Friday, July 31, 2009

fat cats

matt taibbi on goldman sachs:

"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."

read more...

i'm sure many have already read this piece but it's a nice bit of journalism..
Posted by at
Labels: , , ,

1 comment:

Anonymous said...

I read this article recently in Rolling Stone. He says that they (Goldman Sachs) have been responsible for "every major market manipulation since the mid-20th century". That's incredible, I think -- especially when you consider how people automatically assume that market regulation is good and fair.

At least there are still liberals out there who care about preserving their integrity, rather than most of the phonies who blindly follow Obama (mainly because they see eye to eye with him, ideologically). If you read between the lines -- and financial reports -- Goldman Sachs is doing quite well because of all this bailout money.

I always found it funny how much Goldman Sachs is mentioned in "The Sopranos".

Kudos to a real journalist, and above all, a real liberal.

--HW

July 31, 2009 at 1:50 PM

Post a Comment

Subscribe to: Post Comments (Atom)