Existential Angst.

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Deborah Young

Deborah Young
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Honolulu, Hawaii, U.S.A.
Birthday
July 30
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C.E.O.
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Existential Angst, L.L.C.
Bio
I'm a political analyst and cultural voyeur & usually write about when those two things merge. I'm an amateur mother, a professional reader and excel in generalized anxiety, although sadly there is very little reimbursement for that particular skill. And of course, I love books & dogs.

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JULY 19, 2009 2:13PM

Rewarding Goldman-Sachs: You're welcome.

Rate: 11 Flag

I meet people all of the time who swear that if they had been alive in Nazi Germany, what courageous things they would have done.

Or Stalinist Russia. Or during the underground railroad for slaves.

But now, when they have a chance to help America and add their voice to the protest of what is the raping and looting of our treasury and the wallstreet old-boy network of Government workers [Hank Paulson, Robert Rubin, Obama's latest Goldman-Sachs lobbyists who are now running our treasury] taking billions and billions of hard-working taxpayer dollars and handing it to their buddies who lost billions and billions in their own little ponzi schemes and pursuit of obscene short-term profits, the sound of silence is deafening.

Why is Matt Taibbi the only journalist out there exposing what our government and Goldman-Sachs are doing to our quality of life now and our future? Why are you all purposefully asleep?

Matt wrote his blog on July 16th exposing what Goldman's giant profits really mean. Not what they say they mean. Or Obama says they mean. Or Bernake says they mean. Robert Reich on front page Salon tried to say the same thing but he is so in bed with all the dirty politicians, he can't really speak the truth.

matt taibbi

What Matt said in his latest blog and you can go read it yourself is:

  • Goldman's "profit" in not a profit at all but almost pure state subsidy. It's our money, transfered into Goldman's accounts, to pay more bonuses to the people who brought us this economic meltdown.
  • Hank Paulson who got bazillions of our dollars for TARP on the premise that once rescued, Wall Street would pump money back into the economy was lying. The banks have simply hoarded it and "ate it on the spot", converting it into bonuses.
  • This is the final evidence that the bailouts were a political decision to use the power of the state to redirect society's resources upward, on a grand scale.
  • "It was a selective rescue of a small group of chortling jerks who must be laughing all the way to the Hamptons every weekend about how they fleeced all of us at the very moment the game should have been up for all of them."
    • Where is the outrage, people? What is wrong with you?
  • Ask yourself this question: has borrowing money gotten any cheaper for you this year? Did someone from the government walk up to you after you foreclosed on your house or missed a payment on your credit card and just as a favor, cuz you're so cool, jack your credit score back up to the 99th percentile and invite you to start all over again? Because that's what happened to these assholes.
  • Ben Bernake refuses to disclose how much the Fed has lent out in assistance since this crisis started and we have no idea how much went to Goldman's or any other firm. We're talking 2.2 trillion in TALF money. Why the big secret? Are we a representative republic or aren't we?
  • Goldman-Sachs used all of this state assistance to prop up lots of new risk-taking activity, which was the exact opposite of what was supposed to have been achieved by the bailouts, which were supposed to usher in a new era of austerity and temperance.
  • Goldman has actually been emboldened by all its state backing to borrow more and gamble more than ever.

Taken altogether, says Taibbi, "what all of this means is that Goldman's profit announcement is a giant "fuck you" to the rest of the country. It is a statement of supreme privilege, an announcement that it feels no shame in taking subsidies and funneling them directly into their pockets and moreover feels no fear of any public response."

They fleeced all of us at the very moment the game should have been up for all of them. And it's still happening right this minute.

Are you awake yet?

 

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A lot of people in America don't even know who or what Goldman Sachs is. They are too busy watching "Dancing With The Stars" and "American Idol."

RATED
I've been reading and I've been pissing and moaning just like you. What I don't know is what to do about it. Do you? Does anyone?
what are you doing about it aside from yelling at us???? how about sharing this without the "you people"? i'm grateful for the information and outraged but i could have done without the tone. is there an organization that we can hook up with that is taking action? that's what i do. i take action in small ways. it's all i know to do without rioting in the streets which is challenging for an agoraphobic person. please PM me with the org. if you know of one. i won' t be coming back here. i'm running a high fever and i'm sick of being yelled at.
oh, and don't you dare compare this to nazi germany. i'm a jew whose family was wiped out and that is getting really old. i don't know what i would have done there and no one else does either. you don't know if you're brave until yuou're in the situation.
Don't fail to see the irony in all of this...talk about tax cuts for the rich, Obama style!
http://tinyurl.com/kswqjc will take you to a page of letters that the Rolling Stone writer received. He's accused of being 'anti-Semitic,' whatever that label means in the context of his article. If 'pro-Semitism' means happily being fleeced every generation, I'd opt out of the deal, personally... Congratulations to Goldman-Sachs for running such a successful scam for so many decades.
Yes, anytime the government is doling out money to specific companies or groups of individuals, they are always choosing winners and making the rest of losers who have to pay.
An informative and deeply disturbing post! I think most people can't really imagine what's going on, and that's one reason why they aren't doing anything. Otherwise, it's a mixture of ignorance and inertia - as in the other examples of historical fecklessness you mention at the beginning.

@Theodora -
I hope you're feeling better! Running a fever is the only reason I can see for such an extreme response to this essay. The mere fact that your family suffered under the Nazis doesn't make Deborah's example any less apt. It's all very good to criticize what others did at a different time and in a different place (e.g. slavery and the underground railroad), but the fact is that when we are given a chance to buck the trend and actually DO something - not long ago and far away but HERE AND NOW where things actually happen - nearly all of us consistently fall down on the job. It's a point worth repeating over and over again - even if it just helps make us less smug.
Talk about idiots. Reich is as big a moron as can be found in government. I debated him once on the radio and again in a blog...he was a loss for words....not to mention "Short" in his capacity to comprehend how ignorant he sounds espousing all of his so called facts. Hell this guy believes his own press.
I've read both of Taibbi's Rolling Stone articles, and I appreciate the work he has done, along with the way he explains things. (I also like that he is crude and vulgar. If you can't be crude and vulgar about what has been done to our economy, I don't know what it would it take.)

But, short of getting a torch and/or a pitchfork and going to Wall Street, I am really at a loss as to what to do.
I think the only thing we can do right this minute is educate others about Goldman-Sachs, our government and all the scams and ponzi schemes being pulled on us daily. The Bail-outs were/are nothing but Goldman-Sachs people bailing out Goldman-Sachs people with our money. So blog away and have everyone read Matt Taibbi's articles.

I would usually say call and email your local and federal representatives but they are no longer listening to their constituents.
Let's talk about the Rothchilds and the Fed. This thing is such a hell of a mess, I am doing the only thing I know how. I'm voting with my money, going local, legally avoiding all taxation possible, and building my own economy. Yes we should be outraged, and we also should be outraged about not releasing the torture pictures, healthcare, and about the undeclared wars. How much outrage can we have? We will keep up the pressure on the areas we can influence, just say how to do it.