Wow, this makes me mad:
How did Goldman, Sachs & Co. -- saved a year ago by the US taxpayer -- magically make $3 billion in 3 months a year later?
This as the US dollar collapses, unemployment soars and foreclosures hit a record?
Here is the Goldman, Sachs & Co. revenue break down for the past 3 months:
Financial Advisory-M/A: 325 million.
Equity Underwriting: 363 million.
Debt Underwriting: 211 million.
Trading-Principal Investments: 10 billion.
Notice that 10 billion is much bigger than two or three hundred million made from the traditional Wall Street businesses.
That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following:
10 Billion in TARP
11 Billion from the Fed
30 Billion from the FDIC
13 Billion from AIG
For a grand total of $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money).
Goldman at the apex of the crisis is delivered this money -- which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital.
As one of the only banks in the world with money at the time, Goldman Sachs was able to buy billions in distressed assets around the world at record low prices -- only to watch $23.7 trillion in US taxpayer money be deployed during the past year to re-inflate the asset's values that Goldman had purchased with our tax money.
The question is not why did we bail out the banks.
The question is why did we give the banks billions of our money so they could then buy assets by the trillions with our money and they keep the profits?
The answer is Henry Paulson, former Goldman Sachs CEO who ran the US Treasury, and Tim Geithner, current Treasury Secretary who at the time ran the New York Federal Reserve, willingly delivered Goldman Sachs the $70 Billion -- with no strings attached.
So what can we do?
1) We must demand the return of those investment gains made with America's money - it was stolen from us and we can get it back. Demand Claw Backs - and not from the future but from the past - That is where our money is.
2) We must have an exchange for all credit derivatives -- the current version is riddled with that let banks avoid transparency by mobbing offshore and prohibiting government regulators from being able to force the use of the exchange by the banks.
Read more at: http://www.huffingtonpost.com/dylan-ratigan/goldman-sachs-black-magic_b_...
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This is my biggest critique
This is my biggest critique of the Slow Money critique. We cannot possibly hope to slow money down, or develop a rational critique against the velocity of money, until we explicitly recognize and denounce the fact that fast money underwrites the criminal activities of the world's plutocrats.
It's not going to be easy, and it probably won't be harmonious. Even in a best case scenario, it sets the Slow Money movement up for vicious propaganda attacks.
And, for those who didn't vote in 08, there were 6 parties/candidates represented in most states on the 08 presidential ballot. You had plenty of choices.
u didnt find me voting in the
u didnt find me voting in the last general election .. Ron Paul bailed out and so did I .. did you know they fine you in Austrailia for not voting ? Well, I excercised my right not to vote for the phony 2 party system - do you like how 20$million goes to a Ted Kennedy library out of a $636 billion DoD ??? yeah, it's a drop in the bucket out of such a large budget, but it's $20million ... alot more than most anyone of us will ever have throughout our lifetime, -- pork .. pork-barrelling like this has to come to an end -
they know no one would ever vote for that on it's own so the only way to get the money to the rich family is to just shove it in an already bloated program, where no one will really notice it .. just like in a house mortgage closing .. you don't really see $2000-$5000 in closing costs because you see the price of the house at $100k or $300,000 ...and well, just 2 or 5% of that seems like so little .. but it's a lot damnit ...
The suckers will continue to
The suckers will continue to vote Republican or Democrat believing they are taking part in democracy when, in fact, they are strenghtening the power of the oligarchy and the military to plunder the public purse.
How to stop it? Stop voting. In a democracy, you must have the right not to vote in order to register your displeasure at those who seek to represent you dishonestly. No government for awhile is better than bad government. Those elected by a small number of sheeple will be shown to govern without the consent of the majority and therefore illegitimately.
Democracy after all is consent by the majority not by the minority.
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