Friday, July 17, 2009

the great american bubble machine

Read it and weep. Matt Taibbi on Goldman Sachs in Rolling Stone.

"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. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who's Who of Goldman Sachs graduates. . . .

"The bank's unprecedented reach and power have enabled it to turn all of America into a giant pumpanddump scam, manipulating 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 consumercredit rates, halfeaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you're losing, it's going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it's 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 on Earth — pure profit for rich individuals."

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Blogger Miss Pam From T-Town said...

Love your blog. Isn't this fun?

July 17, 2009 6:43 PM  
Blogger Chris said...

Love Matt...he hit the nail on the head, huh?

July 17, 2009 8:22 PM  
Anonymous Anonymous said...

It's true. The international banking cartel, including the U.S. Federal Reserve, is perpetuating a scam o the people that will result in disaster. This is why Andrew Jackson was adamantly opposed to a central bank. Wilson, Hoover an FDR are guilty of re-establishing this massive fraud into our system. There is a great book, The Creature from Jekyll Island, that exposes the history of this scam. I highly recommend it!

And we MUSt stop electing politicians who are beholden to the banking interests. Barack Obama is not an agent f change- he is an agent of deception. He has given more money to the banks than any president in history. We need to elect an outsider from the middle class- someone like a Sarah Palin- to finally bring this mess to an end.

July 20, 2009 6:21 PM  
Blogger ewe said...

Yes THEY can.

July 20, 2009 10:35 PM  
Blogger Chris said...

Sarah Palin is an idiot...that's why she attracts people like anon..........

July 21, 2009 7:47 PM  
Anonymous lynette said...

there are degrees of disaster, and sarah palin as president? that would be the full tilt bar the door good god please save us kind of disaster.

July 21, 2009 9:45 PM  
Blogger TedBear said...

Sarah Palin is a babblefuckshitcarnival. I wouldn't vote for that wretch if she could deliver me a $300m Powerball.

July 22, 2009 8:03 AM  
Anonymous Foxy said...

The sort of change we need is not happening. Obama is just as much a pawn of the financial dictators as anyone else. Sarah Palin may be independent of them- which is admirable- but she is not up to the task (at least not yet) of taking them on. What we need is someone who is both smart, experienced, and ready to not be a lapdog for the international banking cartel. I don't know who that is, but I hope to god they materialize soon. I suspect it will need ot be someone not already closely tied to either of the major parties.

July 23, 2009 10:09 PM  
Blogger Vic said...

There's a great cartoon of a group of Goldman Sachs men partying and whooping it up in an office, celebrating their success, while down below on the street, the unemployment line snakes around the block.

Bah. These are the new pirates of the high seas. They've got my hard earned money, and I won't be able to retire until well into my 70's while they collect their bonuses.

July 25, 2009 3:46 PM  
Anonymous Femynist said...

If there is anything that marks how perverse, patriarchal, and sexist this country is, then the 2008 election was it. It was sexist in the way it treated Hillary Clinton in the primaries and especially in it's treatment of Sarah Palin in the general election. To paraphrase Barry Hussein Obama, "To any of you that thinks the dream of American equality is dead, this is your answer."

Myself being a woman who many self professed so called feminists say they despise, their treatment of Sarah Palin just shows how dead our movement truly is.

Many of you will likely ask "But Femynist, as a feminist you should hate Sarah Palin." Then they usually list a bunch of things about how she doesn't support abortion, or charges for rape kits or how she's supposedly "not smart". The problem is, most of the charges about her are not true. In fact, besides her stance on abortion, Sarah Palin is more a feminist than most women.

FACT= The rape kit smear was started by the Obama campaign. There is not a shred of evidence to prove that Palin was behind this. In fact, no source for this smear can be produced AT ALL.

FACT= Sarah Palin does believe in global warming, though she believes (as do I) that there needs to be more proof of whether or not it is man made. She is hardly a scientfic Luddite.

FACT= Sarah Palin is not out to make abortion illegal. She is on record as saying that in the event of Roe V Wade being over turned, she would quote "Leave that issue to the voters in Alaska" end quote. These are not the words of a rabid anti abortion loon she is made out to be.

The horrible thing about Sarah Palin is how fellow women have treated her. Most hatred towards her has come from feminists, who should be supporting their sister. Or just look at the highly edited interview she did with that hack Katie Couric, or how she was mocked on TV by that talentless brood sow Tina Fey. I guess that third wave feminism distinguishes itself only by the level we will stab our fellow sisters in the back. After the election, on going jabs at her intelligence or her clothes budget were regularly made (ask yourself, when has a man ever been criticized for what he spends on clothes?)

So just think of that before you keep going on the attack on this strong woman. The fact that she is only the second woman to ever run on a major presidential ticket makes her extraordinary enough. The fact that she had more executive experience than McCain, Obama, or Biden combined is irrefutible.

I've said it before and I'll say it again: this country owes and apology to Sarah Palin and her family.

July 28, 2009 8:52 PM  
Anonymous rusty, out on lthe factory floor said...

Excellent article by Mr. Taibbi.
We have gone from being a wealth creating economy to a wealth extraction economy. I've always said that if what's going on in this country doesn't make sense, follow the money and all the pieces fall into place.
And the book, The Creature from Jeckyl Island, is an interesting read. But sorry kids,sarah palin is woefully inadequete to serve as POTUS.

Hope your trip to Mexico is fun and relaxing.

August 02, 2009 6:33 AM  
Anonymous lynette said...

Rusty, that's it EXACTLY. Wealth extraction. And Sarah, oh my. I'm a feminist to the bone, but I am so, so, so, so grateful that the McCain ticket didn't win just because she'd have been his second and that is flat out terrifying.

For the record, Feminyst, that's what all the anti-abortion people say: leave it to the states. The anti position is so unpopular, they can't just say eliminate it entirely. But that's definitely the goal and Ms. Palin is as hard core an anti-abortion pol as any of them.

I will not support a sister who stands for everything that I'm against. That's insanity. I don't support my sisters who let their boyfriends rape their kids. I don't support my sisters who abuse their elderly parents, who cheat, and steal, and defraud others. Feminism isn't a blanket promise of support to all women everywhere. It isn't.

Hillary Clinton wasn't my first choice simply because she's too far to the right. I didn't support her later just because she's a woman. I was glad of it, but the fact of her having a vagina didn't instantly garner my support. That would just be silly, and an echo of what's happened in this country on every level: men supporting men just because they're men; men excluding women just because they're not men; whites supporting whites just because; excluding blacks, latinos, native americans just because they're not white. Your argument doesn't work.

August 02, 2009 9:22 AM  
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