minyanville story by david stockman shredding Oracle of Omaha

Stockman says it like it is here.  He is holding the big money players to task as they keep saying how important it was to bail out everyone except the tax payer.  It is incredible that big money has brain washed nearly the entire MSM with the such dither blaming the home owners for the financial meltdown.  Everyone has misguidedly fallen for the ridiculous notion that what is good for the big banks and Wall Street is good for America. 

We have been witness to a 'great depression' that has been labeled the 'great recession'.  The only reason it hasn't fallen further after the ridiculous bank bailouts is because of the book manipulation of the actual economic data along with the ability of the government to massively deficit spend on programs like unemployment.  On one hand the country treads water but the other hand is digging deeper into debt.  The plan to kick the can down the road has not worked.  We still have banks near insolvency in reality but they are cook their books in hopes housing prices  will save us all. 

You can see in the Stockman's article that the banks and other TOO Big To Fail institutions like GE, had one think in mind;  saving themselves no matter the cost to taxpayers and the economy.  We have seen the personal rights that were so sacred in our country over run by the interests of big money elite.  There is no other way to explain such a dramatic fleecing  of the country. 


link to full story at minyanville here.  I first read the story at Naked Capitalism

"But no taxpayer can be grateful. There never was a crisis on Main Street. The panic was in the US Treasury Department where the clueless Hank Paulson was swamped with calls from his crony capitalist buddies like Immelt and his counterparts up and down Wall Street, but especially at Goldman Sachs (GS). When Goldman’s stock price ticked $65 in the days after Lehman, Mr. Market was desperately trying to purge the reckless speculation and leveraged rot that had been building up in the nation’s financial system ever since the Fed discovered in the 1990s that it could print endless dollars and that they would be obligingly accumulated by the mercantilist overlords of China and East Asia.

Thanks to the Geithner/ Paulson/ Bernanke claque, the needed financial cleansing and purge never happened. Instead, we've just drifted deeper into a statist regime in which Uncle Sam backstops, stimulates, underwrites, and meddles with every aspect of our broken capitalist machine. Uncle Sam wasn't our savior in September 2008. By the panicked actions of a few desperate men occupying high offices, he was empowered to become our destroyer. Thanking Uncle Sam is fatuous under any circumstance. But to thank the men who brought on TARP, bailouts, and the lunacy of ZIRP and QE is pure humbug."

Stockman's conclusion is very telling. The government failed to do its duty in protecting the rights of citizens as it fell for the manipulations of Wall Street.

I am sure plenty of Americans would be doing just fine had they gotten easy money loans and a virtual government guarantee of their debt. But we can't all forget the government is here first to help the big banks because it is for the good of the country rather then enforce laws to protect the consumer. 

We are seeing how well that is working. 


The Best Way to Rob a Bank Is to Own One How Corporate Executives and Politicians Looted the S&L Industry - 2005 publication.