Isn’t it convenient that while the President now tries to cuff the financial sector, with new extravagant ‘financial regulatory reform bill’. That he sends out the SEC to finally address some devious doings at Goldman Sachs. Isnt it convenient that we didnt attack Wall Street, immediately when we chose to bail these fools out.
The truth is the Government is really to blame for the collapse. Do I believe that people on Wall Street made profit off the disaster, sure- it IS what they do everyday- risk, gamble, assess, hedge, knowing and projecting which side to be on to make money. But for the Government to be able to ‘control’ the private free market, they have to be able to paint these money makers as evil.
Somehow though, Government is trying to leave out their part in the crisis. Do we remember when those congressmen and Presidents were trying, forcing, and strong arming lenders to contaminate the ‘mortgage backed securities’ with high risk-low income consumers. I remember when the likes of Bill Clinton, Barney Frank, Chris Dodd all were pushing hard on the Community Reinvestment Act of 1977.
How the likes Fannie Mae, Freddie Mac, and ACORN all expedited the bubble burst. ACORN an agency, who would go into poverty stricken neighborhoods and inspire low income renters to buy homes they could not afford. Then stir the racism, and discrimination pots if the lenders did not offer credit they shouldnt. Then Freddie Mac, and Fannie Mae buying these mortgages from banks, whom gleefully sold off the toxic assets.
So to hear the Government explain it, it was pure capitalist greed that caused this. But they shuffle away any responsibility of Freddie and Fannie. I mean these people like Franklin Raines, Jamie Gorelick, they knew what they were doing, they engaged upon the same thing as Goldman Sachs! Yes, and they had the higher ranking members of the liberal congress in their pockets. Defenders of this process had their pockets lined, covering up the corruption when they put more and more risky mortgages into these security exchanges- in order to get ‘bonuses’…really? ..really no public persecution of Franklin Raines? No investigation and penalties? No jail? Why would they? After all look (( here )) lawmakers need contributions and inside information to make their own investments.
Of course, this attack on Goldman Sachs is merely to advance more shackles onto Wall Street. This attack is merely to paint capitalism as evil once again. This attack is to inspire the people, into believing that these politicians are just innocent, clueless main street types like us. When in reality they were all aware, and most of them in the thick of benefit when the going was good.
Obama does not care about what Goldman Sach did, he cares about killing the free market. Obama cares about the government controlling every avenue of revenue in America. I mean if he really was angry with Goldman Sachs, would he:
Josh Rogin at The Cable: “Jide Zeitlin, the Obama administration’s nominee to be America’s point man for financial reform at the United Nations, has withdrawn himself from consideration for the job, an administration official tells The Cable. Zeitlin, a former Goldman Sachs executiveand telecom entrepreneur, had faced criticism for his business dealings related to Indian contractors and was also accused of identity fraud for an incident in which he admitted to sending an email to investors masked as coming from one of his competitors. Zeitlin testified before Congress that the email was a prank.”
Or you can just read here for a list of several Goldman Sachs formers taking jobs in the administration.
(( http://www.americanbankingnews.com/2009/10/19/is-goldman-sachs-nysegs-obamas-personal-financial-farm-team/ )) Or could it be that they- Goldman Sachs gave Obama 4 times of donation then McCain in 2008?
Anyway you look at this double talk and political overture; If- if the regulatory reform gets passed, thisstory- or investigation will go away. Its pure theatre and sickening. Trying to advance an agenda, with a tandem attack on capitalists, and yet use the same people in your administration- pure and simple hypocrisy.