Find all School-related info fast with the new School-Specific MBA Forum

It is currently 02 Oct 2014, 05:03

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Events & Promotions

Events & Promotions in June
Open Detailed Calendar

Rolling Stone: Goldman Sachs created every bubble since 1930

  Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
CEO
CEO
avatar
Joined: 15 Aug 2003
Posts: 3470
Followers: 60

Kudos [?]: 670 [0], given: 781

Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 04 Jul 2009, 04:12
Found on digg.

http://www.rollingstone.com/politics/st ... le_machine

Quote:
They achieve this using the same playbook over and over again. The formula is relatively simple: 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.


Quote:
It sounds obvious now, but what the average investor didn't know at the time was that the banks had changed the rules of the game, making the deals look better than they actually were. 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. While Goldman's later pattern would be to capitalize on changes in the regulatory environment, its key innovation in the Internet years was to abandon its own industry's standards of quality control.
Kaplan Promo CodeKnewton GMAT Discount CodesManhattan GMAT Discount Codes
Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385
Location: Europe
Schools: St. Gallen '09
Followers: 6

Kudos [?]: 56 [0], given: 5

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 05 Jul 2009, 02:46
I thought this was pretty interesting.

Despite the sensationalism and colorful language, Taibbi has done a good research job. He also wrote a very good piece on the financial crisis a few months ago:

"The Big Takeover"
http://www.commondreams.org/view/2009/03/22-6


I have found this site quite intriguing (entertaining, etc.) about GS and financial markets in general:

http://www.goldmansachs666.com/

The owner of that site was in court proceedings with Goldman, who wanted the site taken down for trademark infringement, but the case has been voluntary dismissed.

The following was penned by Martin Armstrong about GS' conspiracy:

http://www.scribd.com/doc/14465576/Arms ... iracy-19-p

caveats on Armstrong: http://en.wikipedia.org/wiki/Martin_A._Armstrong


And you wonder why the banks are afraid of “populist overreaction”?!?!

http://www.bloomberg.com/apps/news?pid= ... BWPPxGyWaU
Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385
Location: Europe
Schools: St. Gallen '09
Followers: 6

Kudos [?]: 56 [0], given: 5

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 05 Jul 2009, 03:41
I follow this poster for market commentary and my weekly dose of conspiracy entertainment:

Goldman: Bankers, Or Just Mobsters With MBA's?

http://siliconinvestor.advfn.com/readms ... d=25752327

And here's his blog:

http://www.sliderontheblack.com/
Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385
Location: Europe
Schools: St. Gallen '09
Followers: 6

Kudos [?]: 56 [0], given: 5

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 05 Jul 2009, 07:24
Is Goldman legally front-running its clients?

http://www.zerohedge.com/node/12083

Quote:
You acknowledge that we may monitor your use of the Services for our own purposes (and not for your benefit). We may use the resulting information for internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory body and in compliance with applicable law and regulation.
Senior Manager
Senior Manager
User avatar
Affiliations: ACA, CPA
Joined: 26 Apr 2009
Posts: 445
Location: Vagabond
Schools: BC
WE 1: Big4, Audit
WE 2: Banking
Followers: 5

Kudos [?]: 35 [0], given: 41

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 05 Jul 2009, 18:58
Are we really in a financial crisis... i guess not

http://www.sliderontheblack.com/politics-money-and-markets/were-all-chumps-now-citi-boosts-salaries-goldman-to-pay-record-bonuses/
_________________

If you have made mistakes, there is always another chance for you. You may have a fresh start any moment you choose, for this thing we call "failure" is not the falling down, but the staying down.

Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385
Location: Europe
Schools: St. Gallen '09
Followers: 6

Kudos [?]: 56 [0], given: 5

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 09 Jul 2009, 00:30
Matt Taibbi hitting back at the mainstream criticism of his article:

http://trueslant.com/matttaibbi/2009/07 ... it-excuse/
Senior Manager
Senior Manager
User avatar
Joined: 30 Jul 2007
Posts: 385
Location: Europe
Schools: St. Gallen '09
Followers: 6

Kudos [?]: 56 [0], given: 5

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 09 Jul 2009, 04:58
http://globaleconomicanalysis.blogspot. ... asury.html

Craig Roberts, Former Assistant Treasury Secretary has interesting comments on the bailouts, the dollar, and Goldman Sachs

Quote:
Craig Roberts: Bank bailout was a fraud and it won't succeed. Don't know what sort of stupidity the Treasury Secretary and the Federal Reserve will resort to next.

Max Keiser: Quick question. What should the Treasury Secretary be doing?

Craig Roberts: He should be trying to save the dollar as the world's reserve currency which means stopping the wars, reducing the bailout money, and trying to reduce the trade and budget deficits in order to save the dollar. That's what he should be doing.

Max Kesier: Does the treasury secretary work for the people or does he work for the banking system on Wall Street?

Craig Roberts: He works for Goldman Sachs.
Senior Manager
Senior Manager
User avatar
Affiliations: ACA, CPA
Joined: 26 Apr 2009
Posts: 445
Location: Vagabond
Schools: BC
WE 1: Big4, Audit
WE 2: Banking
Followers: 5

Kudos [?]: 35 [0], given: 41

Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink] New post 09 Jul 2009, 05:14
Max K rocks! He calls it as he sees it. He was so bold that BBC sidelined his show (The oracle) where he made predictions about the financial world and then some. The vids are still there on youtube...truly some classics there.
_________________

If you have made mistakes, there is always another chance for you. You may have a fresh start any moment you choose, for this thing we call "failure" is not the falling down, but the staying down.

Re: Rolling Stone: Goldman Sachs created every bubble since 1930   [#permalink] 09 Jul 2009, 05:14
    Similar topics Author Replies Last post
Similar
Topics:
1 The Goldman Sachs Suggested Reading List daman 2 08 Nov 2010, 18:58
Ibanking with morgan stanley or goldman sachs bakfed 3 03 Feb 2010, 18:00
Is Goldman Sachs doomed? (Yes, it's a serious question!) trader1 19 08 Jul 2009, 05:21
2 AIG rescued in order to save Goldman Sachs? trader1 6 29 Sep 2008, 15:04
Goldman Sachs justincase49 2 14 May 2007, 12:32
Display posts from previous: Sort by

Rolling Stone: Goldman Sachs created every bubble since 1930

  Question banks Downloads My Bookmarks Reviews Important topics  


cron

GMAT Club MBA Forum Home| About| Privacy Policy| Terms and Conditions| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group and phpBB SEO

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.