正文
Something big may happen to Goldman. I feel it\'s not a financial crisis any more. Look at the following article on Market Watch.
http://www.marketwatch.com/news/story/even-jack-bauer-couldnt-stop/story.aspx?guid={BE0D1772-A628-454D-80BF-C4484CEBA7DF}&siteid=yahoomy&ref=patrick.net
Scene 1. American government is now run by the \'Goldman Conspiracy\'
Oh, you really think just I\'m plotting a television series? Or just paranoid, exaggerating this power grab? You better read The Usual Suspects, Matthew Malone\'s brilliant article in Portfolio magazine: He exposed the Goldman Sachs \'conspiracy\' to take over the U.S. financial system. Read it in this context: America\'s financial sector has exploded from 19% of corporate profits in 1986 to 41% today, becoming a magnet for every wannabe billionaire. They know why Wall Street must control Washington.
Malone focuses on the incestuous conspiracy of Goldman alumni in Treasury, Bank of America, Merrill Lynch, AIG, Citigroup, Washington lobbyists and politicians.
Scene 2. Huge conflicts motivating Wall Street\'s \'Trojan Horse\'
And just in case you think any emphasis on The Hammer\'s conflict of interest was invented purely to increase drama, please remember that he worked at Goldman for three decades after serving under Nixon. He got $38 million his last year as CEO in 2006 before becoming Treasury Secretary.
Then during the market meltdown six months ago the $700 million personal fortune he built at Goldman was threatened by Goldman\'s huge $20 billion derivatives exposure at AIG: Suddenly his responsibilities at Treasury merged with a strong self-interest in protecting his personal fortune. AIG was saved.
Scene 3. Wall Street\'s \'quiet coup\' also runs world\'s banking system
There\'s another equally disturbing expose in The Quiet Coup, Simon Johnson\'s great article in Atlantic magazine. A former chief economist at the International Monetary Fund, Johnson also warns that America\'s financial industry has effectively captured our government and is blocking essential reform.
Worse, he says that unless we break Wall Street\'s stranglehold (unlikely in the new Washington) we will be unable to prevent a true depression, warning that we\'re running out of time, echoing many of our predictions of the Great Depression II coming soon. See previous Paul B. Farrell.
Scene 4. Wall Street used the meltdown to take over America\'s government
Matt Taibbi, author of The Great Derangement, captured this drama in a Rolling Stone piece, The Big Takeover, how Wall Street insiders are using the bailout to stage a revolution. A must-read: As complex as all the finances are, the politics aren\'t hard to follow. By creating a crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. ... in the age of CDS and CBO, most of us are financial illiterates.
Wall Street used the crisis to effect a historic, revolutionary change in our political system -- transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
Scene 5. How Obama is keeping alive Bush\'s \'disaster capitalism\'
Back in 2007 at the start of the meltdown, Hank was misleading us in Fortune: This is far and away the strongest global economy I\'ve seen in my business lifetime. In the real world, Naomi Klein, author of The Shock Doctrine: Rise of Disaster Capitalism, was warning us that during boom times it\'s profitable to preach laissez faire, because an absentee government allows speculative bubbles.
But when those bubbles burst, the ideology becomes a hindrance and goes dormant while big government rides to the rescue. Then, free-market ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis. TARP paybacks: Obama has a new disaster capitalism.
Scene 6. Wall Street\'s CEOs rule like dictators in a banana republic
Seriously, here\'s how bad Taibbi sees it: Paulson and his cronies turned the federal government into one gigantic half-opaque holding company, one whose balance sheet includes the world\'s most appallingly large and risky hedge fund, a controlling interest in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing business.
And let\'s include $5.5 trillion in Fannie Mae and Freddie Mac. Wall Street\'s greed and stupidity resembles the self-destructive reigns of banana republic dictators.
Scene 7. Wall Street makes an un-American bet on \'disaster capitalism\'
Today as you ponder buying some Goldman stock, remember, you\'re really betting that disaster capitalism is back, strong, tightening its stranglehold on Washington and on the American taxpayers, who will guarantee all Wall Street\'s future failures. Yes, this is un-American, but so what?
The Goldman Conspiracy is still probably a good short-term buy ... if you\'re interested in betting on America\'s new democracy of capitalists, by capitalists, and for capitalists, with The Conspiracy leading the joint chiefs of this new mercenary army ... and it only took six short months for their Quiet Coup!
Scene 8. Banks recycle TARP money, pump earnings, cheat America
Here\'s how it worked: The Hammer conned a clueless Congress, then shelled out $350 billion of our taxpayer money (Helicopter Ben Bernanke helped by upping the ante with a couple trillion side-bet), buying toxic debt to save his ol\' Wall Street buddies. They stopped lending and used the dough to doctor their balance sheets.
So no surprise that Goldman, Wells Fargo and J.P. Morgan Chase are now reporting blockbuster first-quarter earnings, says the New York Times, while just months ago many of the nation\'s biggest banks were on life support.
Get it? They screwed taxpayers and borrowers so they can repay TARP with (you guessed it) our recycled TARP money. Now it\'s back to business-as-usual, with no restrictions on CEO pay and bonuses ... no thank-yous ... no admissions of guilt ... while some even arrogantly deny that they ever needed TARP money.
Scene 9. Wall Street\'s already set the stage for new disaster
Right after the election in November, at the peak of the banking crisis, when Hank, Goldman and the Wall Street mercenary armies were divvying up the $350 billion TARP money, we detailed 30 reasons for the Great Depression II likely coming around 2011. We quoted John Whitehead, former Goldman Sachs chairman, former chairman of the New York Fed, former Reagan deputy secretary of state. He warned America\'s problems will take years, burn trillions, result in massive deficits:
This is a road to disaster, he said. I\'ve always been a positive person and optimistic, but I don\'t see a solution here. He did see a depression at the end of that road, one you can call the Great Depression II.
Scene 10. Obama turned \'The Goldman Conspiracy\' into a superpower
Do you see the parallels: Jack and Starkwood, Hank and Goldman? Jack\'s a great mythic hero. We need to believe a hero will defend the little guy, stand between us and total annihilation. But Jack Bauer\'s dead. Yes, dead. Jack\'s not real. Never was alive. Jack\'s a fiction, a figment of Main Street America\'s vivid imagination, the symbol of hope for a populist revolution. Hope that Jack, Barack or some other new hero will emerge, take power back from Wall Street and return it to the people.
http://www.marketwatch.com/news/story/even-jack-bauer-couldnt-stop/story.aspx?guid={BE0D1772-A628-454D-80BF-C4484CEBA7DF}&siteid=yahoomy&ref=patrick.net
Scene 1. American government is now run by the \'Goldman Conspiracy\'
Oh, you really think just I\'m plotting a television series? Or just paranoid, exaggerating this power grab? You better read The Usual Suspects, Matthew Malone\'s brilliant article in Portfolio magazine: He exposed the Goldman Sachs \'conspiracy\' to take over the U.S. financial system. Read it in this context: America\'s financial sector has exploded from 19% of corporate profits in 1986 to 41% today, becoming a magnet for every wannabe billionaire. They know why Wall Street must control Washington.
Malone focuses on the incestuous conspiracy of Goldman alumni in Treasury, Bank of America, Merrill Lynch, AIG, Citigroup, Washington lobbyists and politicians.
Scene 2. Huge conflicts motivating Wall Street\'s \'Trojan Horse\'
And just in case you think any emphasis on The Hammer\'s conflict of interest was invented purely to increase drama, please remember that he worked at Goldman for three decades after serving under Nixon. He got $38 million his last year as CEO in 2006 before becoming Treasury Secretary.
Then during the market meltdown six months ago the $700 million personal fortune he built at Goldman was threatened by Goldman\'s huge $20 billion derivatives exposure at AIG: Suddenly his responsibilities at Treasury merged with a strong self-interest in protecting his personal fortune. AIG was saved.
Scene 3. Wall Street\'s \'quiet coup\' also runs world\'s banking system
There\'s another equally disturbing expose in The Quiet Coup, Simon Johnson\'s great article in Atlantic magazine. A former chief economist at the International Monetary Fund, Johnson also warns that America\'s financial industry has effectively captured our government and is blocking essential reform.
Worse, he says that unless we break Wall Street\'s stranglehold (unlikely in the new Washington) we will be unable to prevent a true depression, warning that we\'re running out of time, echoing many of our predictions of the Great Depression II coming soon. See previous Paul B. Farrell.
Scene 4. Wall Street used the meltdown to take over America\'s government
Matt Taibbi, author of The Great Derangement, captured this drama in a Rolling Stone piece, The Big Takeover, how Wall Street insiders are using the bailout to stage a revolution. A must-read: As complex as all the finances are, the politics aren\'t hard to follow. By creating a crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. ... in the age of CDS and CBO, most of us are financial illiterates.
Wall Street used the crisis to effect a historic, revolutionary change in our political system -- transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
Scene 5. How Obama is keeping alive Bush\'s \'disaster capitalism\'
Back in 2007 at the start of the meltdown, Hank was misleading us in Fortune: This is far and away the strongest global economy I\'ve seen in my business lifetime. In the real world, Naomi Klein, author of The Shock Doctrine: Rise of Disaster Capitalism, was warning us that during boom times it\'s profitable to preach laissez faire, because an absentee government allows speculative bubbles.
But when those bubbles burst, the ideology becomes a hindrance and goes dormant while big government rides to the rescue. Then, free-market ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis. TARP paybacks: Obama has a new disaster capitalism.
Scene 6. Wall Street\'s CEOs rule like dictators in a banana republic
Seriously, here\'s how bad Taibbi sees it: Paulson and his cronies turned the federal government into one gigantic half-opaque holding company, one whose balance sheet includes the world\'s most appallingly large and risky hedge fund, a controlling interest in a dying insurance giant, huge investments in a group of teetering megabanks, and shares here and there in various auto-finance companies, student loans, and other failing business.
And let\'s include $5.5 trillion in Fannie Mae and Freddie Mac. Wall Street\'s greed and stupidity resembles the self-destructive reigns of banana republic dictators.
Scene 7. Wall Street makes an un-American bet on \'disaster capitalism\'
Today as you ponder buying some Goldman stock, remember, you\'re really betting that disaster capitalism is back, strong, tightening its stranglehold on Washington and on the American taxpayers, who will guarantee all Wall Street\'s future failures. Yes, this is un-American, but so what?
The Goldman Conspiracy is still probably a good short-term buy ... if you\'re interested in betting on America\'s new democracy of capitalists, by capitalists, and for capitalists, with The Conspiracy leading the joint chiefs of this new mercenary army ... and it only took six short months for their Quiet Coup!
Scene 8. Banks recycle TARP money, pump earnings, cheat America
Here\'s how it worked: The Hammer conned a clueless Congress, then shelled out $350 billion of our taxpayer money (Helicopter Ben Bernanke helped by upping the ante with a couple trillion side-bet), buying toxic debt to save his ol\' Wall Street buddies. They stopped lending and used the dough to doctor their balance sheets.
So no surprise that Goldman, Wells Fargo and J.P. Morgan Chase are now reporting blockbuster first-quarter earnings, says the New York Times, while just months ago many of the nation\'s biggest banks were on life support.
Get it? They screwed taxpayers and borrowers so they can repay TARP with (you guessed it) our recycled TARP money. Now it\'s back to business-as-usual, with no restrictions on CEO pay and bonuses ... no thank-yous ... no admissions of guilt ... while some even arrogantly deny that they ever needed TARP money.
Scene 9. Wall Street\'s already set the stage for new disaster
Right after the election in November, at the peak of the banking crisis, when Hank, Goldman and the Wall Street mercenary armies were divvying up the $350 billion TARP money, we detailed 30 reasons for the Great Depression II likely coming around 2011. We quoted John Whitehead, former Goldman Sachs chairman, former chairman of the New York Fed, former Reagan deputy secretary of state. He warned America\'s problems will take years, burn trillions, result in massive deficits:
This is a road to disaster, he said. I\'ve always been a positive person and optimistic, but I don\'t see a solution here. He did see a depression at the end of that road, one you can call the Great Depression II.
Scene 10. Obama turned \'The Goldman Conspiracy\' into a superpower
Do you see the parallels: Jack and Starkwood, Hank and Goldman? Jack\'s a great mythic hero. We need to believe a hero will defend the little guy, stand between us and total annihilation. But Jack Bauer\'s dead. Yes, dead. Jack\'s not real. Never was alive. Jack\'s a fiction, a figment of Main Street America\'s vivid imagination, the symbol of hope for a populist revolution. Hope that Jack, Barack or some other new hero will emerge, take power back from Wall Street and return it to the people.
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