Thursday, October 15, 2009

The Goldman Sach's Steps To Billionaire Success

Let's celebrate Goldman Sach's enormous profits, almost exclusively achieved by extremely risky schemes with taxpayer money, with a look at how we too can replicate such success.

But first, Dylan Ratigan told us yesterday that Wall Street is expected to pay out $140 billion in compensation for playing Ponzinomics with our money and our economy. If we had a public banking system, none of this tax on capital would exist. And all of these profits are nothing more than a tax on capital. And as such, they are killing our economy. Were we to have a public banking system, any profits could be funneled into health care or to rebuild our country or into scientific research benefiting society or education our countless other beneficial endeavors.

A public banking system would be serving the purpose banking is meant to serve in a democratic society. That is, to increase the capital stock of society. That includes investment in underprivileged citizens who are completely marginalized by public banking. A dynamic which clearly perpetuates chronic poverty amongst a class of society while other undeserving taxes on capital like private equity squander our wealth on financial games and extort billions of dollars out of the economy in the process.

Public banking is the scourge of humanity. Anyone who believes our finances would be better served in the hands of private bankers in lieu of very strict Constitutional controls and substantial transparency of a well-designed public banking system, which democratically serves society, is perpetuating an ideology not backed by any sound reason. By the way, our calls for a public banking system are rather interesting given Marc Faber's comments that India's central bank may be the only competent central bank on earth. Guess what? India's banking system is generally a public one. Coincidence? I think not. This decision was made out of virtue not at the hand of a lobbyist toting billions of dollars. Maybe our politicians should read the Bhagavad Gita before contemplating financial reforms.

How can one not become more galvanized for transformational change by the sheer crookedness of how this crisis has been handled and by the magnitude of suffering we see because of it? Absolutely heinous examples of greed while a substantial number of people in the America are unable to provide shelter or basic services to their families. Wall Street is completely morally bankrupt. The fact that our politicians are relying on lobbyists from the financial sector to determine the future of financial regulation, trade, health care and a substantial other of self-serving issues, seems to me to be no less than treason. If not legally, then surely morally.

Corporate personhood absolutely must be revoked as an absolutely corrupt interpretation of our Constitution. It's time for a Constitutional review striking down this particular instance of judicial activism from the Supreme Court. Activism clearly not intended in the checks and balances of our system of governance.

posted by TimingLogic at 10:37 AM