Inside The Great American Bubble Machine - Goldman Sachs

This all smells like deep corruptions inside government and companies, included here are small excerpt from an interview with Matt Taibbi at democracy now, who wrote the article in Rolling Stones magazine. Make sure you follow the links below.

Source1, Source2 (with video)

Goldman Sachs, the nation’s most powerful financial company, has reported the richest quarterly profit in its 140-year history: $3.44 billion between April and June. Goldman’s record profits come just one month after it repaid $10 billion of TARP money to the US Treasury, freeing itself from restrictions on year-end bonuses. We speak to Matt Taibbi, whose new Rolling Stone article argues that “Goldman Sachs has engineered every major market manipulation since the Great Depression.”



What’s interesting about that is that the guy who is now the president of the New York Fed, Dudley, is another former Goldman Sachs banker

Goldman Sachs is positioned in a number of different ways. They are a part owner of the Chicago Climate Exchange, which is where the carbon credits will be traded if this legislation goes through. They’re also heavily invested in a number of companies that deal in carbon credits. And again, this is another kind of commodities market, like the oil commodities market, which exploded last summer and is exploding again now. And Goldman and banks like Morgan Stanley are poised to make an enormous amount of money if these carbon credits end up getting traded

Goldman was able to appeal to its former chief, Hank Paulson in the Treasury, who engineered an $80 billion taxpayer-funded bailout of AIG, and immediately about 13 billion or 14 billion of those dollars went directly to Goldman Sachs. So this was really Goldman Sachs bailing out Goldman Sachs in the middle of the bailout.

What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.