How did Goldman, Sachs & Co. -- saved a year ago by the US taxpayer -- magically make $3 billion in 3 months a year later?
This as the US dollar collapses, unemployment soars and foreclosures hit a record?
Here is the Goldman, Sachs & Co. revenue break down for the past 3 months:
Notice that 10 billion is much bigger than two or three hundred million made from the traditional Wall Street businesses.
That $10 billion is evidence of their magic trick. For we the taxpayer gave Goldman Sachs the following:
For a grand total of almost $70 Billion (Goldman along with every other bank and AIG would have been defunct without this money).
Goldman at the apex of the crisis is delivered this money -- which they then use to borrow against at $20 or $30 for every $1. Which at 30x equals $2.1 trillion in available capital.
As one of the only banks in the world with money at the time, Goldman Sachs was able to buy billions in distressed assets around the world at record low prices -- only to watch $23.7 trillion in US taxpayer money be deployed during the past year to re-inflate the asset's values that Goldman had purchased with our tax money.
The question is not why did we bail out the banks.
The question is why did we give the banks billions of our money so they could then buy assets by the trillions with our money and they keep the profits?
The answer is Henry Paulson, former Goldman Sachs CEO who ran the US Treasury, and Tim Geithner, current Treasury Secretary who at the time ran the New York Federal Reserve, willingly delivered Goldman Sachs the $70 Billion -- with no strings attached.
So what can we do?
So how do you do it?
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We should break up the "too big to fail" (lower case intentional)
Nationalize the banking industry to create real business investment.
Consumer Protection Agency with full protection
Take over telecommunications- where do they get the nerve to charge those prices?
Stronger Anti trust Bills to break up cartels
No Net Neutrality
Public Exchange for all stocks or, just get rid of Wall Street- it's only for the top 10% anyway- let them play with themselves.
Raise minimum wage lower pay at top extremely.
ITS OUR MONEY TOO- should be our slogan forever.
Income Equality Rights- A bill that makes wealth a sharable and fairer commodity so we all share in the benefits of society that we helped create instead of working to make other extremely wealthy while we get nothing.
Bring investigations to the open and bring all who created financial crisis to justice, name names and companies. Prosecute without leniency.
Undo all of Reagan Clinton and Bushes policies over the last 30 years to neutralize the underhanded work Greenspan, Paulson, Gramm, Gingrich, Summers, Rubin, etal...
Bring back all of FDR's policies and if you want to change them again, you can only do so if you strengthen them.
By the way, if Wall Street can receive welfare and claim bankruptcy without impunity why can we?
WE DESERVE BETTER AND WE DESERVE MORE
Obama and Congress have failed us... the banks took money that was given to them and made more... it's what they do...
"...the banks took money that was given to them and made more... it's waht they do..."
Sure-without any return to the shareholders (taxpayers) that gave them the capital.
peons. All the peons need to do is consume to support this money making economy. Out of their non wages they can pay higher housing costs, Higher medical insurance costs(if they are lucky), pay into retirement funds and earn 1/2% interest on any savings they may be able to scrounge up and if they are lucky they can afford some groceries. People making $10-$20 per hour are expected to support the whole house of cards so the greedy can get richer. Those earning less or nothing have no taxes to pay and the wealthy are one giant loophole leaving the poor snooks in the middle trying to hold it all together.
Oh , I remember the wealthy were going to create jobs with all those tax breaks. GET REAL!!!
Please continue to inform American citizens about the systemic looting that is occuring by the federal reserve/treasury/wall street banking complex. People need to understand what is happening to the US Dollar, how debt on all levels is destroying us, and how adding further debt and creating false money by the Fed is destroying our economic foundation.
Thank you for advancing the cause.
Nothing is being done to get the money back. No charges have been filed. Nothing.
This is Congress's fault. The whole place needs to be cleaned out. Except for a handful of representatives/senators, the whole place needs to have its clock cleaned.
Unfortunately my cynicism says that not only will they NOT pay us back or go to jail but also that they will continue to work in that business that rips us all off. Go see Michael Moore's movie "Capitalism" and I guarantee that it will give you a lot to think about, even if you are a Republican.
But too many politicians are in bed with Wall Street. And too many ordinary Americans think that they should support these criminals who have screwed them (yeah, right!), that someday some of that big money will trickle down to them (yeah, right!), and that someday if they say nothing, they might get rich too (yeah, right!). And so they continue to vote against their financial interests by voting Republican.
The huge banks have us all by the balls, and there is nothing we can do about it. And the lying propaganda from the right-wing that supports these huge banks has been skillful and complete.
I dream of new line--ups that would include Thom Hartmann and Amy Goodman.
They made him promise to use $350 Billion to buy up the toxic mortgages that were jeopardizing banks.
Paulson. Lied.
The irony of giving $350 Billion to banks at terms disadvantageous to taxpayers has been lost by the media. As has the double irony that Paulson says he did it "to free up the credit market" and yet, after we gave them hundreds of billions of dollars (and Paulson forced small solvent banks out of business to help keep the bloated failing ones afloat).....
...the banks STILL wouldn't lend us their (i.e. OUR) money!!! Or, in Paulson-speak, "The credit markets stayed frozen."
There are no words to describe how I feel about Paulson and Bernanke. Both should be in prison and the Fed should be audited.
(Get Geithner's resignation, too, --and put Warren as Treasury Secretary).
Schiff a lot of other financial experts in 06 / 07, what the majority opinion was before
the crash, the media hype to that, would have use for that flashback, to get a grip on
how the media and the pundits played it along:
http://www.youtube.com/watch?v=2I0QN-FYkpw
There a lots of videos on You Tube that show what was later to the various searchwords,
names and issues.
Billions for the too big to fail thieves on wall street who caused this mess with senseless gambling and bend over backwards for the for profit muderers who take money from everyone and deny them the care they paid for.
Nothing for the people. We don't have armies of lobbyists to bribe you and your overpaid aides all we can do is work to pay the bills you make.
Who said there is no slavery in America.
While debating wether the american people should have health care the theives on the hill are granting their corporate masters even more power to cheat, defraud and steal from the middle class.
We should all be writting and calling our representatives and senators to demand they stop robbing us blind.
When are we going to say america is too big to fail and act to save it?
You're too tame. I would suggest that it's time to ready our pitch forks and torches.
In the direction we're now heading, it WILL come to that.
unless they HAVE TO.