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Lets go at this from what China had to lose:
Who or what really caused the global crisis? Was it Alan Greenspan? Henry Paulson? Greedy bankers? Crooked mortgage brokers? Lack of regulation?
Certainly all of them played some role in the financial meltdown. But theres a name missing on that list: China.
For years, the symbiotic relationship between China and the U.S. worked just fine.
As an exporter economy, the Chinese bought U.S. Treasuries to keep its currency depressed and exports cheap. Meanwhile, American consumers showed an endless appetite for inexpensive Chinese products.
It looked like a win-win situation. While U.S. depended on China for financing, the Chinese economy depended on American overconsumption. Beautiful scheme!
But this relationship had very ugly unintended consequences. Unfortunately, it took a complete collapse of the global financial market to expose the major flaws of that relationship.
So China decided to cut their own throats? Now Paulson makes sense to me. It was not an attempt to elect a dildo. It was a run on the bank. Perhaps it did happen on that day one. Go figure. People try to attribute meaning to why things happen and they often get it wrong. China was just acting in their own interest.
Hedge fund manager in Goldman Sachs case is major Dem donor
” ... the President is the number one on the list of those receiving money from Wallstreet just above the beloved Sen. Chuck Schumer. Sen Gillibrand is the number one recipient of funds specifically from Goldman Sachs.” — Maelstorm
U.S. (SEC) Accuses Goldman Sachs of Fraud
Exposing Goldman Sachs and DNC being chummy as sin:
SunkenCiv [via NormsRevenge?] —
The billionaire hedge fund manager at the center of an alleged fraud hatched at Goldman Sachs, a leading investment bank, has given tens of thousands of dollars to both parties. Campaign fundraising records show that John A. Paulson, founder and chairman of the hedge fund Paulson & Co., gave $30,400 to the Democratic Senatorial Campaign Committee in June, qualifying him as a major Democratic donor. He also gave $2,300 to Senate Majority Leader Harry Reid’s (D-Nev.) reelection campaign in February of last year and $4,800 to Senate Banking Committee Chairman Chris Dodd (D-Conn.) last April, according to records filed at the Federal Election Commission... Paulson’s support of Democrats, however, may give Republicans ammunition when Democrats bring their financial regulatory reform bill to the Senate floor next week, as planned... The SEC alleged that Paulson & Co. participated in a scheme in which Goldman sold subprime residential mortgage-backed securities to investors, such as foreign banks and pension funds, that were expected to lose value. Paulson & Co. bet heavily against the value of the fund, named Abacus 2007-AC1, which included mortgage bonds it viewed as overvalued, earning millions at the expense of Goldman clients who invested in it... Goldman earned between $15 million and $20 million to create and market the fund to investors who did not know that Paulson helped select its holdings and then bet it would lose value, according to the SEC. Reid seized on the allegations to argue that the Senate should pass a Democratic Wall Street reform bill... “We will stop banks from becoming ‘too big to fail’ and end taxpayer bailouts,” Reid said... Paulson gave thousands to other senior Senate Democrats in previous election cycles. He gave $4,600 to Sen. Carl Levin (D-Mich.) and $4,600 to Sen. Max Baucus (D-Mont.) in 2008, according to FEC records. Paulson... gave $2,300 to Rudy Giuliani’s presidential campaign and $2,300 to Mitt Romney’s presidential campaign[s] in 2007. He gave $5,000 to House Republican Whip Eric Cantor’s (R-Va.) leadership PAC in 2009 and a $1,000 contribution to Republican Rep. Virginia Foxx (N.C.) in 2008.
The story of an $8,000 exhaust filter, cleaner air and the busy hand of NY state government
When It Comes to Earmarks in DC, It’s ‘E Pluribus Oink’
UCC also received $4 million in state stimulus funding for projects such as a kitchen remodeling project, parking lot upgrades and pool and restroom improvements. In addition, UCC received nearly $99,000 in federal stimulus money for the college’s winemaking program. Romtec, a Glide manufacturer of campground toilets and prefabricated buildings, has received $4.4 million in stimulus contracts.
0bama-nomics vs. China’s Deregulation:
China’s economy marches on as growth rate soars by nearly 12%...
[Jaw dropper] Jacob Weisberg [Slate]: Reagan tax cuts caused “fiscal harm”
ABUSE OF POWER? Wall Street suspects GOLDMAN charges ‘not coincidental’ to financial reform effort...
FEAR: Obama claims fresh crisis without new financial rules...
Loony Left Overwhelms Onion: THE ONION SHUTS DOWN: “NO MORE SATIRE POSSIBLE”
... first published in 1756 ... Said the owner, “No more satire is possible. Nothing can beat the outrageousness of what comes out of Washington today. In a sentence: We are plum out of satire.”
GOP seeks SEC records on Goldman [Issa implied that the timing was a bit too convenient.....]
McCain took Goldman Sachs money — $230,095 [and much more about McStain in thread]
Understanding Soros [A FReeper’s take of Corsi’s Research]
Soros’ intellectual framework-— London School of Economics, deeply influenced by Karl Popper. Deep passion for questioning any claim of truth, moral relativism. “Open Society.” [Citizen of the world.]
“When I heard President Bush say, ‘Either you are with us or you are with the terrorists,’ I was reminded of Nazi propaganda.” [Wired to presume that patriotism is facism — selfish and evil.]
” ... too focused on pursuing narrowly defined U.S. nation-state interests”. [Corsi’s take of Soros-think about Bush]
That’s the thinking that funneled hundreds of millions of dollars to pollute U.S. patriotism via the Open Society Institute [founded in 1979].
The Open Society Institute is the root that sprouted Moveon.org, Center for American Progress, and Red Alert reports.
Soros admitted that he spent “several hundred million dollars” to have GW. Bush defeated in ‘04. Even though he failed, he poisoned the waters of “national loyalty”, the very patriotism that binds our nation’s unity.
Soros held a fundraiser at Obama’s home. He maxed his donations to Obama before Barrack even won his senate seat [but that pales compared to the peripheral support]. “In 2006, Soros urged Obama to run for president.”
When Barrack made his bid, Soros held a meeting with his big money allies in his Wall St. office.
While Obama ran, Soros positioned himself to profit from our economic meltdown. He bet against the US greenback and made billions. In March of ‘09, Soros gloated to London’s Daily Mail, “I’m having a very good crisis.” His Quantum Investment Fund reaped $2.9 billion in ‘09, and a cool $1 billion in ‘08.
Soros authored a book in ‘08, “The Credit Crisis of 2008 and What It Means.”
Soros: “We are in the midst of the worst financial crisis since the 1930s ... [the meltdown] “marks the end of an era of credit expansion based on the dollar as the international reserve currency” [and was “the culmination of a super-boom that has lasted for more than twenty-five years.”
He anticipated the panic, he was prepared for the panic, and he tossed gasoline on it to profit from it.
Broken Window Fallacy
French economist Frederic Bastiat
That Which is Seen, and That Which is Not Seen
by Frederic Bastiat, 1850
In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause - it is seen. The others unfold in succession - they are not seen: it is well for us, if they are foreseen. [snip] Hence it follows that the bad economist pursues a small present good, which will be followed by a great evil to come, while the true economist pursues a great good to come, - at the risk of a small present evil. [snip]
I. THE BROKEN WINDOW
[My words outside of brief quotes]
A brat breaks a window, and some economists might think, “Great. It creates work for the glazer.” So the glazer puts in a new window and earns six francs. “Stop there! your theory is confined to that which is seen; it takes no account of that which is not seen.” ... “It is not seen that as our shopkeeper has spent six francs upon one thing, he cannot spend them upon another.”
So there you go. True progess comes from a NET gain in humanity’s property. Progress is set back when property is lost, when labor is wasted, and when dreams are shattered like a broken window. Even the brat — he’s out breaking windows rather than learning a useful trade. The glazer is just restoring what was lost. The man buying the window needs to cut his budget and postpone genuine progress. Other people would have earned that six francs that would have advanced humanity’s net property.
Looking deeper: a misanthrope is glad to reduce humanity’s net property. A person who hates his fellow man hopes to manipulate others into stagnation and setbacks out of some selfish desire. He attempts to talk useful idiots into buying his contorted theories.