This Goldman Sachs thing Stinks
So the Securities and Exchange Commission has sued Goldman Sachs. This as the President has tasked Congress with passing his financial reform package.
ASIDE - that article from the Kansas City.com linked above? Is a crock of crap. I really wonder where reporters get their information. Citizens are angrier at banks than they are at Congress? Since when? According to Rasmussen, 54% distrust banks. 64% of voters think Congress is doing a bad job. You really can't find a more common enemy for Americans than a member of Congress.
But my point is that this SEC is lawsuit is political timed. Get the big bad banks (that this adminstration gave tax dollars to) back in the news so that constituents see how evil they are and then present them with legislation that will "reign" them in.
Do you know what would have "reigned" these companies in? Bankruptcy. Letting them FAIL would have been the best way of illustrating consequences for bad investment practices. Instead, we ruled them too big to fail. Which is the biggest crock ever.
Do you remember Enron? Enron went bankrupt and the resulting job loss and economic impact for the Houston area was long reaching and painful. Enron was tied to George W. Bush over and over and over and over and over again. I mean, I could link for days. Enron donated $736,800 to the George Bush campaign(s?) over the course of 8 years.
Let us compare ...
For just his Presidential campaign, President Obama received nearly $1M from Goldman Sachs employees. This makes Goldman Sachs the second largest campaign contributor. And other politicians - including those fighting for Obama's vacated Senate seat - are considering giving those donations back. No word on whether or not the President will give the money he received back.
And forget the money - look at the previous Goldman Sachs employees that are now working inside the administration! And making policy that directly benefits - Goldman Sachs!
I do wonder why Lehman Brothers didn't spend more money inside Washington. Maybe they would have been deemed too big to fail.
There is so much scratching of backs I just want to scream. And I swear to Pete - I truly believe that the government is so stringently punishing Toyota because it directly benefits GM / Chrysler for Toyota to be knocked down a peg.
And last night, I heard George Will on Stephen Colbert talking about that and other bailouts, and he said, "don't you think it's interesting that an administration that thinks we should do away with the combustion engine is so interested in rescuing companies that make combustion engines?" That's paraphrased, but it was still really interesting to see the intellectually brilliant George Will try and make sense out of idiot savant Stephen Colbert's gibberish and satire.
There are so many things in the hopper right now that need to die terrible, terrible deaths. The VAT tax and Cap and Trade most notably. Both of these things, combined with the Health Care Bill that passed earlier this year, are going to bankrupt us. We're already going to be facing huge shortfalls for Medicare, Medicaid, Social Security, and coming soon ... pension funds. Which are estimated to currently be $3T short. That's a T right there, for TRILLION.
If you think banks are too big to fail, wait till people who are supposed to get pensions that they need to survive don't have that money any more. These are the same people, who make up the 48% percent of those over 55 who have less than $50,000 saved in cash and investments.
That statistic right there chills my blood.
We have a crisis. It's a crisis of dependency. People look to someone else to support them, to help them, to give them the things they want in life. There are not enough workers to support the level of dependency we are talking about. The earners are going to shrug. And when they do, it is not going to be pretty.
We also have a morality crisis, which I think is related. But that's a topic for another day. All we can to help prepare our children and grandchildren is educate them, instill a good work ethic, and show them that no one is going to make their life easier. They have to work hard and do it themselves. One boot at a time.
ASIDE - that article from the Kansas City.com linked above? Is a crock of crap. I really wonder where reporters get their information. Citizens are angrier at banks than they are at Congress? Since when? According to Rasmussen, 54% distrust banks. 64% of voters think Congress is doing a bad job. You really can't find a more common enemy for Americans than a member of Congress.
But my point is that this SEC is lawsuit is political timed. Get the big bad banks (that this adminstration gave tax dollars to) back in the news so that constituents see how evil they are and then present them with legislation that will "reign" them in.
Do you know what would have "reigned" these companies in? Bankruptcy. Letting them FAIL would have been the best way of illustrating consequences for bad investment practices. Instead, we ruled them too big to fail. Which is the biggest crock ever.
Do you remember Enron? Enron went bankrupt and the resulting job loss and economic impact for the Houston area was long reaching and painful. Enron was tied to George W. Bush over and over and over and over and over again. I mean, I could link for days. Enron donated $736,800 to the George Bush campaign(s?) over the course of 8 years.
Let us compare ...
For just his Presidential campaign, President Obama received nearly $1M from Goldman Sachs employees. This makes Goldman Sachs the second largest campaign contributor. And other politicians - including those fighting for Obama's vacated Senate seat - are considering giving those donations back. No word on whether or not the President will give the money he received back.
And forget the money - look at the previous Goldman Sachs employees that are now working inside the administration! And making policy that directly benefits - Goldman Sachs!
I do wonder why Lehman Brothers didn't spend more money inside Washington. Maybe they would have been deemed too big to fail.
There is so much scratching of backs I just want to scream. And I swear to Pete - I truly believe that the government is so stringently punishing Toyota because it directly benefits GM / Chrysler for Toyota to be knocked down a peg.
And last night, I heard George Will on Stephen Colbert talking about that and other bailouts, and he said, "don't you think it's interesting that an administration that thinks we should do away with the combustion engine is so interested in rescuing companies that make combustion engines?" That's paraphrased, but it was still really interesting to see the intellectually brilliant George Will try and make sense out of idiot savant Stephen Colbert's gibberish and satire.
There are so many things in the hopper right now that need to die terrible, terrible deaths. The VAT tax and Cap and Trade most notably. Both of these things, combined with the Health Care Bill that passed earlier this year, are going to bankrupt us. We're already going to be facing huge shortfalls for Medicare, Medicaid, Social Security, and coming soon ... pension funds. Which are estimated to currently be $3T short. That's a T right there, for TRILLION.
If you think banks are too big to fail, wait till people who are supposed to get pensions that they need to survive don't have that money any more. These are the same people, who make up the 48% percent of those over 55 who have less than $50,000 saved in cash and investments.
That statistic right there chills my blood.
We have a crisis. It's a crisis of dependency. People look to someone else to support them, to help them, to give them the things they want in life. There are not enough workers to support the level of dependency we are talking about. The earners are going to shrug. And when they do, it is not going to be pretty.
We also have a morality crisis, which I think is related. But that's a topic for another day. All we can to help prepare our children and grandchildren is educate them, instill a good work ethic, and show them that no one is going to make their life easier. They have to work hard and do it themselves. One boot at a time.
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