Goldman Sachs socialism
- added October 14, 2008
- 12 responses
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- Vierotchka
- added this
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World markets on the verge of panic continue to dismiss the Bush/Paulson Wall Street bailout plan - despite White House rhetoric and supposedly concerted action by the G-7, the group of leading industrialized economies. Top economists criticize the mechanics of the plan, which concentrates too much power on Secretary Paulson and his Goldman Sachs colleagues; warn of an incoming systemic crisis; and point out the taboo topics nobody is talking about: the US budget deficit and the US military budget.
Pepe Escobar, born in Brazil is the roving correspondent for Asia Times and an analyst for The Real News Network. He's been a foreign correspondent since 1985, based in London, Milan, Los Angeles, Paris, Singapore, and Bangkok. Since the late 1990s, he has specialized in covering the arc from the Middle East to Central Asia, including the wars in Afghanistan and Iraq. He has made frequent visits to Iran and is the author of Globalistan and also Red Zone Blues: A Snapshot of Baghdad During the Surge both published by Nimble Books in 2007.
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- Vierotchka
- 1 month ago
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Sorry to inform you and Pepe, but the US market just had the best day it's had in 75 years. The free market works, every time. It doesn't care what anyone else does, it does as it pleases. The reports of our demise were premature, to say the least.
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One day does not a trend make. Wait and see. I think it could be just a bump, rather like a candle flaring up before it dies.
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- Vierotchka
- 1 month ago
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This kind of jump occurred just before the Great Depression, I seem to remember.
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- Vierotchka
- 1 month ago
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There will be profit taking tomorrow, no doubt. But there is value in this market. There are good balance sheets and good dividends. We are not dead yet, by any means. It will take more than a market correction to end this country, my regards to Pepe.
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We'll see, time will tell. Meanwhile, economies are collapsing all over the place. By definition, the market is a fickle mistress, and fickle mistresses tend to ruin their sugar daddies at the end of the day.
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- Vierotchka
- 1 month ago
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The only true indicator the market provides is a prognostication of the future of the non-wall street economy for the next 12 months.
Had the market not taken such a huge jump yesterday, but a more moderate increase, our economic future would look a great deal more promising. Unfortunately, its meteoric gain just guarantees (historically) that our economy is in, or will be in, a long lasting recession.
A prolonged recession at this point in time is actually more catastrophic to our overall economic recovery than an outright Wall Street crash.
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It's going to be up and down for ages, fact is, the banks get bailed out...whose going to bail out the taxpayers who suddenly can't afford to pay for it?
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- dirtyemowords
- 1 month ago
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I'm sorry to tell you, but we never have lived in a free market society. We have been governed by Keynesian economics. Free societies operate under Austrian economics.
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Inflation is the biggest problem with the bailout, it will take time for those effects to be seen. The only true fix for our economy is to let it fall and start being responsible for our own savings and spending habits
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- regjoeschmo
- 1 month ago
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Henry Paulson is a crooked idiot who dropped the ball and squandered the bailout cash....
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Time will tell and no one can chance that.
