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View Full Version : Rolling Stone Reporter slams Goldman Sachs



Feryk
19th February 10, 04:00 PM
I read this article and thought this was something that Cullion and some others would find interesting. Taibbi compares the behavior of the big US banks during the financial crisis to a series of cons. Here it is:

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/

I'd include the text, but it is rather long.

For those who are interested, my question is this: Do you bet with these guys, against them, or do you just burn down the building?

WarPhalange
19th February 10, 04:07 PM
Deja vu. I could have sworn this was posted months ago.

EvilSteve
19th February 10, 04:10 PM
I used to work for Goldman- they screwed me over for promotion and on my bonus. Twice.

So, naturally I'd say burn down the building. If possible, return Corzine and Paulson to the premises before igniting blaze.

That being said, yeah, it is a big con game but I have a hard time feeling too bad for people who got burned. No one was complaining about these people when the market was on the way up- and it was that dizzying rise that paved the way for the crash that followed.

Feryk
19th February 10, 04:14 PM
The point is that they haven't stopped...and will likely have another crisis, since it seems to be profitable for them.

So, do you say, 'Shit, this is a rigged game! I want in!' and buy the stock, or do you say, 'They are a bunch of con artists who will get theirs' and short the stock, OR do you say 'Fuck it. I don't invest with known conmen, but the government won't be able to stop them.' and run screaming.

WarPhalange
19th February 10, 04:22 PM
I like "burn down the building with everyone inside" personally.

Cullion
19th February 10, 04:58 PM
I read this article and thought this was something that Cullion and some others would find interesting. Taibbi compares the behavior of the big US banks during the financial crisis to a series of cons. Here it is:

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/

I'd include the text, but it is rather long.

For those who are interested, my question is this: Do you bet with these guys, against them, or do you just burn down the building?

Protect your family's livelihood by making your best guess at what they're going to do next and betting on what you think that will do to the economy, whilst trying to find peaceful and legal ways of bringing this crookedness to an end.

Zendetta
19th February 10, 05:28 PM
Brilliant article - funny and well-written and dripping with scorn.

A basic principle in behavior modification: reward the behaviors you want to see more of, and punish the behaviors you want to see less of.

Cullion
19th February 10, 06:18 PM
Goldman Sachs are doing God's work.

billy sol hurok
19th February 10, 06:40 PM
Goldman Sachs are doing God's work.

Officially, he's still going by "Obama." (http://www.salon.com/opinion/greenwald/2009/10/16/goldman/index.html)

Cullion
19th February 10, 06:48 PM
I was referring to this:-

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article6907681.ece

Zendetta
21st February 10, 01:59 PM
U.S. Economy Grinds To Halt As Nation Realizes Money Just A Symbolic, Mutually Shared Illusion

WASHINGTON—The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct.

Calling it "basically no more than five rectangular strips of paper," Fed chairman Ben Bernanke illustrates how much "$200" is actually worth.

What began as a routine report before the Senate Finance Committee Tuesday ended with Bernanke passionately disavowing the entire concept of currency, and negating in an instant the very foundation of the world's largest economy.

"Though raising interest rates is unlikely at the moment, the Fed will of course act appropriately if we…if we…" said Bernanke, who then paused for a moment, looked down at his prepared statement, and shook his head in utter disbelief. "You know what? It doesn't matter. None of this—this so-called 'money'—really matters at all."

"It's just an illusion," a wide-eyed Bernanke added as he removed bills from his wallet and slowly spread them out before him. "Just look at it: Meaningless pieces of paper with numbers printed on them. Worthless."

According to witnesses, Finance Committee members sat in thunderstruck silence for several moments until Sen. Orrin Hatch (R-UT) finally shouted out, "Oh my God, he's right. It's all a mirage. All of it—the money, our whole economy—it's all a lie!"

Screams then filled the Senate Chamber as lawmakers and members of the press ran for the exits, leaving in their wake aisles littered with the remains of torn currency.

U.S. markets closed as traders left their jobs and resolved for once to do or make something, anything of real value.

As news of the nation's collectively held delusion spread, the economy ground to a halt, with dumbfounded citizens everywhere walking out on their jobs as they contemplated the little green drawings of buildings and dead white men they once used to measure their adequacy and importance as human beings.

At the New York Stock Exchange, Wednesday morning's opening bell echoed across a silent floor as the few traders who arrived for work out of habit looked up blankly at the meaningless scrolling numbers on the flashing screens above.

"I've spent 25 years in this room yelling 'Buy, buy! Sell, sell!' and for what?" longtime trader Michael Palermo said. "All I've done is move arbitrary designations of wealth from one column to another, wasting my life chasing this unattainable hallucination of wealth."

"What a cruel cosmic joke," he added. "I'm going home to hug my daughter."

Sources at the White House said President Obama was "still trying to get his head around all this" and was in seclusion with his coin collection, muttering "it's just metal, it's just metal" over and over again.

"The president will be making a statement very soon," press secretary Robert Gibbs told reporters. "At the moment, though, his mind is just too blown to comment."

A few U.S. banks have remained open, though most teller windows are unmanned due to a lack of interest in transactions involving mere scraps of paper or, worse, decimal points and computer data signifying mere scraps of paper. At a Bank of America branch in Spokane, WA, curious former customers wandered aimlessly through a large empty vault, while several would-be robbers of a Chase bank in Columbus, OH reportedly put their guns down and exited the building hand in hand with security guards, laughing over the inherent absurdity of the idea of $100 bills.

Likewise, the real estate industry has all but vanished, with mortgage lenders seeing no reason to stop people from reclaiming their foreclosed-upon homes.

"I don't even know what we were thinking in the first place," said former banker Nathan Collins of Brandon, MS, as he jimmyed open a door to allow a single mother and her five children to move back into their house. "A bunch of people sign a bunch of papers, and now this family has no place to live? That's just plain ludicrous."

The realization that money is nothing more than an elaborate head game seems to have penetrated the entire country: In Wilmington, DE, for instance, a collection agent reportedly broke down in joyful sobs when he informed a woman on the other end of the phone that he had absolutely no reason to harass her anymore, as her Discover Card debt was no longer comprehensible.

For some Americans, the fog of disbelief surrounding the nation's epiphany has begun to lift, with many building new lives free from the illusion of money.

"It's back to basics for me," Bernard Polk of Waverly, OH said. "I'm going to till the soil for my own sustenance and get anything else I need by bartering. If I want milk, I'll pay for it in tomatoes. If need a new hoe, I'll pay for it in lettuce."

When asked, hypothetically, how he would pay for complicated life-saving surgery for a loved one, Polk seemed uncertain.

"That's a lot of vegetables, isn't it?" he said

You know things are bad when only satire can tell the truth.

Cullion
21st February 10, 06:07 PM
That's very un-American.

Get in the back of the van, pinko.

Feryk
22nd February 10, 04:19 PM
You know things are bad when only satire can tell the truth.

I know things are bad when people believe that satire IS the truth.:icon_jawdrop: