Posted on 01/06/2016 5:21:08 AM PST by jmaroneps37
Let’s make one thing entirely clear. I am no fan of the big, international investment banks (Goldman and others) and the way they operate. They frequently operate on the fringe of the law and sound banking practices, but let’s not pretend that their activities are beyond the view of governments - ours and others around the world. In many cases, their behavior is knowingly facilitated by governments; in our case, by members of Congress passing laws that allow or encourage them to do what they do (while members wink, nod and criticize them publicly) and by Executive Branch agencies that selectively conduct investigations and prosecutions when they go beyond the bounds of the law.
As to the meltdown of 2008, while Goldman’s actions certainly didn’t help, it was not just Goldman’s handling of AAA debt that led to the meltdown. Laws passed by Congress, the threat of lawsuits and prosecution and the modifications (easing) of lending practices pushed by the government go back to at least 1992 and began to coalesce into an industry-wide crisis in 2006. Some banks and hedge funds, including Goldman, saw early on that the housing bubble was very tenuous and shorted/bet against their own securities to protect their assets (while they weren’t entirely forthcoming with their individual investors). The widespread distribution of derivatives, which basically spread the “disease” (bad debt, i.e., the result of bad lending practices pushed by the government) throughout the banking industry pushed the economy over the edge.
What’s really interesting today is that Congress is in the process of doing the very same thing again.
“... it was not just Goldman’s handling of AAA debt that led to the meltdown ...”
And Goldman was propped up with massive bailout money when they were one of the worst offenders.
Thank you, Liz. God bless you for your hard work.
After Rahm "accidentally" became a multi-millionaire, thanks to a measly few months at a Wall Street investment firm......he decided to run for Congress (was there for four terms).
Hard-scrabble Rahm's accidental stumble into politics culminated in Rahm picked as (1) Obama's White House chief of staff .... and a dual role as (2) Obama's hand-picked man at Treasury with an unarticulated "job description."
Later, when he left the WH---penniless, of course---Rahm held a presser declaring he "just remembered" he really, Really wanted to be Mayor of Chicago.
Then Rahm happily announced he had "accidentally" raised $30 million for his campaign "in just a matter of weeks."
Golly, I hope the poverty-stricken little bugger did not "accidentally" wire-transfer federal tax dollars offshore at the time he was in a dual role as Obama's COS AND in charge of the entire US Treasury.
Sob.
Hey, no argument here; I’m not defending Goldman or TARP!
Here’s a suggestion, if one is concerned about Cruz’s indebtedness to donors: pull the records from his Senate campaign. Now, is there any indication that Cruz has been championing the causes of questionable donor groups?
They great thing about experienced candidates is that they have records to vet.
You asked for my opinion and I gave you an honest answer. If I could, I’d tell you about some other banks that, in my opinion, are at least as bad as Goldman, but don’t get the level of attention that Goldman does. (There’s a reason I attached that particular link in my original post...)
By way of full disclosure, I’m no Milton Friedman.
Cheers!
Same ol’ shtick. Hi. I’m from the media and I’m here to help you choose the best candidate. I’m smarter and wiser than you. You can trust me. Let me guide you?
Do not trust the opinions of the media. Their goal is to divide and confuse us. Stay united and vote conservative.
And keep in mind that Trump suggested that “the right people, like Goldman Sachs” should be in charge of bailout money.
Coach has gone off the rails. Guilt by association, not good logic. Doubtless even if true, that there are also other donors for other campaigns that are also tax cheats.
Concern troll.
What's "ridiculous" about his book? And are those "Jeffersonian scholars" the typical leftist academics?
Oh my.
What about the donors to Hillary and her foundation? If he is the nominee and the media thinks his donors are problematic, I certainly hope it could be put to rest by looking at Hillary’s corporate and terrorists donors.
They give to both sides, just like Trump says he did as a businessman. The business donors to Obama have done really well. That is one thing I like about Trump, not taking donations. But unfortunately most people are not in a position to do that.
“Which scenario is more plausible, thousands of scientists pretending to believe in global warming to get government grants or Cruz denying it to get campaign donations?”
Wow. You’re really willing to back the left’s global warming scam just to attack Cruz???
I could name about 100 other staunch conservatives that also rightly oppose that crap. You’re throwing them all under the bus too just to make that lame attack.
Thank you, Liz. Linked it to reference page and also for personal file.
Blast from the past:
Deadfish Rahm Emanuel, A fish tale - Rahm Emanuel once mailed a dead fish to a pollster
http://www.freerepublic.com/focus/news/2211485/posts
FRegards ...
I still like Cruz. And I like his ‘jump the shark’ response. He’s proving to be a capable campaigner.
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