Friday, July 17, 2009

Socialism for Losers, Capitalism for Winners

That is basically the story of a group of financial pirates operating as "Goldman Sachs". When they are in trouble, they run to their friend in the Treasury Department for a bailout, but when they do better, they get to keep the cash.

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Paul Krugman points out that Goldman Sachs really are a bunch of pirates whose main objective is to loot the US economy and play the rest of us for suckers. You may recall that when Goldman Sachs got into trouble, the Secretary of the Treasury was a Goldman Sachs alumnus and while he was perfectly willing to Lehman Brothers fail, he did his utmost to keep Goldman Sachs going, even if it cost us (the taxpayers) many, many billions of dollars to do so.

Matt Tabbibi has a story that alleges that Goldman Sachs's entire business model is centered on creating investment bubbles, profiting from the sale of the bubble investments and then profiting from cleaning up the wreckage.

When it comes to damaging the American (and the planetary) economy, al Qaeda are rank amateurs compared to the pirates of Goldman Sachs.

Fat chance they'll be stopped anytime soon, though.

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