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Connecting Dots between NYC, Goldman Sachs, and us

Original post made by Somewhat Dispassionate, Greater Miranda, on Apr 21, 2010

A thread was shut down, ( not deleted, just shut down), a few days ago about "The Sky is Falling" related to the upcoming attempt to take over yet more private markets by this Admin ( through the cover of "financial reform", like the private health industry was just hijacked under cover of "health care reform".)

I wrote that post..perhaps I was a bit too angry and sarcastic when I wrote it, since it seemed to kick off some real nasty push back.

Hence the shut down. I appreciated it being left up, and just locked down to prevent more bile.

Thus, I offer this very reasoned and carefully devoid of emotion post, linking to 2 well known columnists who do a much better job of painting the big picture for us busy folks to see.

Whatever you may think of what is happening in our country, I recommend you read these two links. They relate to the same ideas. Very important that intelligent people wake up and connect the dots ..and vote wisely in the future for the good of the generations to follow us.

Michael Goodwin's NY Post Political Commentary Web Link is great today. It is called "Welcome to the City you want to Ruin, Obama" and is related to Pres. Obama's scheduled NYC visit. A great read about what the "unintended" ( presumably...) consequences are of every decision made so far by this President on NYC. Perhaps he will go down in history as the SECOND 9/11, as far as I can tell, on NYC, and on us. ( Ok..maybe that was a little bit too much emotion).

Michelle Malkin's Political Commentary Web Link re" All the President's Goldman Sachs men" is also great at connecting the dots about what is happening with what some of us would call an abuse of the power of White House/Congress while some of us work and don't pay attention.

I recommend both links, taking the 5-10 minutes to read both that it will take.

Thanks for reading this far.

Comments (9)

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Posted by Paul
a resident of Downtown North
on Apr 21, 2010 at 6:32 pm

Nothing changes. The Republicans never forgave FDR for ending their Depression, either.

Let these Wall Street types and their adoring minions play in their own sandbox, provided they do it with only their own money and only they suffer the consequences of their screwups. No more bailouts by socialism like in 2008.

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Posted by Anon
a resident of Another Palo Alto neighborhood
on Apr 21, 2010 at 8:26 pm

So, in retrospect, do you think effectively repealing the Glass-Steagall Act in 1999 was a good thing, or, a bad thing?

See, back in 1929, brokers and investment bankers were also allowed to be consumer banks holding deposits. Glass-Steagall disallowed that. The Gramm-etc act in 1999 repealed that restriction. Speaking for myself, I think Glass-Steagall was good, and repealing it was a mistake. I thought so in 1999, and, in 2007-2008, I thought -- "Gee, I was worried about this, but, I didn't think it would be *this* bad." And yes, the Fed, Bush, and Obama all acted correctly to arrest the impending Depression-- despite the fact that they had to use our money to rescue the greedy, irresponsible bankers. That's what I think -- but, you may think differently. Maybe you think that we should all have suffered a major depression to teach Wall Street a lesson. Extra points for dealing with "moral hazard" and "starvation" with the same proposed solution.

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Posted by Somewhat Dispassionate
a resident of Greater Miranda
on Apr 22, 2010 at 5:39 am

Every time I see someone assert that FDR ended the depression, I have to, his policies prolonged the Depression. This has been proven, cited, and argued many times in other threads. The difference is that he recognized the folly of the, then new, presumption that a govt could "spend its way out of a depression", from the then new and upcoming economist Keynes.

The difference between then and now is that then was "new", and now is "old", and we should know better. In his second term FDR and Keynes re-thought their policies, having seen the massive increase in debt and unemployment from the first term, and changed policies. They cut taxes, they cut regulations, they cut control over private sector, they stopped growing govt..and we started turning the tide.

Please note, 1920 had a similar crisis to 1929..but in 1920 the response of Feds was to back off totally and let the market resolve itself.

This led to the wild growth known as the "Roaring 20s".

I prefer the wild growth of the 20s to the "saved by govt" of the 30s, or the current 2010s, thank you.

Unfortunately, the politicians, from Bush to Obama to McCain, of 2008 responded to the election year ignorant populist cry for "save us, banks too big to fail, car companies too big to fail, the sky is falling and you must save us with other people's money" and all the kings' men and women fell into place and tried to buy votes. Of course, a lot of us had a clue then who was bribing the Congress an now White House to vote them money. Now it is becoming even more well known.

Always follow the money. Who is voting whose money into whose pocket? Who donated to which politician/party the most? Think about it.

We believed this Admin when he said he would watch the numbers and do what works..apparently that was yet another big deception. Thus far, I see nothing working for anything but Wall Street ( I note that the DOW is pushing 12,000..normally good news, but why isn't unemployment dropping? Why isn't the credit market loosening to let us start moving forward? What is holding us back from an actual recovery, where houses can be bought and sold and goods moved across the lands and seas? That is what an economy is, not increasing govt jobs for social welfare)

We need to go back to "govt is the problem, not the solution", and get govt off the backs of the unleashed power of millions of intelligent, hard working, creative, risk taking people to bring us back out of this economy.

If govt were the solution, countries with the most govt planning, the most "stealing from Peter to pay Paul" thinking, would be world powers right now, and would have the richest populations. If that were the case, I would be a HUGE govt backer. I like results. In my lifetime, I haven't seen much result from Russia, China, Greece, Cuba, Venezuela, North Korea, Vietnam, or even France ( sorry to keep bringing up France, I just happen to know it very, very well over the last 30 years and watched it self-destruct after it reached the tipping point of more takers than producers, more "gimme my rights" than "let's get to work" thinking. It is the most indebted, most likely to fail nation of all the original EU nations.

If govt were the solutions, here at home States with the most govt, the most taxes, the most regulations, would be doing better than the ones that were more "laissez-faire". I haven't noticed the 2 heaviest taxed/regulated States of NY or California being in the black anytime in the last 10 years, have you?

You are free to believe what you wish, and spout what you wish, but I think that most folks are figuring out that your nearly-religious political beliefs simply don't bear the fruit they promise.

I prefer a tree that bears fruit, over one that promises to but never does.

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Posted by Somewhat Dispassionate
a resident of Greater Miranda
on Apr 22, 2010 at 5:45 am

A simple, short post on economic growth.

If a "rich person" gets to keep $50,000 more per year from a lower tax rate, what do you think s/he will do with it? Multiply all the "rich people" across this nation, and how many re-employed folks is that?

The top 10% of this nation pays 75% of all the nation's tax "income" right now, and still we are exploding in debt.

We could confiscate every dollar off of every person who earns more than $75,000 this year, and still we wouldn't be able to pay down our debt. And how many people would work hard enough to earn $75,000 next year? The more you tax a behavior, the less of it you get.

Connect the dots.

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Posted by Anon.
a resident of Crescent Park
on Apr 22, 2010 at 1:08 pm

Bailing out people, ie. helping and developing our citizenry is socialism.

Giving money to corporations and the rich to maintain their strangehold on the economy and government is FASCIS, pure and simple.

There is really no argument other than the Orwellian attempt to do things like mess the terms up by for example calling Barack Obama a socialist, communist fascist.

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Posted by Anon.
a resident of Crescent Park
on Apr 22, 2010 at 1:13 pm

Connect the dots ...

You connect the dots ... we have given the rich almost 0 taxes and jobs and infrastructure have been lost consistently for 30 years. Your post like what we hear supported and paid for by the same people who brought this about and then bailed themselves out with our money is so predictable ... you are a beneficiary of the status quo failure and you want to continue it.

How long before you admit it does not work? Now much pain and death are you willing to visit on everyone else during that time?

The answer to you seems to be cut all social spending ... and put even more people in misery, while you party it up and repeat the same thing at every disaster.

The incentives are what counts, and today the incentives are not to care a bit about the nation, and that is exactly what we get, private and public leaders who are just concenred about themselves that imply that if we just wait a few hundred years everything will be fine.

Well, I don't buy it.

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Posted by R Wray
a resident of Midtown
on Apr 22, 2010 at 1:35 pm

Anon, why should I support you?

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Posted by Meg
a resident of another community
on Apr 22, 2010 at 3:10 pm

Meg Whitman was a director of Goldman Sachs and current Goldman Sachs executives are serving on Meg Whitman's campaign committee. Expect Steve Poizner to focus on this issue in the upcoming primary election.

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Posted by Anon.
a resident of Crescent Park
on Apr 22, 2010 at 3:11 pm

I am not asking you to, i am lucky and talented enough to be able to help others, which is how you ought to look at it, but in any case supporting all the people in this country is the way it works. (and by support I do not mean paying for bad behavior, although we all do pay for bad behavior one way or another) I love how the same people who claim this is a christian nation spit in the face of the philosophy they use just to keep others down by misinterpretation, and now that some people have enough wealth and power to lock everyone else out they use the system against itself to change that ... which is bad because it create huge numbers of problem people, and if that isn't bad ebough everyone else has to hear how self-righteous they are. Piffle.

Bailing out corporations is not going to bring jobs back here, it just buoys up a system that has been corrupted and has failed.

If we just cleaned up this country sincerely and honestly the rest of the world would fall in line and we would not have to fight all these wars, just applying some of the smarts we learned in the last 100 years objectively would do the job, not this endlessly lying and screwing with people's minds.

Bush said to the world they were either with us or against us, but the real statement should be you are either good and fight for what is right or you are evil ... there is far too much evil that can masquerade as good because it has too much money and power. Look at the middle east, we are better but not so different.

Sorry, but further commenting on this topic has been closed.

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