Thursday, July 2, 2009


There are a number of people writing about the financial crisis that created the economic crisis that affected nearly everyone, and this is a good thing. But, we need bloggers from all over the country to set the Internet a buzz. The TV news shows cover what they think brings them the highest ratings, and that is why the death of Michael Jackson is on MSNBC, "the place for politics" they say. Newspapers need advertisers to stay in business, and magazines are about the only thing left other than bloggers and 6 degrees of separation to spread the word. We need to spread the word about the fraud that was perpetrated on the American people by Wall Street. We know they did not do this by themselves. Wall Street did this with the help of Congress and the rest of Washington. We need to get a few million people knowledgeable enough to put pressure on our government to do the right thing. A small, very small number of people brought the financial crisis about and our Federal Government failed to protect the American people. Protecting the American people must mean more than protecting them from foreign or domestic terrorists. Protecting against the financial and economic crisis is just as important as protecting against a foreign invader. In my opinion, there are a number of people that should be brought to trial for economic treason or financial terrorism. What a few did to so many should never have happened, it is that simple.

Read the article in the ROLLING STONE magazine of July 9 - 23, 2009 by Matt Taibbi titled THE GREAT AMERICAN BUBBLE MACHINE: THE BAILOUT - HOW GOLDMAN SACHS RUNS WASHINGTON. Tell your friends to read this article, and get as many people interested in why we Americans suffered the worst financial crisis since the Great Depression.

I have great hopes for the Internet, as I know the American people do not want a repeat of this economic crisis again.

Stay tuned.


Butch said...

You are so right. After reading the article by Matt Taibbi I have felt like I really needed to investigate everything I read. I found more today while reading something in the NY Times. It was about GM's bankruptcy and how Harry J. Wilson was telling the court that the sale of the "good" GM must go through. He said that if the sale wasn't approved by 7/10 then the Obama administration would pull the plug and demand the return of their loan. Why the urgency? I worked for Delphi in a salaried position and it has been in the courts for 4 years now. It almost came out of bankruptcy but then someone found the snake in the wood pile in the way GM and the company from California were making the deal. This too was pushed by the Obama group. Just to let you know, I voted Obama and still think he was the better choice, however, like Bush, I believe he has surrounded himself with a bunch of good 'ole boys from Goldman Sachs. These guys don't appear to really have party lines except for the Goldman Sachs party. Getting back to Harry, he too worked for G/S and he told the courts that there was to be an IPO for the new GM in 2010. Question is, who is going to be the issuer?

You are doing a great job, keep it up. I have learned a lot about the way the market is ran and you have given us insights that we probably would not have thought about.

Anxious to learn.

moneythoughts said...

Butch, tomorrow I do another wrap up. I will try to bring several threads together in an effort to bring the larger questions/issues into focus. This stuffs fits together. By the end of the discussion, we will hope to have a perspective built from placing the threads together. I hope I can make my point. It is not entirely new stuff, but certainly can stand to be repeated.

Butch said...

Hate to go back on an old post but this article caught my eye about speculators and the oil bubble that Taibbi wrote about.