Goldman (Government) Sachs Says It May Be Forced to Fundamentally Question How Capitalism Is Working (Funny, Goldman doesn’t like capitalism anyway)

Goldman was President Obama’s number 1 private contributor in the 2008 election.

Goldman should be dead. Door knob. A chapter in American finance history, but a chapter about the past. It should no longer exist. It is not an example of American capitalism. It is crony capitalism at its worst. It is a bailout bank. It took from you because of its mistakes and “profited” with ill gotten funds. You kept Goldman Sachs alive. The government gave you no other choice.

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New Republic: Ayn Rand Made Me a Communist

I am not a Randian. I am more of the Murray Rothbard school of politics. A school which though libertarian is noticeably, and famously (in some circles anyway) not Randian.

But I have respect for Ayn Rand and her Objectivist movement. I was honored to speak at the Crony Awards which were sponsored by the Atlas Society, an Objectivist organization last summer. One would be hard pressed to find a group of smarter people on average.

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“Old dog” of Wall Street: “It is very similar to what you get before you slip into a crisis”

I am speaking of Art Cashin, UBS guy, and CNBC talking head. And when I say “old dog” it is meant as a compliment. As in the old dog who has seen lots of young dogs come and go. I find his analysis valuable often. Some do not. (Or say they don’t.) I guess I just have a soft spot in my heart from reading his column back when I was first introduced to the world of finance. He always wrote about the “old days”

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And now a clip of Bernie Sanders taking Hillary Clinton to task (at the debate) for the $600,000 she’s taken from Goldman Sachs in the past year (VIDEO)

We have no horse in the presidential race as we often say but we sure have an issue with Government Sachs, the bank which long ago should have died but was saved by virtue of its connections in government. (Not the only bank.) The bank then, post-2008 went on to expand further around the world all fresh and “recapitalized.” (Recapitalized with your money.)

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Michael Bloomberg considers third party run

I don’t see it. I know he thinks he can bump chests with Trump and maybe win, and he sees weakness on the Left with Hillary and company but a real Bloomberg run would be pretty tough even with his ocean of money.

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Poll: Government Named Top U.S. Problem for Second Straight Year

Gee, I wonder why? It’s so responsive and doesn’t take the citizenry for granted or anything. It’s not like the president is out there winging it with his “pen and phone” or that Congress is passing massive Omnibus bills chock full of cronyism and deals for the Washington connected. It’s not like the nation’s tax agency persecuted certain political groups, or that we can’t get on a plane without being groped or irradiated. It’s not like there is widespread policing for profit going on.

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How the U.S. Dollar Spread Across the World (Very cool – and short – video)

I have to hand it to the folks at HowMuch.net. They do some fascinating content. Below they exhibit how the US dollar enveloped the world.

The dollar is actually far more powerful than this video shows as most commodity business is done in US dollars, particularly oil business, the so called petrodollar system.

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An area of cooperation? Bernie Sanders wants to rein in the Federal Reserve too (sort of)

Of course some of his proposals are not in line with what we’d want of course. But there are areas of public policy where small government people and people like Bernie Sanders can work together. Focusing on the Fed in a serious way is a good place to join forces. In the end there will be significant battles over policy, but before that real progress can be made.

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“You can’t talk normally because it’s like f— Preet Bharara (US Attorney) is listening to every f— phone call,” Adam Skelos (Former NY Senate Majority Leader)

It’s not often that a lawyer has the political class of an entire state running scared and looking over its shoulder. Preet Bharara has done this in New York. He recently prosecuted successfully the former Speaker of the New York Assembly and the Majority Leader of the New York Senate. Some think that he is getting ready to go after even bigger game. Though Bharara is being coy about that.

It is one of the most remarkable anti-corruption crusades we’ve ever seen.

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Boehner’s Revenge, Cronies cash in with Ryan’s omnibus bill, Senator Sessions: A betrayal

It looks like Ryan and his crew traded everything away basically to lift the export ban on US produced oil. Great. Not that this is a bad thing. US producers should be able to export oil, but this benefits a few folks in Texas mostly. There were some tax break bones thrown in for business. And it looks like Congress has made it harder to bailout the health insurance companies with Medicare money. This is good.  However, the president and the Dems seem to have gotten most of what they wanted.

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Fed ‘Stimulus’ Has Made Inequality Worse, Hurt Economic Growth

What is explained here by a former vice president of the Federal Reserve Bank of Dallas is what we have said now for years. The Fed’s actions post-Crash have exacerbated wealth inequality and generally skewed the financial system even more toward the already wealthy. If one had assets pre-2008 chances are one has done reasonably well over the last 6 years or so. For those without assets pre-2008 it’s been a whole different game.

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The Alliance Between Wall Street and Public Unions

 By Ed Ring

“It’s [private equity investments] generating real returns for our members, which is exactly what it’s supposed to do,” said Joe DeAnda, a CalPERS spokesman. “It’s real value that we don’t feel there’s another way to achieve.”
–  “Are private equity investments worth the risk?,” Los Angeles Times, November 14, 2015

The alliance between government unions and America’s overbuilt financial sector is one of the most unreported stories of our time.

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Fed ends ‘too big to fail’ lending to collapsing banks

Yeah, well maybe officially. If tomorrow Citi or JPMorgan were to blow up I’m pretty sure the Fed would be right there to prop the crony banks if it had to. (In the Fed’s eyes.)

But this looks good for the Fed. It signals “recovery.” Something which is particularly important in the lead up to a potential rate hike later this month. So great. No more too big to fail.

Right.

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