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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.
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.
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Craig Roberts, Former Assistant Treasury Secretary has interesting comments on the bailouts, the dollar, and Goldman Sachs
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?
Re: Rolling Stone: Goldman Sachs created every bubble since 1930 [#permalink]
09 Jul 2009, 06:14
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
09 Jul 2009, 06:14