Goldman, Banks Cheer Escape From TARP Restrictions

nytimes.com:

None of the banks' executives crowed publicly, but some of their employees celebrated Tuesday night. At an outdoor cafe on Stone Street, near Goldman's headquarters in Lower Manhattan, Goldman employees toasted their freedom.

"This one's on me," one called out from his table.

Read the whole story: nytimes.com

Comments

[5hy56]

The market just doesn't seem to care. No one cares about financial institution corruption, bad banks, recession, job loss, hyperinflation. It's just buy buy buy, Thanks to automation technology, outsourcing, in sourcing, free market capitalism­/globaliza­tion, jobless recoveries are inevitable, sadly, for all future recessions. I predict baseline unemployment will rise from the historical average of 4-5& to 7-8% within the next decade, but the stock market & GDP will keep rising. Higher unemployment will be the new normal. Stocks that benefit from this phase shift are multinationals, high tech, and commodity.

one of my new favorite finance websites: http://lin.cr/qj4.cr/qj4 ">Econ & Finance Articles Updated Daily

Politicians will do noting to impede this transition because they lack the power to restrain hypercapitalism, and because they are often paid off.

[freelyb]

I really hate these people.

[SamKnause]

They are laughing in our faces. They are rubbing salt in our financial wounds. Our government is aiding and abetting them. How do you fight all the corruption? I don't know the answer and it makes feel helpless.

[jsgaetano]

Woohoo! The days of making multi-million dollar bonuses when you your bank loses billions of dollars are back!

Happy conservative days are here again!

[fifty8]

In capitalism man takes advantage of man. In communism, the opposite happens.

John Kenneth Galbraith

[davidwayneosedach]

They're cracking opening the champagne at the expense of the taxpayer.

[butterfliesblossom]

Don't celebrate too much, guess who is pushing us toward Socialism? Not Obama, CEO's has proven that Capitalism is not working: Fraud and greed is rampant.

The wikipedia definition of Political philosophy: “is the study of questions about the city, government, politics, liberty, justice, property, rights law and the enforcement of a legal code by authority: what they are, why (or even if) they are needed, what makes a government legitimate that rights and freedoms it should protect and why, what form it should take and why, what the law is, and what duties citizens owe to a legitimate government, if any, and when it may be legitimately overthrown—“

Through history political philosophy has changed many times here in America and throughout the world; when does it change? When the rights of one group is trampled or abused by another group?

Best said by Stiglitz " Today only the deluded would argue that markets are self-correcting or that we can rely on the self-interested behavior of market participants to guarantee that everything works honestly and properly”

Go to wikipedia look up the history of political parties in the US, in the UK, in other countries and start thinking about change.

.

[BannedNBoston]

MISSING TARP MONEY!
Already, over 1/3 of a trillion of the bailout money is being declared "missing in action."

And the official responsible considers it a joke.

http://www.brasschecktv.com/page/639.html

[yemaya]

join your local credit union people. Keep the money local. take your money out of these greedy institutions and open a local credit union account. I did. I changed my mortgage, line of credit and all of my checking and savings accounts. I'm in the process of closing out my credit cards and switching them over as well.
This keeps the money local and helps the community. If everybody did this, we could create a viable alternative to the status quo. You CAN affect change. We've got to fight back!

[ssfahrer]

I see the US Government as the modern day "Wicked Witch of the West" waiting for the "Dorothys" (U S Banks) to return to insolvency (which the government itself will create), and saying to itself, "I'll get you, my pretty....­" (Cackles..­..) Thank you, Barack Obama!

[5hy56]

1st 100 days - There are 2.9 million more people unemployed in May than there were

unemployed in January. The unemployment rate went from 7.6% to 9.4%.
Since May 2008, we have lost 5.5 million jobs. The biggest losers were:
Manufacturing 1.5 million lost
Finance & Prof Serv 1.5 million lost
Construction 1.1 million lost
Retail & Leisure 1.3 million lost

one of my new favorite finance websites: http://kl.am/tsc.am/tsc ">Econ & Finance Articles Updated Daily

Having said that, unless we rethink the way we use our wealth, this world is doomed.

al-Waleed bin Talal, however he came by his wealth is in a position to make a difference.

Instead he chooses conspicuous self-consumption.

[tippydog11]

license to steel our money then we give them our money to do what again,,.st­eal?

[ThatOne4Me]

great. please don't bail them out again, they should have been jailed, especially AIG. don't insure what you can't cover! that's a crime, if you ask me.

[toyboat]

Phil Waste I feel you to the fullest!!!!!!! I on the other hand am still young & I'm ready to kick some a$$, this was once the greatest country on the globe & now we are nothing more than the laughing stock of the international world. When we all realize that we out number them & quit letting them put us against each other & stand up together & fight what a glorious day it will be, REVOLUTION I SAY!!!

[fifty8]

That will never happen. Americans don't live together, you live side by side.

If voting could really change things, it would be illegal

[Phil Waste]

Looking inside myself and knowing that what I’m feeling millions of other Americans are feeling, should give the American government pause to consider what they are doing.

I feel backed into a corner without hope for change, without any hope that our government can break the hold of the banks, corporations, AMA or foreign agents controlling our banking system and legislators.

To my eyes the situation is totally hopeless; there is nothing we can do as citizens to change what is happening. There are only two choices left open to us at this point. Fight or flee.

I choose, flee, because I’m to old to fight so I will soon become an expat and will leave this country that I love.

We have been told all our lives that our vote makes a difference and I can tell you right now with a lifetime of voting that my vote hasn’t made even one difference. It’s all a sham!

Right or Left, Republican or Democrat, it is all smoke and mirrors it boils down that we American workers have been duped by the rich and powerful. We never had a chance really as they hold all the strings of power. They can make war, steal us blind, manipulate the banking system and they just flat own congress.

What a travesty perpetrated against the American people.

Have you noticed that no one has gone to jail? Not for the war, not for the banking failure, not for the torture, not for nothing.

[SamKnause]

Beautifully put. I feel exactly the same way you do. I have been lied to my entire life about America. Voting doesn't count or help. All decisions are out of the hands of we the people and decided for us by the people who hold the purse strings. I think this time it will cause the collapse of this once great country. I think your blog covers the way the majority of working Americans feel. Sad, so sad.

[freelyb]

These are not the morals I raised my kids with. These F*cksters will not prevail on my watch. The elite few need us way more than way need them, it's just a temporary imbalance of power.