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Tag Archives: Goldman Sachs

Pathetic Spin from Goldman Sachs

Goldman played the American people and continues to play the American people. It has alums placed all through the US government and in the EU. The reason sorry old Greece got into the European Union was because of some Goldman sleight of hand. So to some degree that particular corner of the ongoing financial crisis is Goldman’s fault.

Goldman Sachs should be no more. In 2008 it should have died. Kaput. Done. But instead Bush Treasury Secretary Hank Paulson, a former Goldman CEO, made sure that the firm which was leveraged to insane levels lived. Why did it live? Because it was connected.

Government Sachs.

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Goldman Sachs should have died in 2008, Now its CEO, Lloyd Blankfein is a billionaire, Thanks taxpayers…Suckers!!!

There is some debate around here as to the world’s most crony company. There are many candidates but consistently in the top 5 or so is Goldman Sachs, Government Sachs.

Few companies have exploited the taxpayer and political connections to the extent Goldman has. Truly it is a company built fundamentally on cronyism.

In 2008 Goldman Sachs was leveraged more than 100 to 1 on its assets. (That is probably a conservative estimate.) When the economic tide turned it was fully exposed. It should have died the disgraced death it deserved. It should have been crushed under the wheel of the market.

Goldman however had a former CEO at Treasury, Hank Paulson, who bailed out his buddies with money taken from taxpayers.

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No, billionaires don’t drive economic growth – and crony billionaires strangle it

This is a very interesting article. The author basically makes the case that there are 2 distinct kinds of billionaires, crony and generally non-crony. And he argues that though non-crony billionaires have little if any impact on growth (I haven’t looked at his data but this doesn’t seem crazy to me.) the crony billionaires have a huge negative impact on economic growth.

Though the author implies that that non-crony billionaires are a neutral factor (in growth terms) in an economy is some sort of surprise to we free market types, it is not. Sub-billionaires (the non-crony version) are probably WAY more important to growth. They are still building fortunes, and businesses, etc. In other words Bill Gates might not have that much impact on growth now but he sure as heck did as he was building Microsoft.

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Too bad Greece: Creditors Said “There Is No Point In Holding Elections” In Bailed Out Countries

Greece, the sovereign state, is no more. The last desperate effort to fight the banks died and now the Greek people will be crushed under the banker boot.

Did the Greeks make their bed? Yes. Did the banks entice the Greeks into bed? Yes.

The Germans got the beaches and islands they wanted so good news! Klaus and Gretta will still be able to get a sunburn next year while on holiday. Maybe while staying at a nice walled and guarded villa.

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Nigel Farage Destroys EU Group-Think: “There’s A New Berlin Wall… And It’s Called The Euro” (Video)

Farage addresses Greek Prime Minister Alexis Tsipras personally on the floor of the European Parliament and encourages the leader, and it appears that Tsipras is a leader, to exit the Eurozone “with (his) head held high.”

Indeed there are many “friends of Greece” around the world. More friends than Goldman Sachs, that’s for sure. Though Goldman’s friends tend to be more powerful.

Greece, pull an Iceland.

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Hillary’s Wall Street backers: We know she has to placate the serfs with populist rhetoric

Everyone on Wall Street knows that Hillary is there for them. Sure she’s going to talk a good lefty-populist game but everyone knows that it’s bull. It’s part of the game. Tell the “politically unsophisticated” whatever they want to hear. People will forget. They always do. Accountability? Shoot this is 2015, post bailout. Accountability is for suckers.

Having a hard time making your car payment? Oh I understand. I eat at Chipotle too. Late on rent? CEOs make too much money!

Just say whatever. The American people are too “politically unsophisticated” to realize they’re being played. Ready for Hillary!

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