenry. During the Civil War, President Lincoln halted freedom of speech and freedom of the press, while at the same time revoking Habeas Corpus and the right to a fair trial under the sixth amendment. During World War I, when Congress refused to grant Woodrow Wilson extended power over resources to help the war effort, he invoked an Executive Order which allowed him complete control over businesses, industry, transportation, food, and other economic policies.

In both cases, it was only after the death of each President that full Constitutional powers were restored to the citizens of the United States.

The economy of the United States is based on the free flow of resources, energy, and the rights of consumers to buy and sell as they see fit. Any interference in this economic process quickly leads to shortages, rising prices, and civil unrest. The purpose of President Obama signing this new Executive Order is yet unclear, however, it may coincide with information coming out of Israel yesterday that plans for a tactical or strategic strike on Iran are accelerating. Oil prices in Europe rose over $3 a barrel for Brent crude after the Israeli actions, and US oil prices rose $2 for WTI.

The Obama administration appears to be preparing for a long drawn out war in the Middle East, or at the very least, an expected crisis that will require the need to override Constitutional authority and claim dominion over all resources in the United States under the guise of national defense. With the rise in Disaster Preparedness growing for both individuals and states leading up to yesterday's Executive Order, the mood of the nation points strongly towards some event or disaster that will require massive preparations on a national as well as local scale.

Continue reading on Examiner.com President Obama signs Executive Order allowing for control over all US resources - National Finance Examiner | Examiner.com http://www.examiner.com/finance-examiner-in-national/preside...

Sun, 03/18/2012 - 21:35 | Link to Comment Doña K
Doña K's picture

Get ready for O'Bummer to pull a Chavez on Amerika. These are some of the steps they take before takeover.

Sun, 03/18/2012 - 22:22 | Link to Comment sabra1
sabra1's picture

and what steps are you US citizens taking to stop them?

Sun, 03/18/2012 - 22:46 | Link to Comment UP Forester
UP Forester's picture

There are no US citizens, save those that are in the government.

There are only terrorists, and unknowing lackeys.

The forces are aligning.

Mon, 03/19/2012 - 08:40 | Link to Comment sdmjake
sdmjake's picture

"The price of apathy towards public affairs is to be ruled by evil men" -Plato

Sun, 03/18/2012 - 21:49 | Link to Comment Chuck Walla
Chuck Walla's picture

And we simply cannot change horses in mid-stream, so re-elect this, our amatuer President and professional Socialist.

Sun, 03/18/2012 - 21:49 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Sounds like something out of Stalin's planbook.

 

Sun, 03/18/2012 - 22:10 | Link to Comment Teamtc321
Teamtc321's picture

Why so many NEW Tanks being sent to cali??

http://www.youtube.com/watch?feature=player_embedded&v=RzvOzqGlc_4

Sun, 03/18/2012 - 22:38 | Link to Comment Milestones
Milestones's picture

This was posted at least 10 days ago (picture of the tanks) About 4 days later there was a post showing these apperant same tanks quire a way down into Mexico. I spent some time in Mexico and as I recall it was down past Puerte Vallerte.

The only place I can think of is Chiapas where there has been some unrest for years--but tanks in the counry does not make sense--Jungle. Perhaps to seal off Mexico's southern border, as many illegals are from further south including Brasil.          Milestones

Sun, 03/18/2012 - 22:41 | Link to Comment Ahmeexnal
Ahmeexnal's picture

They are british tanks.  They are being sent to germany as well:

http://www.guardian.co.uk/uk/2012/feb/16/british-tanks-sent-germany-storage

 

 

Sun, 03/18/2012 - 23:17 | Link to Comment Teamtc321
Teamtc321's picture

Those are not british tank's and the video is in central california ahmeexnal. Heading south, maybe pendleton when it was shot. 

Mon, 03/19/2012 - 00:00 | Link to Comment Attitude_Check
Attitude_Check's picture

Most of those ARE NOT TANKS.  They are armored personnel carriers.  Look like M-2's.  These are more appropriate for counter terrorism/counter insurgency operations.  They could be very effective support for counter narcotics operations.

Mon, 03/19/2012 - 05:49 | Link to Comment i-dog
i-dog's picture

"Counter terrorism" ... LOL. More likely, assisting terrorists to overthrow a govt!

"Counter insurgency" ... LOL. More likely, assisting insurgents (see above)!

"Counter narcotics" ... LOL. More likely, protecting narcotics shipments!

Mon, 03/19/2012 - 01:24 | Link to Comment zilverreiger
zilverreiger's picture

this video is months old

Sun, 03/18/2012 - 23:55 | Link to Comment newengland
newengland's picture

Michael,

This is the work of the New Fascists. We ought to remember that the Nazis were democratically elected, and everything they did was legal in their country at the time. 

We ought to remember that Marx was funded by the pre-eminent banking family Rothschilds, and their New York bank affiliates funded Lenin/Trotsky/Bolsheviks, and JM Keynes, the central economist at Bretton Woods, admired the Nazis, as did the Bank of England...the Rothschilds bank.

This latest Executive Order and the NDAA is the next stage of the corporatists financial coup d'etat, assisted by the Rothschilds' lap dogs like the Rockefellers, and their Trilateral Commission and Bilderberg Group which 'sounds out' newcomers, schmoozes the unwitting rich and ambitious political wannabes.

Sun, 03/18/2012 - 21:37 | Link to Comment williambanzai7
williambanzai7's picture

Unfortunately, the massive presence of moral hazard poisons every well constructed argument about Wall Street Darwinism.

AIG and Goldman, to name just two, are ''sophisticated' corporate welfare queens, to put it politely.

Now we see moral hazard is mutating into morale hazard as well.

Sun, 03/18/2012 - 22:03 | Link to Comment Kali
Kali's picture

i would describe them more as crak hos than welfare queens. But either will do.      PORK.

Sun, 03/18/2012 - 22:34 | Link to Comment williambanzai7
williambanzai7's picture

I'm trying not to get too agitated this early in my morning.

Sun, 03/18/2012 - 22:43 | Link to Comment Kali
Kali's picture

; )

Mon, 03/19/2012 - 05:43 | Link to Comment disabledvet
disabledvet's picture

the idea that this guy scares people is obviously a joke. if he was a Godly man that would be different of course...but sure it's nice to have your clients interest front and center. Still... i think an empirical argument is in the process of being "made" through the market itself that bailout tycoons masquerading as "Master's of the Universe" is a dead business model. The fact of the matter is all the brokerage companies are gone now. they ate themselves--and have no way to stop doing that going forward either. They've been swallowed up "in the maul." Public monies rule this roost and insofar as the private sector really exists at all anymore "it's small ball." The exception is banking. I think what has transpired is a true "revenge/renaissance"? of plain old fashioned lending and "fractional reserving" as Bailout Nation has now run its course "and you gotta go to Dad to ask for a loan." With trillions now on deposit and more on the way--900 billion can go a long way in "restoring growth." We'll see about profitability of course. They're always changing the names on those bank things "down there." CitiFennerAmeriGroup Holdings Excorciated (Exc. for short) will need to be cleaned up.

Sun, 03/18/2012 - 21:42 | Link to Comment Downtoolong
Downtoolong's picture

I used to work in that building, when you could still see the twin towers across the way. I always wondered what that stupid cube was supposed to be about. Now I see it.

 

Sun, 03/18/2012 - 22:12 | Link to Comment q99x2
q99x2's picture

Ok Banzai7 or Will, you nailed it. That is the Brown Brothers Harriman building next to the NYC FED. Preston Bush was one of the founders there. Anyhow thats the nest. You need a minimum of 50 mil to play at Harriman. It is where NWO distributes what it takes out of taxpayers pockets via the FED and transfers it to off balance sheet operations black opps and the funding of the agencies that are in process of taking over the US. But if you ask any of the of Occupy leaders they'll say I don't know what that building is. That is why this year Giant posters of the NWO heirarchy will glaringly be hung at all the major city protests. Of course that assumes they don't hit the US as part of the current Mid East crisis.

Sun, 03/18/2012 - 22:36 | Link to Comment williambanzai7
williambanzai7's picture

Very good

I'm thinking how to vandalize the neighborhood with images. stay tuned.

Sun, 03/18/2012 - 23:47 | Link to Comment newengland
newengland's picture

Banzai!

You are brilliant, always.

Mon, 03/19/2012 - 00:22 | Link to Comment Conrad Murray
Conrad Murray's picture

WB7 stencil art would be fabulous. Let's give a boost the spray paint industry.

Sun, 03/18/2012 - 23:49 | Link to Comment newengland
newengland's picture

q...

Yer a very clever monkey, aintcha? Good work. Hoping you carry on with the good fight.

Mon, 03/19/2012 - 03:42 | Link to Comment I_Am_
I_Am_'s picture

who the f-ck gave you the down arrows!!!!! Bizarre....

Mon, 03/19/2012 - 00:02 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

bonazai ! i work on the 20something floor of this building. and you my great friend, have just spiced up my imagination. i will be thinking fo the giant fucking red cube die tomorrow morning. 

THANK YOU!

Sun, 03/18/2012 - 21:30 | Link to Comment Timmay
Timmay's picture

Blah, blah, blah. Who's going to change this "culture"? Mitt, Rick? Obama?

 

 "We need to take off and nuke the site from orbit, that's the only way to be sure".

Sun, 03/18/2012 - 21:35 | Link to Comment BigMike
BigMike's picture

Krugman/Obama/Geithner/Bernanke as Burke: "Ripley? I- You know I expected more from you - I thought you'd be smarter than this. "

Sun, 03/18/2012 - 22:12 | Link to Comment malek
malek's picture

Just watched it yesterday

Sun, 03/18/2012 - 21:32 | Link to Comment Chaffinch
Chaffinch's picture

Why would a trader take a job on a fixed income?

Sun, 03/18/2012 - 21:36 | Link to Comment beachdude
beachdude's picture

One can hope that the brave soul Greg Smiths integrity is contagious.

Sun, 03/18/2012 - 21:40 | Link to Comment Doña K
Doña K's picture

The clock is ticking! Once the first shots are fired, the rest of the banksters will scatter arround the globe and become prisoners of isolation and get "adhesive capsulitis" from looking over their shoulder. The earth is now-a-days too small for anyone to disappear.

Mon, 03/19/2012 - 01:26 | Link to Comment New World Chaos
New World Chaos's picture

It may have already started.  Bankster resignations have recently picked up dramatically, up to 10-20 per day.  Plus the recent major whistleblowers.  Something is up.  They fear the hammer is coming.  They want to get out before TSHTF.  http://www.godlikeproductions.com/forum1/message1805377/pg1

The Golden Age of Backstabbing is here.  Lucifer will consume his own minions.

Sun, 03/18/2012 - 21:34 | Link to Comment bugs_
bugs_'s picture

muppetized

Sun, 03/18/2012 - 21:45 | Link to Comment hamster wheel
hamster wheel's picture

A word for our time.

Sun, 03/18/2012 - 22:08 | Link to Comment Dr. Engali
Dr. Engali's picture

Muppetized...vaporized.... Rehypothecated...Transitory... The list keeps getting better.

Sun, 03/18/2012 - 21:35 | Link to Comment vast-dom
vast-dom's picture

Bernank deserves far worse attention.......between TeH FeD and the Banks there is limitless fraud and detstruction. Think Henry Ford quote re: Wall St to the Nth.

Sun, 03/18/2012 - 21:39 | Link to Comment nmewn
nmewn's picture

"They have held themselves above capitalism’s consequences in a society which once prided itself on the concept of creative destruction."

I don't know who this guy is but he's speaking my language.

Sun, 03/18/2012 - 21:40 | Link to Comment fuu
fuu's picture

Fuck all the banksters.

Sun, 03/18/2012 - 21:40 | Link to Comment wombats
wombats's picture

The entire economy, or at least the financial system upon which the economy is built is at its core dependent upon confidence of all participants.  The rule of law and basic morality, ethics are the pillars upon which confidence in the system has to be built.  When ordinary people watch elite bankers, brokers and executives shred the law with impunity and then go totally unpunished then confidence is lost.  After years of fraud upon fraud with no real penalties the system is doomed.  No rational person can expect honesty or fair play from the financial system at this point.  How can the west in general and the US in particular expect the rest of the world to have confidence in a system that is rigged to ensure perpetual gains for the elite and perpetual risk for everyone else.  It is only a matter of time before the system implodes.

Sun, 03/18/2012 - 21:56 | Link to Comment Downtoolong
Downtoolong's picture

+1

 

Mon, 03/19/2012 - 00:03 | Link to Comment vast-dom
vast-dom's picture

I wholeheartely agree with you wombats, and yet.......here we are in some cycle of perpetuity subjected to a nanny state and rigged system that penalizes most everyone in subtle and overt methods.....

Mon, 03/19/2012 - 00:31 | Link to Comment newengland
newengland's picture

vast-dom,

You are as defenceless as you choose to be. Join the Fight Club. It's better for your soul, and your future.

Mon, 03/19/2012 - 07:51 | Link to Comment memyselfiu
memyselfiu's picture

what the hell is with all the down arrows on this thread???

Mon, 03/19/2012 - 00:29 | Link to Comment newengland
newengland's picture

wombats,

The system will implode on cue, as it has in the past, shortly after the 'elites' have their money and themselves far from the ensuing carnage. Meanwhile, it might be better for resourceful people to bail out themselves: pay down debt, only use a local/community bank, shred the credit cards, pay with cash, spend less, save more...learn to drive a tractor or grow your own food, and share with family, and friends. Make space for family and friends from the City who are trapped.

Some good old-fashioned self-sufficient community spirit will whip the banksters every time. Imagine their nightmare when they live in an energy dependent enclave with staff who hate them, and locals who want to sabotage their 'lifestyle'. And that's apart from the ruthless former 'friends' who want to assassinate them. No sign of Corzine in public, for example.

There will be winners and losers when the planned implosion comes. Best save your energy for constructive things. And always speak up for the OWS young 'uns. Just my opinion...

Or you could just carry on with the psycho drama, and wait for your fate, defenceless.

Sun, 03/18/2012 - 21:44 | Link to Comment Alexandros
Alexandros's picture

It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people. It cannot be possible that loan sharks dare to wrong so shamefully such numerous human populations. The nightmare should come to an end ...the nightmare that started in the FED vaults and through the housing loans and the bonding investments of the Social Security Funds reached all households.

We have reached the ultimate limits of shabbiness ...where “Enough is Enough”. Banking system and currencies should return to the people. There should be a discrimination of the currency nature in the two sides of the ocean ...its “security” part and its “bond” part should be separated. There should be a discrimination between what it describes the real value and that “value” that results from the addition of interest and “returns”. What does this mean in practice? There shall be an arrangement in favour of the people as far as the social security funds and the private deposits are conserned, so that currency becomes again a security. All the "rest" may be returned to the bankers and the loan sharks. This is whatever is described as debt and interest may be returned in the form of the well-known balls...

They should be led to prison, both "Markets” that pretend to be reservoir-Fund and their local “pumps” that pretend to be private banks ...banks should be left to bankrupt so that they come under the national control for free. It is banks that should become public not their debts, as it happens today. Their owners should be led to prison for high treason and all their assets should be seized. All the bonuses, that their staff received due to their loan sharking “successes“ should be given back. Justice should be restored to face this blood-thirsty gang of beasts who made people sweat blood ...international Courts should nail the “Markets” and put them on trial for crimes against humanity.

The world is getting “awake” from “narcosis” and pity to the one who shall be found to have made the wrong at the wrong time ...pity to the who “sedated” them to “rape” them ...pity to the one who shall be found holding the criminal “tube” ...pity to the one who threatened the future of the human kind.

 

Global Debt Crisis

http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html

Authored by PANAGIOTIS TRAIANOU

Sun, 03/18/2012 - 21:50 | Link to Comment Yardfarmer
Yardfarmer's picture

tedious.

Sun, 03/18/2012 - 21:49 | Link to Comment ZeroPower
ZeroPower's picture

Good musings Sleestak. Where you at LEH when they went under? Had a few friends at the Ldn office in the final days and they have some great stories of the days leading up to the weekend bankruptcy when it was pure mayhem across all floors i.e. crashing their web servers numerous times cause everyone's emailing everything off their soon-to-be-seized computers to their personal addresses, MDs running up and down floors yelling at everyone etc.

Sun, 03/18/2012 - 22:01 | Link to Comment newengland
newengland's picture

This article is an interesting insider's view, but it is too little too late. While the nation sleeps, the elites advance their fascist agenda:

 

For Immediate Release March 16, 2012 Executive Order -- National Defense Resources Preparedness

EXECUTIVE ORDER

NATIONAL DEFENSE RESOURCES PREPAREDNESS

Put that in your internet search engine and see the original in all its sickening legalese. It amounts to this: the State's legal right to seize the 'means of production', as Marx described it. Some call that communism, socialism or corporatism.

It is fascism, big government and big banks making debt slaves of all, making the people into mere units of production to be used and abused by the Federal Reserve Board and its political puppets as they see fit, and simply excusing it with the lie that 'national defense' requires it.

All water, agriculture, transport, manufacturing, everything made by anyone can now be commandered by the New Fascists. Traders beware. You too will be enslaved.

 

Sun, 03/18/2012 - 22:02 | Link to Comment wombats
wombats's picture

Seize what means of production.  Hasn't it all been offshored to China & others?  What is left for him to take?

Sun, 03/18/2012 - 22:16 | Link to Comment Dr. Engali
Dr. Engali's picture

Boiler room shops where they package and ship off Cds's,derivative shops, toxic waste(not to be confused with financial products),militarized weaponry. Genetically modified food (again not to be confused with toxic waste). That's about all the things we make I can think of. Not much to seize.

Sun, 03/18/2012 - 22:17 | Link to Comment newengland
newengland's picture

Dr,

Read the executive order. It refers to the air, water and land, in addition to manufacturing and every other asset.

TSK. Surrender if you must. We won't.

Sun, 03/18/2012 - 22:20 | Link to Comment Dr. Engali
Dr. Engali's picture

I have read it several times. Even posted it a couple times. Just trying to make light of a serious situation.

Sun, 03/18/2012 - 22:31 | Link to Comment newengland
newengland's picture

Dr.

Then I apologise sincerely for misunderstanding your point of view.

There is a quiet storm building up here; it can be heard in corner shops and hardware stores when there are no strangers present. We are disinclined to acquiesce to Washington's request or threats. Too many people have a superficial view of New England, and the U.S., in my opinion.

Sun, 03/18/2012 - 22:15 | Link to Comment newengland
newengland's picture

wombat,

Read the Executive Order. It is nihilism to imagine that the U.S. is beholden to anyone, including Washington and the Federal Reserve Board. Surrender if you like. Me and mine never do.

Sun, 03/18/2012 - 22:08 | Link to Comment oldman
oldman's picture

newengland

live in fear my dear

death is the end of the beginning                                       om

Sun, 03/18/2012 - 22:14 | Link to Comment newengland
newengland's picture

om,

I do not live in fear, far from it. This is my land, my people, my heritage. Others fear us. Excellent.

Sun, 03/18/2012 - 22:26 | Link to Comment oldman
oldman's picture

Newengland

Thanks for your attitude

Me too, until my turned on our heritage and used the military and nukes to rob the rest of the planet

Fascist mutherfuckers, New

I'm surprised you are on thei side

Well, anyway---send your fucking military and drop all your fucking bombs

No one fears you any longer

Because your balls on in your throat

Please do not think that my comments are personal

I've been fighting the caricature you represent all of my life, so it is not persona

just anger in hearing it is alive still    good luck to you brother  you will need it    om

Sun, 03/18/2012 - 23:07 | Link to Comment newengland
newengland's picture

om,

You are mistaken if you think I support foreign wars waged by the military industrial complex, although my family have fought in every war waged by the U.S. We are patriots who trusted our government*, and will deal with them now in due course - something that is clearly denied you in your own land.

If you want freedom, you make it for yourself by overthrowing your own oppressors. Leave me and mine to deal with the warmongers in Washington who abuse our trust. Do us all a favour: force your government to reject U.S. intervention, instead of whine to me when you fail to do so, and your government invites U.S. help or collaborates with the militarists.

The U.S. Constitution allows for militiamen and the bearing of arms and the defense of our interests on U.S. soil.

It does not gift Washington the right to send us on endless foreign wars for aliens who submit to their own cowardly ways, and have no Republic to defend.

Good luck to you old man. Your oppression is of your own making.

You are a 'useful idiot' (Lenin) if you imagine that your regime has done anything other than profit from U.S. intervention, and oppress you sheeple.

*And my family made the government of the U.S., much like many original families in New England.

Sun, 03/18/2012 - 23:12 | Link to Comment oldman
oldman's picture

newengland

'my country' was the us of a, but the country in which i live has thrown out the us military three times---asked them to leave three times and each paid a large commercial price.

it has also thrown three presidents out of office since 1995

it is the country and the people that i was raised to believe my own us of a to be

iraq 1   iraq2  egypt   libya  syria-------y-----------

I have been among us citizens for the last three weeks----the same shitheads that told me to love it or leave it

are now coming here after having consumed eveything there are now refusing to pay the dinner bill when presented

I must have talked a hundred or so, always suggesting that they stay home and save themselves the trouble of investing here and going home later empty handed except for a property to sell.

Each of them has exactly the same words as you write here-----it is not personal, but please keep the old fucks at the table until they pay the bill

No, I suppose it is easier to borrow the money, like Wimpy, and let you grnd childs children pick up the tab

 

Enough   you can see who I am ---just an eternal malcontent ---except for one thing

none of my people and certainly not this oldman could eat the shit that is handed out today----we would have choked to death on the first serving              thanks, Newengland---you are taking some heat that others did not stay around for so, again, it's nothing personal; just a general indictment of the entire culture      om

Sun, 03/18/2012 - 23:35 | Link to Comment newengland
newengland's picture

om,

I'm sorry if you are discontented. I guess that comes with life, but I am going to defend my beloved New England; my kith and kin, our land and heritage.  I have no interest in the excesses of others, nor their excuses.

Best wishes to you and yours. No hard feelings.

Mon, 03/19/2012 - 00:10 | Link to Comment oldman
oldman's picture

cowardly mindfucker

Mon, 03/19/2012 - 00:36 | Link to Comment newengland
newengland's picture

om,

You are discontented, but that is no reason to be obscene towards others like me who have hope, built on the community we made and inhabit. I suggest you read some poetry or enjoy another peaceful activity rather than hate your former countrymen. Truly, best wishes to you and yours.

Mon, 03/19/2012 - 01:34 | Link to Comment UpShotKnotHoleGrable
UpShotKnotHoleGrable's picture

You are really tiresome.

listen, I know you're new and having been here just about 2 and a half months or so, you may feel like you have something important to say or that you must respond up and down to every post and poster as you have done and continue to do, but really, you are not adding any value and worse, you continue to repeat the same tired boring old crap.

Really get a life and fuck your new england up the ass.

Have a nice day ; )

Mon, 03/19/2012 - 03:49 | Link to Comment newengland
newengland's picture

UpShot twisted psychopath,

You have made a couple comments which are hateful, and no contribution to this thread, but you do like to spew filth. Does it get lonely in your parent's basement? Interesting that you are experienced in gutter talk, and mindless, unable to comprehend the issues being discussed by the adults. You are a worthless bully of no influence.

Yet you are the sort of snivelling coward who needs others more than they need you, pet.Yet you will be tolerated. You are the annoying buzzing background noise of no consequence, and clearly politically motivated and angry that your angry childish agenda is irrelevant.

 

Sun, 03/18/2012 - 21:56 | Link to Comment Downtoolong
Downtoolong's picture

Nice confession post. Now what?

I think if Congress and the regulatory branches of government were really interested in doing something to change Wall Street, they would be soliciting and taking advantage of insights from people on the inside who either publically or confidentially want to make it happen. You can hear and see the pent up demand for in posts like this one. People shouldn’t have to sacrifice themselves at an altar of fire, like Greg Smith did, to get attention and make their point heard. The thing that now amazes me most about Greg Smith’s unusual departure from Goldman is how all of a sudden references to it in the MSM seem to have stopped cold. Perhaps they have been vaporized like those client deposits at MF Global.  Say what you want about Greg Smith’s stature at Goldman, he was highly successful against any national standard by measures of education, business acumen, compensation, tenure, and experience. When an employee of Greg Smith’s caliber can’t make a dent in known longstanding problems at his company, even by means of incredible personal sacrifice, then that is the problem.

Sun, 03/18/2012 - 22:04 | Link to Comment wombats
wombats's picture

I am quite sure TPTB will make sure he is properly punished.  They will surely make an example of him as a warning to others.

Sun, 03/18/2012 - 22:12 | Link to Comment newengland
newengland's picture

wombats,

His greatest protection is to stay in the light of publicity, so his enemies fear further exposure. Also, he ought to lodge copies of any evidence with an independent secure entity, eg  a trusted family friend. Lawyers can be bought off.

Sun, 03/18/2012 - 22:35 | Link to Comment nothing can go wrogn
nothing can go wrogn's picture

Greg Smith is going to be just fine.

If he really had something damaging to say, the NYT would have never published it. It would have been on a youtube video with the counter stuck at 305, then dissapeared after two days. ZH would have covered it, it would have then become too big too ignore. Then 3 months later the NYT would have acknowledged it somwhere on page D37 in the bottom right corner.

Mon, 03/19/2012 - 01:52 | Link to Comment GMadScientist
GMadScientist's picture

Maybe it's on a flash drive in a vault somewhere and he let Lloyd and the boys know.

Maybe Lloyd and the boys know that sueing him opens them up to discovery motions with which they reaalllly don't want to have to comply.

Sun, 03/18/2012 - 22:52 | Link to Comment Milestones
Milestones's picture

That knife has 2 edges and cuts both ways.--Just sayin           Milestones

Sun, 03/18/2012 - 22:09 | Link to Comment newengland
newengland's picture

True statement. Greg Smith is the Winston Smith of his time; Winston Smith being the main character George Orwell's prophetic 'Nineteen Eighty Four', the warning about the dystopia we now witness. Big Brother is watching, and controlling. Dissenters like Smith want to escape the 'Ministry of Truth' which they served for a period of time.

Sun, 03/18/2012 - 22:08 | Link to Comment blindman
blindman's picture

the problem is the fiat dollar. most of the population
sees the dollar as the solution to their problems and not the source.
what a fantastic way hide the solution at the heart of the problem
and in plain view. this must be a universal principle.
none dare strike at the root?

'There are a thousand hacking at the branches of evil
to one who is striking at the root.'
Henry David Thoreau
.
so there can be no correction to the problems
when the source or root is off limits for consideration.
cackling will continue with no arrests or prosecutions
of any significance as that would result in a revelation
concerning the root , off limits, problem. imo
more hope, change n' prisons might work?

Sun, 03/18/2012 - 22:21 | Link to Comment newengland
newengland's picture

End the Fed, the old privately owned banking cartel of Britain and Europe, headed by the Rothschilds, and assisted by their lapdog Rockefellers; their fascist Trilateral Commission, and marketing arm The Bilderberg Group.

Sun, 03/18/2012 - 22:25 | Link to Comment blindman
blindman's picture

i forgot that part, thanks.
end the fed !

Sun, 03/18/2012 - 22:43 | Link to Comment newengland
newengland's picture

blindman...who can see quite clearly :-) Excellent!

Sun, 03/18/2012 - 22:48 | Link to Comment gwar5
gwar5's picture

"Sound money should be classified as a basic human right. ...and your money belongs to you, and should not be allowed to be counted as the bank's money when you keep it there."

-- Alisdair Macleod (of the clan Macleod), economist

 

Sun, 03/18/2012 - 23:00 | Link to Comment newengland
newengland's picture

gwar5,

Trust a good Scot to state it plain and true :-)

Sun, 03/18/2012 - 22:10 | Link to Comment bob_dabolina
bob_dabolina's picture

Everyone is a bloody muppet. The only difference is whos fist is shoved up our ass at any particular time. Hell, you may be the one fisting someone else at one point.

Sun, 03/18/2012 - 22:13 | Link to Comment ebworthen
ebworthen's picture

Moral Hazard.

Japan and Greece.

If Wall Street and Washington think people are just going to keep paying bills and taxes and believing in the Norman Rockwell America that those aforementioned assholes long since gutted and hung out for the crows to peck at they've got another thing coming and I can't wait.

Sun, 03/18/2012 - 22:22 | Link to Comment Cabreado
Cabreado's picture

cha·os [key-os]
noun
1.
a state of utter confusion or disorder; a total lack of organization or order.
2.
any confused, disorderly mass: a chaos of meaningless phrases.

Sun, 03/18/2012 - 22:23 | Link to Comment MinnesotaMD
MinnesotaMD's picture

You can't legislate morality. We need to rebuild our culture. I don't see any signs of rebirth mind you. Jersey Shore and Ultimate fighting barbarism seem more the cultural currency of the age. I weep for how far gone things have gone. Just like Fed printing. Things are sprinting in the wrong direction.

Sun, 03/18/2012 - 23:09 | Link to Comment UP Forester
UP Forester's picture

Don't worry, Doc.  Just be prepared to show the way to others when the fecal matter hits the oscillating, rotating air movement implement, and everyone else is rudderless....

Sun, 03/18/2012 - 22:23 | Link to Comment non_anon
non_anon's picture

well, you look at the history of "Wall Street" and see that it has always been a parasite aka vampire squid on the rest of the hard working nation. Go figure how it has lasted so long. Sucked dry!

Sun, 03/18/2012 - 23:10 | Link to Comment non_anon
non_anon's picture

i don't know how accurate but sounds about right, we are the modern day slaves.

1709

A slave market was erected at the foot of Wall Street in New York City. Here African-Americans and Indians, men, women and children were daily declared the property of the highest cash bidder.

http://www.legendsofamerica.com/na-timeline.html

Sun, 03/18/2012 - 23:33 | Link to Comment blindman
blindman's picture

you nailed it. hammer is singin' and the nails
are goin' down.

Sun, 03/18/2012 - 23:52 | Link to Comment non_anon
non_anon's picture

rock on brother!

Sun, 03/18/2012 - 22:27 | Link to Comment sasebo
sasebo's picture

Like a few big time fat cats disappearing every month?

Sun, 03/18/2012 - 22:30 | Link to Comment gimli
gimli's picture

I wanna see Mike Bloomberg in prison ......... supporting GS thieves cause they pay heavy bribes ........ er taxes to NYC.

He'll be Obama's next economic advisor.

Mon, 03/19/2012 - 00:39 | Link to Comment shuckster
shuckster's picture

Bloomberg, maybe... at least he has the balls to show himself in broad daylight... I care more about those whose names we don't know because they know they are so downright evil

Sun, 03/18/2012 - 22:31 | Link to Comment booboo
booboo's picture

these dipshit bankers have made a deal with the devil in embracing Obama Bin Biden. They will all (but a few) end up swinging from the prison rafters when O is positioned and the crowd will cheer, then he will move on to the crowd.

Sun, 03/18/2012 - 22:38 | Link to Comment gwar5
gwar5's picture

Promises, promises...!

Sun, 03/18/2012 - 22:34 | Link to Comment gwar5
gwar5's picture

Author hits some of the right notes, LTCM, Glass-Steagall, yada, yada... but I think he misses the scale and cunning of what is going on.

 

The rigged game has been building. Rubin, Greenspan and Summers knew there was fraud going on in derivatives before LTCM blew up because Alan told Brooksley Born  that and warned her not to poke around. She didn't listen so they railroaded her out as head of the CFTC just before it crashed.

Rubin then raised eyebrows when he immediately left as Sec. Treas. for Citibank as soon as G-S was repealed, and took quick advantage of it. Citi became one of the biggest offenders, if not the biggest, and other banks were even forced to take TARP money just to cover up for Citi's black hole and prevent a run on it. 

Where is Rubin now? He's a Rockstar at Bilderberg meetings and is co-Chairman of the Council on Foreign Relations. So, well played on all those stupid Muppets, Robert.

As long as the bankers own the government and laugh at all us muppet bagholders we know things will not get better. They are digging in their heels and prepping the government to protect them. This is fascism and the bankers have become our international super sovereigns.

 

 

Mon, 03/19/2012 - 00:37 | Link to Comment shuckster
shuckster's picture

Who are the biggest offenders of the past 20 years? Here's a list of names I keep seeing pop up...

 

Mozillo

Rubin

Mark Rich

Corzine (obviously)

Paulson 

any others that people would care to throw out there?

 

Mon, 03/19/2012 - 00:51 | Link to Comment newengland
newengland's picture

Rothschilds. Rockefellers. Ben Bernanke. Greenspan. Geithner. Trilateral Commission. The Council on Foreign Relations. Just to name a few more.

The political muppets are mere salesmen, dressed up in colorful outfits, spouting nicey words.

Mon, 03/19/2012 - 01:03 | Link to Comment shuckster
shuckster's picture

Not long ago I started writing a book about a group of Navy Seals who tour the planet hunting down Rothschilds and Rockefellers and killing and gutting them... publish date should be sometime next summer - "Hunter Killers" is the current name of the book

Mon, 03/19/2012 - 01:41 | Link to Comment newengland
newengland's picture

shuckster,

You'll have to find a brave small publisher for that one, and forget Hollywood for any movie deal...for obvious reasons.

By the way, it's economic war now. See how Iran is being cut off from the SWIFT system of international banking? It's going to kill them without a single shot, although I personally, fail to see what they have done to deserve that fate. Ho hum. I'm not privy to top classified material, but neither are most Congressmen who go along with this kind of warmongering because their voters love to hate something or other, even their own Armed Forces who they treat like toy soldiers...while they spout ridiculous threats aimed at the writer of this article who simply exercises his Constitutional rights.

Sun, 03/18/2012 - 22:36 | Link to Comment Rock the Casbah
Rock the Casbah's picture

Sleestak is spot on - the crime is when the banks STOPPED being asshole capitalists and became overpaid government workers.

That's what Greg Smith missed.

Sun, 03/18/2012 - 22:57 | Link to Comment newengland
newengland's picture

Rock,

That's a fair point. Government intervention and the privately owned Federal Reserve Board have corrupted capitalism; they want big government and the biggest banks; they are monopolists; they hate competition whether that comes from trade or individuals; the free flow of ideas, goods and services is their enemy; they seek absolute control; privatising their profits, and socialising their losses.

All that has accelerated in the last 40 years, and it's no wonder that most adults are confused, bewildered that what they were taught by their parents and teachers is no more in truth, but simply manipulated slogans imposed by the elitist liars.

Sun, 03/18/2012 - 22:36 | Link to Comment MinnesotaMD
MinnesotaMD's picture

Mark Levin is on CSPAN2 making points on how close we are to collapse, and the disintegration of civil society.

Sun, 03/18/2012 - 22:50 | Link to Comment newengland
newengland's picture

Levin lives in an uncivil society, as do all the silly pets of politics and the globalist central bank cartel. They will squeal even louder when the yeomen refuse to protect them from their hideous dystopia.

Obama's latest Executive Order is an attempt to steal the means of production from its true owners in the hope that the gangsta bankstas and career politicians will still hold the whip hand when the collapse comes; the collapse of their making.

Those lil piggies can squeal, threaten and pass any law they like. It will be irrelevant when push comes to shove. They own nothing, but the detrius of debt slaves who are too weak to defend anyone, least of all their slave masters: the Federal Reserve Board, and its Washington muppets.

Sun, 03/18/2012 - 23:06 | Link to Comment MinnesotaMD
MinnesotaMD's picture

I've never seen Levin as their minion.

Sun, 03/18/2012 - 23:19 | Link to Comment newengland
newengland's picture

MinnesotaMD,

I don't know Levin, and I'll take your word for it. My point is this: the system is rotting. The boys who cry wolf are no longer believed. The town will ignore them even when the big bad wolf does arrive.

Your land, your people, your heritage...my land, my people, my heritage...we own this, we made this. It is ours, and we had better defend it. That new Executive Order is fascism, unconstitutional, an abuse of our inalienable rights. So is the NDAA, also passed quietly at a time when Americans were otherwise occupied with their right to peaceful existence...so was Christmas 1913 when a grateful new President passed into law the hideous Federal Reserve Board of old world banksters, and lived to regret it, by lamenting later that no political discourse would be independent again as those who issued the 'credit', the fiat money, now had control.

2013: one hundred years of a financial coup d'etat.

Mon, 03/19/2012 - 09:31 | Link to Comment psychobilly
psychobilly's picture

I've never seen Levin as their minion.

Levin is a neocon stooge.  A "libertarian" poser.  The below email exchange surrounding him getting dumped from WSPD is hilarious, especially the coup de grâce.

Mark Levin Dumped From WSPD in Toledo, Denounces Libertarian Host Brian Wilson

http://notesandobservations.me/2012/02/17/mark-levin-dumped-from-wspd-in-toledo-denounces-libertarian-host-brian-wilson/

Sun, 03/18/2012 - 22:46 | Link to Comment Westcoastliberal
Westcoastliberal's picture

Everything has been revving on the red line for way too long.  It will either blow up at some point, a CME or EMP will knock us back to the 1850's, or there will be blood in the streets from the pissed off and poor.

Any company that refers to their clients as "muppets" deserves to die, no matter what business they're in.  Show some fucking respect.

Sun, 03/18/2012 - 23:01 | Link to Comment Bartanist
Bartanist's picture

IMHO, the guy who wrote this article is absolutely f'n clueless as to the real issues.... maybe it is because he is handicapped by being "of Wall Street", and will never have the capacity to get it. Maybe this defines him as a moron or maybe it just defines him as irredeemably corrupt... don't care ... he will have no impact on my life.

A) if it was just sumo wrestling, high testosterone, animalistic morons playing mano on mano with their own money and future then it would all be fine. No one would care about a high stakes poker game between between people who earned their money honestly and could afford to gamble. However that is not the case:

1) First, It is NOT THEIR MONEY .. the banks create money out of thin air. The money never existed before the banks created and used it against others who do not have the power to create it. (Well, I suppose, the moron writing the article does not claim it is a fair fight or that the victims know that the demonic forces are actually raping them. He just claims that it is "normal and expected" and anyone complaining just doesn't get the game (paraphrasing).

2) Therea are no (or virtually no) personal consequences for the bankers and banks... oh they might lose their current job and be hired by a competitor if they make a money losing move ... lol.... but because they had the right daddy, they will still get hired.

3) Leverage gives the banks and their pimply lacross playing idiot sons of rich daddies power they have not earned. (and isn't THIS the real issue with the world; the idiot sons of rich daddies doing moronic things? Oh, wait Lloyd's daddy was a postal worker ... but then again, he is just a slave.)

B) IMO, If Glass-Steagall still existed (and the so called commodity futures modernization act of 2000 DID NOT) and there were no government bailouts of worthles pieces of sh*t elitist banks, then no one would give a dang about the banks and their corruption. Fact is: elitists would in no way be elitists under a fair system and they realize that they are no better than the average "eater", without their money creation advantage (and the understanding that they are weaker as a sub-species than the average human scares the **** out of them.)

C) Greenspan was a BIG fan of bank fraud (the whole Brooksley Born saga is evidence) as long as the banks were the ones committing the crime. However, my guess is that if anyone defrauded banks he would be a bit "put out"... how dare they give back what they have have been given.

D) The bankers and proponents of legalized banker fraud would most likely claim that the whole world benefitted from banker money expansion, Ponzi fraud in the markets and money system... umm, so now isn't the banker "success" what the elitists are now wanting murder the majority of the world's population for? (get the population down to a level they are not afraid to manage?!!!) We will be murdered for Ponzi economic expansion, consumerism and debt enslavement that that the banks and elitisits FORCED upon people. How is that for irony and hypocrisy. If someone should be eliminated from the world it should be those who insisted on the forces that are destroying it, not the people who were innocent bystanders... (anyone have a camel to shove through a needle?

Sun, 03/18/2012 - 22:54 | Link to Comment theduke2421
theduke2421's picture

Very well said and done - thanks.  

Sun, 03/18/2012 - 22:54 | Link to Comment eddiebe
eddiebe's picture

Well said Bart. I'm with you.

Sun, 03/18/2012 - 22:56 | Link to Comment Centurion9.41
Centurion9.41's picture

The problem isn't what Sleeztak asserts. 

The problem is the Sheeple Muppet's don't understand what he just said.

Sadly Jefferson's natural manure is coming.

The FACT is this, we stand here because politician's have sold the soul of Capitalism and Freedom.

Yes, Sleeztak is 100% correct about Greenspan and the nexus of LTCM/Glass-Stegal.  However, the people that allow Greenspan to hold the position he held and who created the economic incentives & disincentives surrounding that event and the recent crime ARE THE POLITIIANS.

Guys like Mr Bailout Nation Ritholz, who want to "blame" the Fed are no different than a member of the Mob who points at the chosen pigeon holding one of the guns used on Valentine's Day. 

Fed and the Wall Street scum are part of the problem.  But none of them, not one.  Could do what they do without the head scumbags who set the incentives and disincentives, and rules of the game, and play judge, jury, executioner and send bill collectors for their cut.

Wake up!  Sleeztak is no different than a street thug in this game.  Would you listen to the mobster whose job is to stand on the corner for anything other than some good Saturday night stories?

All of this is very very fixable.  The Founding Father's gave the US people tools to fix it.  But they also knew how ignorant the American people would be; so they gave them the 2nd Amendment as a last resort.   It's why the 2nd Amendment stands alone.   Those who claim it was only for raising a Militia and does not allow for American's to remain armed are gravely ignorant.  No where does it say that American's can only raise a Militia on the permission of the government.  No, Militia's are of, by and for the people. 

Read the whole of Jefferson's quote that is so often bastardized and perverted.   Read it sentence by sentence and it will be come clear that the Founder's knew the people would never be able to articulate, like he did in the Declaration of Independence, the reasons they were right to rise up.  But they knew the people would need to....

Jefferson's natural manure:

"And can history produce an instance of a rebellion so honourably conducted? 

I say nothing of it's motives. 

They were founded in ignorance, not wickedness.

God forbid we should ever be twenty years without such a rebellion.

The people cannot be all, and always, well informed. 

The part which is wrong will be discontented, in proportion to the importance of the facts they misconceive.

If they remain quiet under such misconceptions, it is lethargy, the forerunner of death to the public liberty.

And what country can preserve its liberties, if it's rulers are not warned from time to time, that this people preserve the spirit of resistance?

Let them take arms.

The remedy is to set them right as to the facts, pardon and pacify them.

What signify a few lives lost in a century or two?

The tree of liberty must be refreshed from time to time, with the blood of patriots and tyrants.

It is its natural manure."

Sun, 03/18/2012 - 22:56 | Link to Comment upb
upb's picture

insiders know best... thats why they peg the price of option to a specific price:  http://tinyurl.com/7q92gf7 

 

betch GS does it day night and on the weekends!!!!!!!!

 


Sun, 03/18/2012 - 22:56 | Link to Comment Ponzi Unit
Ponzi Unit's picture

The issue from the beginning has been subversion of the rule of law.

How? Through systematic and near-complete capture of regulators, legislators, presidents, judges, and central bankers.

Who? By a relatively tiny but superbly orchestrated and highly organized criminal cartel.

All at the expense of the 99.999%.

Thes guys make the Gambinos look like amateurs.

Sun, 03/18/2012 - 23:47 | Link to Comment Gamma735
Gamma735's picture

If the people ever realize the fraud put on them by their government and Wallstreet, they will burn the de facto capital and the show capital to the ground.  I will leave it to you to figure out which capital is which.

Sun, 03/18/2012 - 23:05 | Link to Comment dust to dust
dust to dust's picture

Two important words GOVERNMENT INTERVENTION. WHAT'S UP WITH THAT?

Mon, 03/19/2012 - 01:07 | Link to Comment newengland
newengland's picture

+1, dust to dust, but your comment appears to go over the heads of many. 

Sun, 03/18/2012 - 23:09 | Link to Comment imsaul0968
imsaul0968's picture

Sad thing is, its actually really easy to show the arrogant banksters a valuable lesson. With facebook and twitter and a clever editor, we could get millions of people to stand in protest by pulling all their money from 1 tbtf bank at a time, for 1 week, imagine the carnage, create the plan, ask for resignations or our cash stays at home, and watch the dominos fall where they should. The flaw though, americans on average are stupid and lazy so thats the real problem. Not shame on them, shame on us for taking it prison style for so long! Anybody wants to organize the bank game, im in!

Mon, 03/19/2012 - 00:25 | Link to Comment shuckster
shuckster's picture

It's an excellent plan - although I assume the banks have already beat us to it and that such a plan would fail as depositor number 2 would realize that there are no funds...

Sun, 03/18/2012 - 23:10 | Link to Comment IMA5U
IMA5U's picture

<yawn>

 

greg smith should've made his op ed durng the crisis back in 2008/2009 when the world was falling apart

 

all this pontificating on wall street being greedy is old news

its just like saying the government and the fed are corrupt

 

also old news

 

<yawn>

Sun, 03/18/2012 - 23:12 | Link to Comment Coffin Dodger
Coffin Dodger's picture

BIG change coming. And it's close.

Once the self-conscience realization that economic collapse is a genuine threat, that it's not a Hollywood movie that can switched off at the credits, or a computer game in which you can be shot and never feel a thing, or a talking point on your favourite bulletin board that is frightening yet always seems to be just ok enough to carry on at the end of the day - enough for you to snuggle into your bed and be followed the next morning by a return to your comfortable life, it's desperately important to take notice of what's happening around you and pay particular attention to what the powerful are doing.

Most of the powerful know exactly what is happening. They are terrified of an economic collapse, just like the rest of the blog-reading, lunatic-fringe, conspiracy-mongering populace that have the mental capacity to stare the abyss in the face. The msm keeps a lid on it with a twisted, bizarre sense of civic duty - after all is said and done, we don't want a panic to set in, do we?

The question is - who is more likely to survive a culling of an already too large population with access to a finite supply of raw materials - those with more power, or those with less power? Those who own land, or those who own no land? Those that control the basic commodities for sustaining life, or those who don't?

This is what we are witnessing right-here, right-now - the wholesale consolidation of power into the hands of those already in a position to better ride out the coming storm - with their odds increasing exponentially with every bit of extra power clawed into their hands.

Today in the UK, David Cameron stated that the UK's road system is to be privatised. He also said "he wished to build for the future with as much confidence as the Victorians did". I bet he wishes for that, oh yeah, he'd love that. He'd love us all to go back to the Victorian days where we doffed our caps at the local landlord, we had debtors prisons, workhouses and the majority of us were grateful, genuinely grateful to earn just enough money to keep our families alive.

The great Capitalism and Democracy experiment has failed. Spreading the wealth around amongst everyone was a great idea, but it just hasn't worked out as the powerful would have liked- the fucking natives have got a bit above themselves. I guess that it was contrary to the natural order of things. Monarchy and Feudalism, the sure-fire engine that spawned Capitalism originally, is due a resurgence. And it's right on our doorstep.

Alas, the powerful have us by the balls and they know it. Because it turns out we can't have an economic collapse. We simply cannot. At some point in the last 60 years, since the invention and placement of 450 nuclear power stations all around the globe, for the first time in our history, we can no longer recover, as a species, from a global disaster. Why? -  because if those 450 hungry little puppies aren't fed on an extremely regular basis, they melt down and fuck us all. An economic collapse is no longer an option. The powerful now continue to grab and consolidate, safe in the secret knowledge they are untouchable.

We entered a new paradimn in the last 50 years and simply failed to notice, until it was too late.

Or is it? An alternative is to force the closure and decommissioning of all nuke power stations and use whatever means neccessary to eject the spent material into space and get it all the fuck away from us. Yeah, right - I can see that happening.

Sun, 03/18/2012 - 23:17 | Link to Comment blindman
blindman's picture

http://verbewarp.blogspot.se/2006/08/global-economic-collapse-part-ii-wh...

* Fascism: In the words of Benito Mussolini: "Fascism reasserts the rights of the State as expressing the real essence of the individual And if liberty is to be the attribute of living men and not of abstract dummies invented by individualistic liberalism, then Fascism stands for liberty, and for the only liberty worth having, the liberty of the State and of the individual within the State The Fascist conception of the State is all embracing; outside of it no human or spiritual values can exist, much less have value. Thus understood, Fascism, is totalitarian, and the Fascist State - a synthesis and a unit inclusive of all values - interprets, develops, and potentates the whole life of a people."

“When most people hear the word "fascism" they naturally think of its ugly racism and anti-Semitism as practiced by the totalitarian regimes of Mussolini and Hitler. But there was also an economic policy component of fascism, known in Europe during the 1920s and '30s as "corporatism," that was an essential ingredient of economic totalitarianism as practiced by Mussolini and Hitler. So- called corporatism was adopted in Italy and Germany during the 1930s and was held up as a "model" by quite a few intellectuals and policy makers in the United States and Europe. A version of economic fascism was in fact adopted in the United States in the 1930s and survives to this day. In the United States these policies were not called "fascism" but "planned capitalism." The word fascism may no longer be politically acceptable, but its synonym "industrial policy" is as popular as ever.” Thomas J. DiLorenzo

Mon, 03/19/2012 - 00:56 | Link to Comment newengland
newengland's picture

Correct again, 'blindman'.

Economic fascism has been the gameplan for decades, but some people do much prefer to fight each other rather than face up to the cold reality of their debt servitude, and challenge the 'new world order', the Trilateral Commission which benefits from divide and rule along petty fake political lines; the class war, the color war, the little people blaming each other.

Sun, 03/18/2012 - 23:21 | Link to Comment Cone of Uncertainty
Cone of Uncertainty's picture

Guy's save all these letters and idiotic bullshit drivel of no consequence.

Wake me up when the public viewing of Corzine being hung is announced.

Thanks.

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