The idea is going around, pushed by the New Economics Foundation, Half Sigma, and others, that bankers are worth less than janitors to economic growth.
While janitors have a wealth creation – to -pay ratio of 10:1, speculators are net drains on the world economy
Rather than being wealth creators bankers are being handsomely rewarded for bringing the global financial system to the brink of collapse
Paid between Â£500,000 and Â£80m a year, leading bankers destroy Â£7 of value for every pound they generate.
There is no question that our economic crisis is a direct result of the Oligarchs (a) betting money they did not have, and (b) illegally colluding with the Treasury Department to bail them out for those bad bets.
If the US Government had been serious about protecting a ‘free market’ system of the national security crisis they created, it would have destroyed the wealth of the Oligarchs companies, and drafted the needed bankers until such time as the wealth they had destroyed had been restored. However, the US Government is not concerned with reestablishing a free market system. The Treasury Department has been captured by the Oligarchs.
The infrastructure of our nation — our science and our markets — are being dismantled to enrich Friends of the Administration
Capitalism and markets work. Innovation works. It is the fast-pace of innovations in videogames that lets a $99 Wii balance board outperform a $17,885 medical device in tests. Science lets us build machines by the atom
Instead, we destroy our markets and our scientists by subsidizing casino cronyism. The HUD announced it will subsidize house flipping
While it’s funny that our country is so science-illiterate that an 11-year-old’s science fair project leads to a lockdown, bomb squad, and suspension. But there’s nothing at all funny about what the Oligarchs are doing to our country.
So what do we do?
*: Fire Bernanke.
*: Celebrate those who refuse to transfer wealth to the Friends of the Administration
*: Take away this Administration’s super-majority in the Senate.
Fight the Oligarchs. Fire Bernanke.
Fight the Oligarchs. Fight the speculators.
Fight the Oligarchs. Defeat Martha Coakley.
I don’t disagree with Bill Owens’ take on the Taiwan Relations Act, but The View from Taiwan notes that Owens’ wordds areÂ 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.
Hard to believe someone actually thought that Goldman Sachs trading software was worth the trouble to steal. The value in Goldman Sachs isn’t its ability to actually make money on the market. That is just naive, and its typical of Russian foolishness that they bought into Goldman’s press releases. Rather, Goldman Sachs makes money through securing friendships with high government officials, and from there getting billions of dollars in grants.
Some Americans may be surprised that the term Oligarchs (used to refer to high ranking friends of Goldman Sachs) did not even originate in the United States, but once only referred to powerful friends of Yeltsin and the Russian government.
Paul Geithner acolyte Sheila Bair has blown through the FDIC’s fortune in her quest to make sure politically powerful speculators don’t lose the money they bet before the financial crisis.Â Therefore, she had to go beg Congress for more money.
Predictably, Congress is giving it to her:
Besides raising the cap on FDIC borrowing, the bill gives the federal insurer a $500 billion credit limit that will sunset at the end of next year.
Part of this is for the PPIP, see: Sorkin’s â€˜No-Riskâ€™ Insurance at F.D.I.C.
[The F.D.I.C. is] going to be insuring 85 percent of the debt, provided by the Treasury, that private investors will use to subsidize their acquisitions of toxic assets. The program … is the equivalent of TARP 2.0. Only this time, Congress didnâ€™t get a chance to vote.
Congress talks tough, but has little interest in opposing the speculators who pay for their reelection campaigns.
How long before the Oligarchs run out of governmental agencies to raid?Â (I don’t think it will get that far.Â Eventually, Geithner will be forced to resign.)
The Oligarchs are those members of the politically powerful speculator class who can count on being bailed out by the Treasury, because of their political connections. Large investors and high-ranking officers in firms such as Citi, Bank of America, and Goldman Sachs are Oligarchs. Officials like former Treasury Secretary Henry Paulson and current Treasury Secretary Tim Geithner support them.
The Treasury is going to give the oligarchs more capital. this will be done by makign the cash we already gave them unsecured, like we did with Chrysler.
How else are the oligarchs going to afford their second mansions?
Why is Geitner doig this? One commentator on this blog claimed that the Oligarchs should be an unofficial branch of government, as it was only because of the Oligarchs that we won the Revolution against Britain (!). The pro-Geithner crowd can barely be bothered to come up with a coherent argument, excecpt to cite bizarre historical theories and assert insider information (If you only knew…).
I think it is simpler to safe this is a case of regulatory capture.
Meanwhile, one Fed chief wants to shut the Oligarchs down. I agree.