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Sunday, October 18, 2009

Crony capitalism is our Vietnam War

Jesse passes on this CNBC tidbit, which explains how ex-Goldman Sachs operatives embedded in the US regulatory systems gave GS $70 billion just when nobody else had cash, so GS could buy up assets at fire sale prices and make monstrous profits at the taxpayers' expense. Truly, it's us against them, but all we can do is wave our placards as their limos cruise by.

7 comments:

James Higham said...

Crony capitalism - that's a nice clean way to describe it.

dearieme said...

I've invented an all-purpose headline for GS stories:-
"Too Big To Foil".

Sackerson said...

Not my phrase, James, I don't think.

DM: tres droll; apt.

hatfield girl said...

We won't see the helicopters leaving the embassy roof.

Sackerson said...

It's an image that appeals, though, HG: a fat, pinstriped backside wiggling about as pink hands grasp the heli's rail...

deano30 said...

You guys are very tolerant. You should read the reactions on the other side of the Atlantic.

http://www.guardian.co.uk/business/2009/oct/21/executive-pay-bonuses-goldmansachs?commentpage=5

Anonymous said...

the guardian prints another commentary to facilitate the two minute hate-fest, gives the posters a chance to let off steam. . . same old same old, pretty much the same commentary as was seen at the beginning of 2009. . .some still calling for taking their money out of the banks, or taking it to the streets.

that people still reward the system by USING it (fractional reserve?? you're still in a BANK??) really says it all.

there will be no "revolution" in the streets, just more angry, bitter online posts.

the real revolution is individuals dis-engaging from the system that is designed to exploit - everything else is playing their game.

thanks for the vid-clip posted here - I don't have / watch TV, so these "excerpts" are a way of watching it all go down.