Goldman Sachs Owns You

by Leigh Graham · 2009-07-03 12:00:00 UTC
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Matt Taibbi in Rolling Stone has a frightening takedown of the investment bank:

Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They've been pulling this same stunt over and over since the 1920s — and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet.

Consider it your weekend reading as we celebrate Independence Day - freedom from Britain, not our corporate overlords, apparently.

In this patriotic spirit, Zero Hedge is looking for whistleblowers "to provide information they believe captures wrongdoing in the financial system - in the absence of objective, unbiased and fair external regulators, it is the responsibility of everyone, but most notably insiders, to cleanse the system."  They will collect and sort the info and forward it on to the FBI and Attorneys General.

A way to channel our rage and anxiety over the latest, absolutely horrendous jobs report, no doubt.  Did you know we're on track to erase ALL job gains since 1999? When Bush spoke of our "ownership society," we mistakenly thought we owned the place.  The joke, painfully, is on us.

In light of our jobless recovery, Krugman wastes no time in asking for another stimulus.

Earlier this week: Bank of America accused of exploiting Latin@ customers.

(Photo of Goldman Sachs in Lower Manhattan by Spoon Monkey)

Leigh Graham
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