Credit Crisis is a Heist

[Makalakumu]

Wow! I was not expecting to read this in a Main Stream Media news source today. I saw it when I went to check the Dow for today.

http://articles.moneycentral.msn.com/Investing/JubaksJournal/fluke-credit-crisis-was-a-heist.aspx

It was no accident.

The folks in power in Washington and on Wall Street want to pretend that the current global financial crisis -- you know, the one that reduced household net worth in the United States by $11.2 trillion in 2008, according to the Federal Reserve -- was an accident caused by some unfortunate confluence of greed and asleep-at-the-switch regulators.

What we're now living through, though, is the result of a conscious, planned looting of the world economy. Its roots stretch back decades. And it wouldn't have been possible without the contrivances of the bought-and-paid-for folks who sit in Congress.

It's things like this that give me hope that people really are waking up to see what is going on. This article is a damning piece, but he doesn't get deeply enough into what this implies. The solution is going to be messy. And if we do nothing it will keep happening.

He does talk about that and what he reveals is a jaw dropper.

What should worry you now -- if you can spare a neuron or two from worrying about the economy, your job, your retirement savings, your mortgage and the meltdown of the global financial system -- is that the looters aren't in retreat. If anything, they're getting more brazen. For example, in the early days of the AIG crisis, Goldman Sachs Group (GS, news, msgs) denied it had any "material" exposure to AIG's troubles. It wasn't until months after then-Treasury Secretary Henry Paulson, a former CEO of Goldman Sachs, organized a bailout of AIG that taxpayers found out the biggest recipient of taxpayer money, pocketing $12.9 billion of the $170 billion bailout, was -- ta-da! -- Goldman Sachs.

Wow! Just wow! Talk about gall! It's far past time to break out the torches and pitchforks for these people. Congress (democrats and republicans) because they are addicted to the money people like this rape from the worlds economy. Next time you look at a store lock its doors for the last time or a factory that lays off its work force and closes, know that the money that would supported them was stolen by class of super rich financiers that owe no allegiance to nation or creed.

According to the information I've read, a total of 60 trillion dollars has been "lost" from the global economy. It wasn't lost. It was looted and we need to figure out how to put a stop to it or it will keep happening.

 

[Bill Mattocks]

Interesting article - thanks. Will require more study.

 

[elder999]

I posted as much in this thread, with this post back in October, at the end of the fiscal year, when I withdrew-accompanied by much screaming-from Goldman-Sachs:

You want real audacity?

Paulson, the Treasury Secretary, used to be head of investment firm Goldman-Sachs. He also denied Lehman brothers a bailout, and their failure was one of the precipitating events of the current crisis.


Neel Kashkari, a 35 year old banker from Goldman Sachs who joined the Treasury deparment as an Assistant Secretary in 2006, has been named to head the $700 billion bailout.Interim Assistant Secretary of the Treasury for Financial Stability, or some such.

Paulson approved the bailout of AIG.

Goldman Sachs has a $35 billion investment in what?

That's right. AIG

 

[Makalakumu]

Bernie Madoff stole 50 billion dollars and he goes to jail. The people who run these financial sectors used derivatives to steal a total 60 trillion from the world economy and are getting away with stealing more. How do you bring these people to justice? Is there any more of justice that would even be appropriate?