Goldman Sachs Redux

The subtext in The Great Recession Conspiracy is that a cabal of Wall Street banks, led by Goldman Sachs, is actually running the U.S. Treasury for their own benefit.

An earlier blog exposed Lloyd Blankfein as a liar when he claimed that Goldman Sachs was not on the verge of bankruptcy and did not need a government bailout. In reality, all the government financial activities were designed to do one thing, and one thing only, e.g. keep Goldman Sachs out of bankruptcy.

But reality is much worse than that. You will find that reality in a superbly researched book by Matt Taibbi (the author from Rolling Stone who now lives in infamy) and his book is called Griftopia. I highly recommend that if you have not read our book, do that first, and then watch how Matt expands on our ideas and fills in details.

Remember the AIG fiasco that Timmy Geithner presided over? Well, AIG was going broke because of all the "insurance" policies they had written to cover the bad bets made by the Wall Street banks. The Fed was making the point that AIG was so big that if it failed, the entire U.S. economy was likely to go under and they proposed that every creditor bank take some of the loss. In the business, it is called taking a "haircut". Goldman Sachs absolutely refused!!! They demanded a 100 Cent on the dollar payout or they would walk out of the meeting.

They put the entire economy of the U.S., maybe the entire world, at risk of collapse to protect their own bonuses!! These people are truly EVIL!!!

Here is what Matt says about Goldman Sachs on page 219 of Griftopia:

The bank's unprecedented reach and power has enabled it to manipulate whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere--high gas prices, rising consumer credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money is going somewhere, and in both a literal and a figurative sense Goldman Sachs is where it is going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance of earth, pure profit for rich individuals."

Wait until you find out what Goldman Sachs did to the price of gasoline! You will want to bring back burning witches at the stake!!

And Barack Obama can't stop kissing their asses!

Did I say I was disappointed in all my support for this guy??