Goldman Sachs conspired with the Government to run Lehman Brothers into Chapter 7.
Notice how Goldman Sachs and Bear Sterns (who both got bailouts) were more than happy to pick up the pieces of of Lehman Brothers for pennies on the dollar?
What Beck is saying isn't exactly true, populist rage is what he's pushing.
Here is an excellent take down of a similarly(and worse) lying article about the latest Rolling Stone hit piece on GS. From a Morgan Stanley Executive VP(competitor)
the idea GS was the villian that caused the bubble is absurd, easy target though for the class warfare mindset in America and their ability to never look in the mirror at the other culprits
(This post was last modified: 07-16-2009 08:01 AM by GGniner.)
(07-16-2009 07:57 AM)GGniner Wrote: What Beck is saying isn't exactly true, populist rage is what he's pushing.
Here is an excellent take down of a similarly(and worse) lying article about the latest Rolling Stone hit piece on GS. From a Morgan Stanley Executive VP(competitor)
the idea GS was the villian that caused the bubble is absurd, easy target though for the class warfare mindset in America and their ability to never look in the mirror at the other culprits
GS might not have caused the bubble, but they sure as hell profited off their government connections when the bubble burst, while their competitors went out of business.
their competitors went out of business because they were in serious financial trouble because they took risk that GS did not take. Namely massive amounts of CDO's, some of their competitors(Lehman, Bear) had well north of $100 billion worth of exposure.
GS didn't want to take TARP, Paulson bullied them into it out of "Patriotic duty" and the logic that if they didn't get everybody to take it then the public would know exactly who was up a river and panic, bank runs, etc. They were among the first to try and pay it all back, they didn't need it.
Bear and Lehman both had much much higher amounts of Toxic Assets on their balance sheets than did GS
(This post was last modified: 07-16-2009 08:16 AM by GGniner.)
(07-16-2009 08:09 AM)GGniner Wrote: GS didn't want to take TARP, Paulson bullied them into it out of "Patriotic duty" and the logic that if they didn't get everybody to take it then the public would know exactly who was up a river and panic, bank runs, etc. They were among the first to try and pay it all back, they didn't need it.
Yeah, I'm sure Paulson being the former CEO had nothing to do with it. Uh huh.
So Goldman Sachs is the new Star Chamber. The company front for the Illuminati. And clearly run by Joos.
Bahnsen's article is very good. Not great, but very good. He's a skilled author himself.
I like these quotes
Quote:The initial set of facts is certainly true. Goldman alumni are everywhere. Many a Treasury Secretary used to work for them. Republicans. Democrats. The whole gang. Federal Reserve officials. Staffers. Merrill Lynch guys. Stock exchange guys. World Bank guys. A whole bunch of them used to work for Goldman Sachs. Their academic requirements for recruits, their sales ability in the recruiting process, and the unbelievable ability they have shown in multiple generations to create wealth (for themselves, their clients, their stakeholders, and their affiliates) has been very compelling. Ambitious people seek out Goldman. And a lot of times, elite people coming in means elite people going out. This does not mean they are always good people
Quote:He did not remember to include chicken pox and the color of UCLA’s football uniforms in his list of societal woes that Goldman Sachs is responsible for, but he may as well have.
Quote:Taibbi has no right to blame “deregulation” for the world’s woes on one page of the article, and then turn around and say that the problem was caused because of the very regulation he seems to want in another place.
Quote: I would be happy to write a lengthy demonization of the role Wall Street firms played in this unprecedented catastrophe. But if I were to do such, I would focus on facts, and not rhetoric. I would point out the extraordinary blame that can be easily shared with multiple parties to these transactions. I would focus on reality, and not the image I am able to conjure up for an envious audience that wants blood.
The funny thing is that so many people are inclined toward these conspiracy theories, but completely reject the notion that something is afoot on a spiritual, supernatural level.
Matt Taibbi sucks. I said it a week or two ago in another thread and I just can't pretend otherwise. With his name on the Stones piece, I have to question it. As much as I might want to jump on the band wagon, I'm going to have to be convinced by something other than Matt Taibbi's writing.
