Don't Let Goldman Be Goldman

[jtuck004]

Goldman Sachs has pursued a smart and cynical path which would gain them power over taxpayer's money for some time. Articles such as "Government Sachs", here, acquaint you with former Goldman Sachs employees now at the Treasury. Timothy Geithner, former head of the New York Federal Reserve and now Secretary of the Treasury made no secret of his "unusually close relationships with executives of Wall Street’s giant financial institutions" here.

In this post Wallace C. Turbeville argues that we should not let Goldman continue down the same path of creating a market where the downside risks belong to you, the taxpayer, and profits (as we have seen now largely paid by you, the taxpayer) belong to them. Their irresponsible actions and business-tactics that would make the most practiced grifter's jaw drop to the floor were the proximate cause of our financial crisis. And lest you think it's getting better, it's not. The money that was supposed to free up credit markets has gone to profits and bonuses, more homes are likely to be foreclosed on next year than in 2010, investment firms are reporting increasing profits from the same hidden speculation, and they have their hands in the till at the Federal Reserve using taxpayer money to finance their speculative trades, just like the old days that we are still paying for, here, and here.

It will be to our detriment if we let financial reform end with the passage of the current bill. Nouriel Roubini suggests that we re-instate Glass-Steagal and put the firewall back up between hard-earned taxpayer dollars and the speculative activities of these firms who have proven to be more interested in profit than the future of this country, here.


Read the Turbeville post here...

[truedelphi]

1. The problem is that this Administration is owned by the Wall Street Interests.

We progressives do not matter, except for the occasional poll,usually contrived to let us show them how much we love the ways things are being played out.

The Rules are made by people like Geithner, and Bernanke, who rely on a great deal of input from the Big Players like JP Morgan, AIG and Goldman Sachs.

The average person is not heard by these people. Their concern for us only occurs at election time.

[jtuck004]

2. You are right on about the problem. But we DO matter. Perhaps

we have come to rely on "the man" too much in making sure we have jobs, to run the country, etc.
I think we have forgotten there are more of us than there are of them. It may be that with
over 30 million people unemployed or underemployed, and millions more seemingly dissatisfieed with
the way things are this might be a time to start organizing.

But this time around ideas, not so much people. Now I do realize that we have to elect people, but we can push ideas and insist they be acted on if there are enough of us that agree.