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Another jewel from Matt Taibi

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  • Another jewel from Matt Taibi

    Here's an article wrote by Matt Taibi, someone I follow since the last economic collapse. He doing for Rolling Stone magasin and I want to underline this quote :

    "The bottom line is that banks like Goldman have learned absolutely nothing from the global economic meltdown. In fact, they're back conniving and playing speculative long shots in force — only this time with the full financial support of the U.S. government. In the process, they're rapidly re-creating the conditions for another crash, with the same actors once again playing the same crazy games of financial chicken with the same toxic assets as before."

    Usually, Taibi is pointing out what's the other mainstream don't want to publish. I hope he's wrong, but I think he is pretty accurate.

    Here's the link : http://www.rollingstone.com/politics...t_hustle/print

    Thought ?

  • #2
    Re: Another jewel from Matt Taibi

    Saying they've learned nothing is ridiculous. The question is, WHAT lessons did we teach them? And I would answer that by saying we have taught them that if they screw up and fail, Uncle Sam will be there to bail them out, so why worry about it?

    Not a very good lesson...

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    • #3
      Re: Another jewel from Matt Taibi

      Originally posted by Kerostasis View Post
      Saying they've learned nothing is ridiculous. The question is, WHAT lessons did we teach them? And I would answer that by saying we have taught them that if they screw up and fail, Uncle Sam will be there to bail them out, so why worry about it?

      Not a very good lesson...
      I agree, the fact is that the banks on Wall Street own Washington, the government regulatory positions -wich are staffed by ex-Wall Street cronies-, and especially the Senate. The general public simply has NO idea what goes on behind closed doors -and I might add the corporate media is beyond slack in any effort to expose the corruption in Washington in regards to Wall Street's takeover of our government. The bankers have carte blanche -or a blank check you could say from the tax payers- to engage in any extremely high risk, also high yield, schemes they desire. No matter how risky the schemes are to the overall stability of the entire US economy.

      Lets take OTC derivatives for example, wich is still the largest un-regulated Wall Street scheme. Brooksley Born -who was the chairman of the Commodity Futures Trading Commission during the Clinton administration- tried to regulate the derivatives market, but was chastised and forced to resign when the entire lobbying might of Wall Street came crashing down on her head. For her efforts in trying to regulate the derivaties market, Born was ran out of Washington like she was the protege of chairman Moa. Frontline on PBS did a documentary called The Warning wich is worth watching and very informative about her demise. Might as well go ahead and watch The Card Game as well, so we can all see how the major banks totally screw the US consumer with shady banking schemes.

      Oh, don't even get me started on how Goldman Sachs somehow managed to survive the economic collapse, eliminate their competitors -Bear Sterns and Lehman Brothers, and get a 13 billion dollar gift as part of the AIG bailout. Could it be that former Goldman Sachs CEO Henry Paulson was the Treasury Secretary at the time in the Bush administration? No, that can't be. Thats just some conspiracy theory. Right?

      Glenn Beck -yes even Beck can somehow get it right occasionally- does a pretty good job in this video explaining the Goldman Sachs takeover:

      |TG-X| mp40x



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      • #4
        Re: Another jewel from Matt Taibi

        I think Obama did not manage the situation with the right order of priority. He first bailout several billions and once the Fed had the money, nothing was made to make sure this money was going to the american people. I remember a hearing in July 2009 on this specific question where Kuccinich was asking why the money was park at the Fed and why the Fed was paying banks to not loan the money to the american people. Where was Obama at this time ? He was working on healtcare... It took a year of his precious time and while he was pushing for healthcare, he was not regulating to make sure these bubble was not going to come back ! And while Obama was focusing on Healthcare the money was park at the Fed and they were just capitalizing on the interrest, and the unemployment rate was just going up and up. A year after, he is waking up and saying unemployment is going to be his next priority... excuse me but, it's a little late DUDE.

        And why could no one follow the money of the bailout ? Why Bernanky could not tell to the congress (american people) which institution was receiving american people's money from the bailout ? Why the Fed was parking to money instead of loaning it ? None of these question was asked by Obama, blackout.

        I would say that alots of Obama's friends and staff is coming from Wall street institutions but I'm affraid to be tell that this is conspiracy theory... when In fact, there are no theory here. Paulson could tell you.

        I think this article should be widespread and the mainstream media should do their job and inform american people and the rest of the world of what is actually going on in Wall Street, but I'm afraid that this is something people will have to learn from and consider before to vote in 2012.

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