Great article on Godlman’s from the always excellent Matt Taibbi in the current issue of Rolling Stone. Here are a few extracts:
"The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.
Any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy."
Goldman's modus operandi for such bloodsucking he explains thus:"Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage.
Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased.
They've been pulling this same stunt over and over since the 1920s — and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet." Here he’s referring to the upcoming carbon credits scam - more below.
In relation to the dotcom bust he says “they did this by setting up what was, in reality, a two-tiered investment system — one for the insiders who knew the real numbers, and another for the lay investor who was invited to chase soaring prices the banks themselves knew were irrational.”
He makes a convincing claim that Goldman orchestrated the whole oil bubble of the last few years “by persuading pension funds and other large institutional investors to invest in oil futures”. This is true, and it’s equally true that Goldman got out before prices collapsed. Pension funds were the losers in this instance.
"After the oil bubble collapsed last fall, there was no new bubble to keep things humming — this time, the money seems to be really gone. So the financial safari has moved elsewhere, and the big game in the hunt has become the only remaining pool of dumb, unguarded capital left to feed upon: taxpayer money."
Taibbi really cuts loose on the incredible situation whereby the authors of the current economic meltdown have been put in charge of its rescue, as I also referred to in this post. Taibbi shows how one of the first acts of the Goldmanites was to get rid of their biggest competitor, Lehman Brothers. This was left to sink while various other non-competitors were kept afloat with taxpayers’ money.
"[Former Treasury Secretary Hank] Paulson elected to let Lehman Brothers — one of Goldman's last real competitors — collapse without intervention. The very next day, Paulson greenlighted a massive, $85 billion bailout of AIG, which promptly turned around and repaid $13 billion it owed to Goldman. Thanks to the rescue effort, the bank ended up getting paid in full for its bad bets: By contrast, retired auto workers awaiting the Chrysler bailout will be lucky to receive 50 cents for every dollar they are owed.
Having seamlessly navigated the political minefield of the bailout era, Goldman is once again back to its old business, scouting out loopholes in a new government-created market with the aid of a new set of alumni occupying key government jobs."
Having pumped millions into Obama’s and other Democrats’ campaigns, they’re already getting payback in possibly the biggest wheeze of all – carbon credits.
I strongly recommend you read the full article here.
And where was the MSM in all of this? In the middle of it, that's where. And no surprise because they’re part of the whole dog-and-pony show. What’s needed is another October Revolution, where these parasitic criminals are left dangling from lampposts