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Tuesday, July 14, 2009

Important article

I haven't thought about or read anything in, of or from Rolling Stone Magazine since, what? I was a in my late teens?

I've moved on.

Reading about "rock and roll" was absolutely NOT a priority in any way. Heck no.

But recently, this past week, I became aware of the cover story by Matt Taibbi about Goldman Sachs and I knew I just had to read it.

You should, too.

Everyone should read this thing.

If you don't know that Goldman Sachs and its employees have been running the financial side of our government for some time, then you don't know Hank Paulson.

You really owe it to yourself and, no kidding, your country, to go to the Rolling Stone Magazine's site and read this article. Besides being a bit like a civics lesson, it can be and is much more. It's fascinating, for sure.

Today, too, the RS article is even more topical and relevant since G-S announced a whopping $3.4 billion turn-around profit within the last 24 hours.

Check this out from the PBS online news source:

"The bank's rebound is likely to assuage concerns that Wall Street remains hobbled by the credit crunch. The better-than-expected earnings report may set the tone for other big banks' earnings reports due in the days to come, including JP Morgan Chase, Bank of America and Wells Fargo."

Here's the good part:

"But questions are also being raised about how Goldman was able to so quickly return to profits even as it enjoyed a multi-billion dollar cushion from the U.S. government. On Monday, the Financial Times reported that Goldman executives sold nearly $700 million of stock during an eight-month period following the collapse of rival Lehman Brothers last September. Most of the sales, the newspaper reported, occurred during the period the bank had a $10 billion federal lifeline."

Questions indeed. But they'll never be asked or answered, let's not kid ourselves. This and the last administrations in Washington are far too complicit with Goldman to really do much about them.

One good, short, important quote from the R. Stones arcticle, I think: "organized greed always defeats disorganized democracy."

Translated: we're screwed.

But knowledge is power so let's get some more knowledge and then vote accordingly and not put up with certain crap that's been going on for too long.

You can find the article here:
http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/1

Link to PBS article here:
http://www.pbs.org/newshour/updates/business/july-dec09/goldmansachs_07-14.html

1 comment:

Michael said...

You say we should "vote accordingly". But if it is true, as you say, that "This and the last administrations in Washington are far too complicit with Goldman to really do much about them" then who should we vote for?If both parties are in bed with Wall Street, then there is no real choice. Can any politician be believed. I fear not. As you say, we are screwed.