The CEO of Goldman Sachs, Lloyd Blankfein, claims that he is doing God’s work. Has God retired? Is God not upset with Lloyd for causing his 401K to tank?
Wouldn’t you like to get a peek at God’s portfolio? Such gems of wisdom from one of the Masters of the Universe generates lots of questions.
If Goldman Sachs’ own stock is down 27% and they helped put the global economy in shambles, just why are they giving each other record bonuses? Did the Keystone Cops get bonuses?
Wall Street is congratulating itself that the Dow-Jones has once again reached the 10,000 mark. Since the last time that the Dow surpassed that mark the Dollar has weakened by 25%. That means 10,000 is actually the equivalent of 7,500 back at that time. That gives them even less excuse to bestow record bonuses upon themselves.
No matter how we look at the performances of the Wall Street economists, they are greedy, self-congratulating, ignorant thieves who have never gotten it right. So, who does Obama think can solve the problems created by these crooks? These crooks.
Rubin, Summers, Geithner and the rest, need to be arrested, not trusted.
What is the latest economic news from the Cathedral of St. Greenspan? Various sources are saying that the President will address the need to balance the budget in his State of the Union Address. Really? Are there no history books in the Library of Congress?
Ben Bernanke, our illustrious Chairman of the Federal Reserve has been lauded as the ultimate expert on The Great Depression. He is being considered for another term as Chairman. Since he hasn’t contributed anything of value to our economy to this point, couldn’t he speak to the President about the primary lesson all serious inquirers into that period learned? Did he not understand that lesson?
FDR took several dramatic steps to address the problem he faced. Unlike George W. Obama, FDR put most of the emphasis on employment. But, that was not his big mistake. The economy was improving as a result of his boldness. Then, he lost his confidence and listened to the economic troglodytes. In 1937 he attempted to ameliorate the budget deficit.
The result was a double-dip, another recessionary decline, destroying the recovery from the original downturn. Back to today. What are these Wall Street wizards telling Obama to do? They are telling him that the main problem is a potential for inflation. They are telling him to balance the budget.
Let’s just take a minute to look at our situation. The banks are lending only to themselves. Main Street business is not on a spending spree. They aren’t over-hiring or over-expanding. People have tightened their belts, trying to pay down their debt. The banks can get all of the money they want at a very reasonable interest rate of zero.
So, where are the signs that the inflationary monster is bearing down on us? I can’t hear you.
You don’t stop stimulating the economy until it can sustain itself and is beginning to put more money into the Treasury than it is taking out.
Also, you don’t stimulate the economy by giving tax cuts, the most inefficient of stimuli. You don’t stimulate the economy by giving the Wall Street casinos taxpayers’ money to pay off foreign gamblers 100 cents on the dollar for their derivatives. You don’t salvage the economy buy giving the crooks zero percent loans, after paying off all of their gambling losses.
All of the happy talk from the thieves tries to convince us, or themselves, that the Great Recession is over. When pressed, they will tell you that employment always lags behind the “real” recovery. Does Obama not see a problem? There is a disconnect, a chasm, between the Dow-Jones Average and the economy of Main Street.
How could there possibly be a difference? Isn’t the Dow-Jones the economy? Well, that’s what they want you to believe. As I have been saying all along, the Dow-Jones Average could be replaced with the latest results from Hialeah and Santa Anita with no loss of economic measurement. Some people make money from betting on the horses. Most people lose money from betting on the horses. Wow, that sounds just like Wall Street.
Should the President, any president, invite touts from the major brokerage houses race tracks into the White House, even into his Cabinet, for advice on how to stage an economic recovery? If he did, your first instinct would be to laugh at such stupidity. Then you would realize that his reliance on these denizens of the race tracks was preposterous. You would have to question either his judgment or his intelligence.
There are voices of economic sanity out there. They just aren’t connected to Wall Street. What to do? What should Obama do?
We will not be able to accuse the President of leadership unless he calls Eric Holder to send a few of his minions over to the Executive Office Building, the Federal Reserve, Goldman Sachs, et alia, to arrest the “economic advisers.”
You say I bemoan the lack of leadership. Not exactly true. We have leadership. Obama has leadership. The problem is that the leadership is being exercised by criminals whose expertise is convincing others that they know what they are doing, that they are acting in our best interests and that they should be rewarded for their knowledge.
Our Founding Fathers were very perceptive and correct in their apprehensions concerning the capacity of the bankers to destroy the fruits of their labors.
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