Tag Archives: Henry Paulson

Our Future, Outsourced by the Oligarchs

I don’t disagree with Bill Owens’ take on the Taiwan Relations Act, but The View from Taiwan notes that Owens’ wordds are bought and paid for by the Communist Party.

Of course, so are the remarks of our President.

When the Oligarchs (the CEOs of Goldman Sachs and Morgan Stanley, the Secretaries of the Treasury Henry Paulson and Tim Geithner) looted our treasury, they did not only transfer wealth from Americans to their pockets. They assisted in a raid against the United States that changed our international position more than any single event since 1941.

Our Suez Crisis

The Suez Crisis was the end of Britain’s pretentions to be an independent power.

Our Suez Crisis is slower, and entirely self-inflicted.

paul_bernake_geithner

Don’t celebrate Dow 10,000. It is really only Dow 3,333.

The number 10,000, of course, refers to 10,000 U.S. Dollars, a currency whose entire value depends on the credibility of Treasury Secretaries. In the last few years are Treasury Secretaries have been men like Henry Paulson (who made millions from his friends on Wall Street) on Tim Geithner (whose unaccountable aides, or “czars,” made millions on Wall Street).

Another way of thinking about the past ten years, not as a recovery but as a collapse, is to count in terms of ounces of gold, instead of U.S. dollars. Unlike U.S. Dollars. the value of an ounce can be silently inflated by men like Paulson and Geithner, who are more concerned with Wall Street profits than American power.

In 1999, Dow $10,000 = Dow 30 ounces of gold.
In 2009, Dow $10,000 = Dow 10 ounces of gold.

In other words, in constant points, our “Dow 10,000” is just “Dow 3,333.”

No foreign country did this to us.

Only men like Henry Paulson, and Tim Geithner.

And their friends on Wall Street.

Update: Thanks to Robert Patterson for the link!

The Cover-Up, not the Crime

Interesting pieces, on how Federal Reserve Chairman Ben Bernanke and Goldman Sachs CEO / Treasuury Secretary Henry Paulson threatened to fire the board and manage of Bank of America, unless the Bank agreed to spend money on projects that were politically popular with the right people.

No surprise, except

Congressional hearings into these allegations were conducted on June 25, 2009, with Bernanke testifying that he did not bully Ken Lewis. Under intense questioning by members of Congress, Bernanke said, “I never said anything about firing the board and the management [of Bank of America].”

Sould we trust Hank?

Some highlights from the Emergency Economic Stabilization Act of 2008, the current draft of the Bush-Pelosi bailout:

Calculated Risk: Draft: Emergency Economic Stabilization Act of 2008
Here are some parts on pricing mechanism:

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.

So it’s all up to the Secretary to establish the rules. Same with Warrants – it’s up to the Secretary to negotiate.

Treasury Secretary Hank Paulson is of course the Ken Lay of Goldman-Sachs — the CEO who bailed out shortly before the whole thing imploded. Hank was closer to our President than Kenny Boy, however, so while Enron went bankrupt, Goldman-Sachs was bailed out in the nick of time and now we’re going to trust one of the men who built this mess to solve it.