Goldman, go suck it!

17 04 2009

Great article in the FT by John Gapper on why Goldman Sachs is trying to pay back the TARP money (so they could be free to pay their employees what the want and take advantage of the current disaaray in the market) and why Geithner shouldn’t allow it (see above and the fact that they are now too large too fail).

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Simon Johnson for Treasure Secretary…..

10 04 2009

…..hell, Simon Johnson for President.  I waited awhile to read Johnson’s soon to be seminal article on the financial sector and its total blame for the financial collapse because, from what I had heard, it was a doozey.  It did not disappoint.  Perfectly captures the creeping kleptocracy that formed over the last 25 years.  He even goes into the larger sociological aspects that most economists ignore (my two cents: what the hell happened to America’s rugged individualism? To the influence of the transcendentalists?  How did we let these fuckers do this?).  The sad thing is that Obama’s administration, filled with the guilty, now are midwifing the slow leeching of what resources we have left to save their buddies.  Do you hear that sucking sound?  Its your grand-kid’s taxes going into the pockets of today’s oligarchs.

This is not alarmist.  This is not wacked-out man on the grassy knoll conspiracy theory.  This is real and it makes me ill.  Enough of listening to the chattering class and the media elite rationalize away the actions of the financiers who  they are in bed with.  Enough of letting these idiots telling us that the bonuses given to AIG executives is no big deal and a hyped up populist story because, well, its only 165 million and its the billions we should be worried about.  Thats supposed to make me feel better?

The elites leeched out a huge chunk of the profits over the last 25 years and now leave us with overvalued assets and a soon to be frighteningly devalued dollar.  That is not a very good combination.  And everyone just keeps sitting on their asses buying all of it.  And the few that dare to protest are marginalized as “populists” and engaging in “class warfare” (here is a fine example of that tactic).  And people just buy it:

By now, the princes of the financial world have of course been stripped naked as leaders and strategists—at least in the eyes of most Americans. But as the months have rolled by, financial elites have continued to assume that their position as the economy’s favored children is safe, despite the wreckage they have caused.

At what point do people fight back?  There is an old french saying, “Cet animal est tres mechant; quand on l’attaque, il se defend.” Translation: “What a wicked animal; when attacked, he defends himself.” Is that what we’re afraid of?  Looking bad? Angry when defending ourselves?  Is that it?