The Great American Bubble Machine

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SlyStone -> The Great American Bubble Machine (7/3/2009 2:19:05 PM)
This is an interesting article concerning the manipulation of our free market system, not sure if it is speculation or hard facts, more likely a combination of the two, but something does stink for sure. http://www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine

alwayssummer -> RE: The Great American Bubble Machine (7/7/2009 6:45:03 PM)
I am so surprised that you recommended this courageous article & no one has commented on it here in 5 days. It is the most comprehensive, informative (albeit depressing) analysis I have seen of our current economic debacle. Goldman Sachs (now robber baronJP Morgan!) flat out owns Obama, (his single largest contributor) the House, the Senate, and the Fed is now their personal interest free source of unlimited money. It really does seem hopeless...Taibbi compares them to the Mafia in their morals, tactics, insatiability and code of silence through terror. It is definitely organized crime, politicians bought & paid for by this company, allowed to loot (Taibbi rightly calls it) the last pool of dumb, unguarded money available i.e. OUR taxpayer cash. As`he says, ordinary hard-working people have had their life savings destroyed so that these rich wall street mafioso could buy more yachts. I voted & was excited for Obama...but was a bit worried where his real backing came from. The mythology about 20 dollar contribs from the internet got rather unbelieveable. This article makes me realize that they worked years to create this crisis and Obama is just their temporary feel good valium. The situation is both dire and tragic. I have never thought capitalism was a perfect system or believed ANYTHING on the news since the lies of Vietnam. But I got suckered in again, as I think many 60s idealists did, by Obama. Nothing has been done to stop much less arrest the banking mafia. The real economy is worse than ever for the working person, the stimulus package is full of concrete and construction contracts(Hmmm), and no one objects to GS and their partners in crime running our government and stealing us all blind through the Fed. It is`also really useful that Taibbi warns us about cap in trade - just the creation of another false commodities bubble to come- sold to consumers as environmental protection. This time GS will not even need to manipulate, distort, menace & bribe to swindle trillions. They will have their wholley owned government doing that for them as policy. Given the retreat the Dems are taking on health insurance public option, you cannot help but wonder how Goldman Sachs is figuring to bubble up healthcare now too. Thanks again for citing this article. I think it is 100% factual and true. It is an essential reality check for every American who seeks to understand the forces that have brought us to this mess. The consummate, historic efficiency of, as Taibbi calls it,organized greed over disorganized democracy has resoundly won and cannot be stopped.

SlyStone -> RE: The Great American Bubble Machine (7/8/2009 5:45:04 AM)
You are quite welcome and thank you for your comments, well stated. I think people have not commented on the article because not many read this forum to begin with and to be fair I didn't ask for discussion. I also think the article is pretty much apolitical, and most people on any forum prefer polarizing topics so they can argue from black and white positions until collective exhaustion sets in, and then a after a short rest they can do it again :) I also think that the author has made certain assumptions and suppositions that may or may not be fact, but it does make an interesting read in my opinion. Like you I voted for Obama, my main reason was his stance on various social programs that I happen to agree with, not all but most. And if nothing else I am glad that we have slowed the momentum of the conservative religious agenda that has been the social conscious of the country for way to long, and which has, in my opinion, been a great detriment to both the quality of my life and to the country as a whole. I always knew lobbys and business run the country and nothing will ever change that, and as someone who spent a few years as a commodity trader I am about as jaded about the markets as you can get, but I still found it to be alarming that one organization can possibly be so powerful and its scope so broad that it crosses all political parties and even ideological boundaries. In the end it seems clear that greed has no particular party, it is a human failing that infects the whole system and like you I don't know how it will ever end.

alwayssummer -> RE: The Great American Bubble Machine (7/8/2009 11:34:01 AM)
I agree that this article was written as a nonpartisan public service and really not anything to argue over. Usually I see people respond because they have read something here, and I was not getting the idea this was getting read. I saw it on HuffPo first, and now it has disappeared from sight. Usually a good article there gets listed for a couple of days. It is like HuffPos reprinted Bloomberg News article a few months ago about how the Fed could have bought up all the mortgages in the US (with the same $ under Taibbis discussion now) instead of just giving 13 trillion away to GS & their cohorts. Both watershed articles explaining profound & shocking financial truth. Both articles quickly disappeared, never picked up by major news/media though they should have been lead stories on evening news & financial shows. Taibbi will probably be on Maher Fri night talking about his article. Maybe Stewart/Colbert will invite him. Sad that would be all the exposure. I voted for Obama for a multitude of reasons. And would again given the choice because the opposition was so not an option for another multitude of reasons, including what you mentioned. It is sad to find now that he is GS property. Though also explains the frustrating fact that he has done nothing to solve the credit crisis, only make GS & their cronies richer. They now run the government through unabashed bribery masquerading as campaign contributions from money earned by sheer extortion trading a product they knowingly created as worthless... and manipulating the American government & treasury to underwrite and bankroll that massive heist. I believe the only avenue to possibly stop them is in court...I know Bloomberg News has been trying to out the Fed there since October This country needs one very brave prosecutor to start at the top with criminal indictments too. Slim left town, I know... The first step is always getting the information to the public. Probably Taibbi could have thought up a more sensational title to his article - maybe that would have made people notice it more in reprints. I am just hoping to do my little part here by commenting & keeping it active on the CM posts. There are so many politically concerned and caring people here who contribute, I am just hoping that they see your post & read the article. Thanks, thanks again

willbeurdaddy -> RE: The Great American Bubble Machine (7/8/2009 2:14:31 PM)
quote: ORIGINAL: alwayssummer It is`also really useful that Taibbi warns us about cap in trade - just the creation of another false commodities bubble to come- sold to consumers as environmental protection. This time GS will not even need to manipulate, distort, menace & bribe to swindle trillions. They will have their wholley owned government doing that for them as policy. They dont even need the government to do it for them as policy. They will broker the "Trade" deals, effectively giving them the power to directly tax individuals without bothering with legislation.

subfever -> RE: The Great American Bubble Machine (7/8/2009 5:37:01 PM)
quote: ORIGINAL: SlyStone I also think the article is pretty much apolitical, and most people on any forum prefer polarizing topics so they can argue from black and white positions until collective exhaustion sets in, and then a after a short rest they can do it again :) Bingo! quote: In the end it seems clear that greed has no particular party, it is a human failing that infects the whole system... Yeah, but try to convince the polarized, finger-pointing masses of this fact, and see how far you get. BTW... your article is a good read. It would be interesting to know how much of it can be verified.

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