Best of the Week
Most Popular
1. 2019 From A Fourth Turning Perspective - James_Quinn
2.Beware the Young Stocks Bear Market! - Zeal_LLC
3.Safe Havens are Surging. What this Means for Stocks 2019 - Troy_Bombardia
4.Most Popular Financial Markets Analysis of 2018 - Trump and BrExit Chaos Dominate - Nadeem_Walayat
5.January 2019 Financial Markets Analysis and Forecasts - Nadeem_Walayat
6.Silver Price Trend Analysis 2019 - Nadeem_Walayat
7.Why 90% of Traders Lose - Nadeem_Walayat
8.What to do With Your Money in a Stocks Bear Market - Stephen_McBride
9.Stock Market What to Expect in the First 3~5 Months of 2019 - Chris_Vermeulen
10.China, Global Economy has Tipped over: The Surging Dollar and the Rallying Yen - FXCOT
Last 7 days
UK Population Growth - Latest ONS Immigration Statistics and Consequences - 24th Mar 19
The Fed Follows Trump's Tweets, And Does The Right Thing - 24th Mar 19
Yield Curves, 2yr Yield, SPX Stocks and a Crack Up Boom? - 24th Mar 19
Risk/Reward in Silver Favors Buying Now, Not Waiting for Big Moves - 23rd Mar 19
Similarities Between Stock Market Today and Previous Bull Market Tops - 23rd Mar 19
Stock Market DOW Seasonal Trend Analysis - 23rd Mar 19
US Dollar Breakdown on Fed Was Much Worse Than It Looks - 23rd Mar 19
Gold Mid-Tier GDXJ Stocks Fundamentals - 23rd Mar 19
Which Currency Pairs Stand to Benefit from Prevailing Risk Aversion? - 23rd Mar 19
If You Get These 3 Things Right, You’ll Never Have to Worry About Money - 22nd Mar 19
March 2019 Cryptocurrency Technical Analysis - 22nd Mar 19
Turkey Tourist Fakes Market Bargains Haggling Top Tips - 22nd Mar 19
Next Recession: Finding A 48% Yield Amid The Ruins - 22nd Mar 19
Your Future Stock Returns Might Unpleasantly Surprise You - 22nd Mar 19
Fed Acknowledges “Recession Risks”. Run for the Hills! - 22nd Mar 19
Will Bridging Loans Grow in Demand and Usage in 2019? - 22nd Mar 19
Does Fed Know Something Gold Investors Do Not Know? - 21st Mar 19
Gold …Some Confirmations to Watch For - 21st Mar 19
UKIP No Longer About BrExit, Becomes BNP 2.0, Muslim Hate Party - 21st Mar 19
A Message to the Gold Bulls: Relying on the CoT Gives You A False Sense of Security - 20th Mar 19
The Secret to Funding a Green New Deal - 20th Mar 19
Vietnam, Part I: Colonialism and National Liberation - 20th Mar 19
Will the Fed Cut its Interest Rate Forecast, Pushing Gold Higher? - 20th Mar 19
Dow Jones Stock Market Topping Pattern - 20th Mar 19
Gold Stocks Outperform Gold but Not Stocks - 20th Mar 19
Here’s What You’re Not Hearing About the US - China Trade War - 20th Mar 19
US Overdosing on Debt - 19th Mar 19
Looking at the Economic Winter Season Ahead - 19th Mar 19
Will the Stock Market Crash Like 1937? - 19th Mar 19
Stock Market VIX Volaility Analysis - 19th Mar 19
FREE Access to Stock and Finanacial Markets Trading Analysis Worth $1229! - 19th Mar 19
US Stock Markets Price Anomaly Setup Continues - 19th Mar 19
Gold Price Confirmation of the Warning - 18th Mar 19
Split Stock Market Warning - 18th Mar 19
Stock Market Trend Analysis 2019 - Video - 18th Mar 19
Best Precious Metals Investment and Trades for 2019 - 18th Mar 19
Hurdles for Gold Stocks - 18th Mar 19
Pento: Coming QE & Low Rates Will Be ‘Rocket Fuel for Gold’ - 18th Mar 19
"This is for Tommy Robinson" Shouts Knife Wielding White Supremacist Terrorist in London - 18th Mar 19
This Is How You Create the Biggest Credit Bubble in History - 17th Mar 19
Crude Oil Bulls - For Whom the Bell Tolls - 17th Mar 19
Gold Mining Stocks Fundamentals - 17th Mar 19
Why Buy a Land Rover - Range Rover vs Huge Tree Branch Falling on its Roof - 17th Mar 19
UKIP Urged to Change Name to BNP 2.0 So BrExit Party Can Fight a 2nd EU Referendum - 17th Mar 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast March to September 2019

Goldman Sachs Senior Executives Arming Themselves On Fear of Populist Uprising

Companies / Credit Crisis 2009 Dec 05, 2009 - 06:18 PM GMT

By: Paul_Craig_Roberts

Companies

Best Financial Markets Analysis ArticleGoldman Sachs senior executives are arming themselves with New York gun permits, according to Alice Schroeder on Bloomberg.com.   The banksters “are now equipped to defend themselves if there is a populist uprising against the bank.”


One can understand why the banksters are worried.  The company, now known as Gold Sacks, has a large responsibility for the financial crisis and the fraudulent “securities” that wrecked the world economy and Americans’ pensions.  A former Gold Sachs CEO had control of the US Treasury during the Bush regime from which he diverted $750 billion to bail out the banks, thus supplying them with free capital.  Gold Sachs made $27,000 million during the first three quarters of 2009 and is paying out massive bonuses, leaving the busted taxpayers with the debt and interest charges.

Little wonder the US can’t afford health care for the uninsured and unemployed.  It is far more important to finance multi-million dollar bonuses for investment bankers.  I mean, what would we do without capitalism?

Of course, it is not really capitalism.  It is an oligarchy or a financial plutocracy. 

In a failed state, the government’s priorities are totally separate from those of the people.  The US can’t afford health care or a bailout for jobless homeowners, but it can afford a pointless war and multi-million dollar bonuses for banksters who wrecked the economy.

Millions of laid-off workers lost their health insurance subsidies on December 1, the day President Obama announced a $30 billion “surge” in Afghanistan. 

The expensive “surge” came 24 hours after the Detroit Free Press published a 127-page supplement of home foreclosures in its metro area.  In Michigan 48% of mortgages are on properties that are worth less than the loan, according to a report from First American CoreLogic. 

As bad as it is in Michigan, the state ranks seventh in foreclosures, so six states are in even more dire straits.  

Why does President Obama think the US can afford a war in Afghanistan when the US economy is falling apart?  Massive joblessness.  Massive homelessness.  Millions of Americans without medical care. 

The additional $30 billion for the war comes on top of the $65 billion already appropriated for the year.  These appropriations are always fattened with supplementary appropriations. The true cost is well in excess of $100,000,000,000.

Who’s going to pay for it?  Democratic Representative David Obey, chairman of the House Appropriations Committee proposes to raise income taxes on everyone earning more than $30,000. 

This is called “trickle-up” economics.  You tax the little guy and give the money to the armaments companies. 

There was a time when Democratic presidents represented the little man, and Republicans represented business.  Today both parties represent the moneyed interests.  On December 3 at the Jobs Summit with business leaders, Obama said, “We don’t have enough public dollars to fill the hole of private dollars that was created as a consequence of the crisis.”

In other words, all the public’s money has been spent on the banks and the wars.

Despite Democratic majorities in the House and Senate and the ease with which Obama won the presidential election over McCain/Palin, the Democratic Party has totally collapsed.  The Democrats have abandoned every constituency.  Democrats have discarded the American people. Democrats, in pursuit of campaign contributions, represent the moneyed interests on Wall Street, the munitions companies, the insurance companies, the agri-businesses that have destroyed independent farmers, despoilers of the environment, unaccountable police, and the builders of detention centers. The exception is Rep. Dennis Kucinich.

The Democrats have become brownshirt Republicans.

The American people, except for the one percent of super-rich, have been abandoned.

Obama had a different message during the presidential campaign.  On May 4, 2008, he went to Elkhart, Indiana, to sympathize with the unemployed. On February 9, 2009, just after his inauguration, he returned to Elkhart to say:

“You know, we tend to take the measure of the economic crisis we face in numbers and statistics. But when we say we’ve lost 3.6 million jobs since this recession began – nearly 600,000 in the past month alone; when we say that this area has lost jobs faster than anywhere else in America, with an unemployment rate over 15 percent; when we talk about layoffs at companies like Monaco Coach, Keystone RV, and Pilgrim International – companies that have sustained this community for years – we’re talking about Ed Neufeldt and people like him all across this country. “We’re talking about folks who’ve lost their livelihood and don’t know what will take its place.  Parents who’ve lost their health care and lie awake nights praying the kids don’t get sick.  Families who’ve lost the home that was their corner of the American dream. Young people who put that college acceptance letter back in the envelope because they just can’t afford it. “That’s what those numbers and statistics mean. That is the true measure of this economic crisis. Those are the stories I heard when I came here to Elkhart six months ago and that I have carried with me every day since. I promised you back then that if were elected President, I would do everything I could to help this community recover. And that’s why I’ve come back today – to tell you how I intend to keep that promise.”

What’s the story in Elkhart 9 months after President Obama reaffirms his promise? Long-term unemployed face dwindling options.[John W. Schoen, MSNBC, November 20, 2009]

Lawrie Covey, 58, has been out of work for two years. “I can’t even get a job cleaning rooms at a local motel.”  Her son, who was night shift foreman for a local manufacturer and who lost his job after eight years, was splitting the rent.  Winter is upon them, and the heating bill is rising.  Their transportation is 20 years old and needs a new radiator.  Both her and her son’s unemployment benefits have run out.  Lawrie Covey has fallen back on her experience growing up on a firm.  She is raising chickens and picking wild mushrooms and has a garden.  If she makes it through the winter, she hopes to get a couple of baby pigs to raise to see them through the next year.

Lawrie Covey, to whom President Obama made a promise, could just as well be an Afghan peasant.  She doesn’t count any more than the thousands of Afghans who have been murdered in their sleep by US air strikes on “terrorists.”

She voted for a president who spent all the money on wars based in lies and deceptions and on Gold Sacks, the richest institution in the world.

The maniacal left-wing hates Ronald Reagan because “he cut taxes for the rich,” but Obama is loading up the poor with enormous debts that imply hyperinflation in order to make Gold Sacks too heavy to lift and in order to reward the munitions industry for its service to world peace and American hegemony.

    Paul Craig Roberts [ email him ] was Assistant Secretary of the Treasury during President Reagan's first term.  He was Associate Editor of the Wall Street Journal .  He has held numerous academic appointments, including the William E. Simon Chair, Center for Strategic and International Studies, Georgetown University, and Senior Research Fellow, Hoover Institution, Stanford University. He was awarded the Legion of Honor by French President Francois Mitterrand. He is the author of Supply-Side Revolution : An Insider's Account of Policymaking in Washington ; Alienation and the Soviet Economy and Meltdown: Inside the Soviet Economy , and is the co-author with Lawrence M. Stratton of The Tyranny of Good Intentions : How Prosecutors and Bureaucrats Are Trampling the Constitution in the Name of Justice . Click here for Peter Brimelow's Forbes Magazine interview with Roberts about the recent epidemic of prosecutorial misconduct.

    © 2009 Copyright Paul Craig Roberts - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Paul_Craig_Roberts Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

James Smith
22 Dec 09, 16:00
h-clitons connections

look in h-cliton bank take over tactics. I cant even get a lone from my accounts people threw adobe with out her trying to steel it..

james Smith


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules