The Goldman Sachs (Wall Street) Ponzi Profit Engine Continues And Other Timely Remarks About Wall Street's Endless Fraud Courtesy Of The State
Let's throw up a weekend post that is light-hearted. Not really light-hearted per se. More like laughable.
A friend sent me this old Courier & Ives print shown below. It's from the Library of Congress and is approximately 135 years old. It pretty much sums up countless posts on here remarking of Washington and Wall Street's endless stupidity. And I truly do mean stupidity.
How often have we written on here that humanity and specifically Wall Street learns nothing? That we as human beings are no more intelligent than people who lived thousands of years ago? The only dynamic that separates us from civilizations living ages ago is our accumulated knowledge. Or, in the case of Wall Street, our accumulated ignorance. Hand in hand with any knowledge goes an accumulated belief system that is completely erroneous and without any merit. That is extremely true as it pertains to the marvelous bubble in brainwashed belief systems held within finance, economics, big business and our current political structure. In other words, Wall Street and politicians have unlearned countless truths of the past and are, therefore, substantially more ignorant in many regards than civilizations who lived before us. They are definitely more ignorant that American society was just sixty years ago. Or 135 years ago in the case of this Courier & Ives print.
Goldman Sachs released record earnings this week. Amazing huh? Not really. Not when you create the rules to the game. Rules that involve dismantling society's rule of law or circumvents competition by having privileged or asymmetric access to information. This most definitely is the case for Wall Street's biggest profit engine, trading. We wrote leading up to this crisis that perceived brilliance associated with Goldman Sachs has been a harbinger of economic doom throughout its history. Goldman Sachs' business model defines pretty much 'The Way to Grow Poor' in the Courier & Ives print below. Something that apparently only about five people in today's society seem to understand. Or should I say five people with the microphone. Millions of Americans surely understand 'The Way to Grow Rich' because they live in the real world and have to put food on their table by doing something other than pushing around paper or gambling, mostly with other people's money, which is synonymous with the Goldman Sachs way.
It's no coincidence we have been the only voice on the planet earth who has said Goldman Sachs could actually fail if they don't change their business model. Alternatively, you have truly ignorant carnival barkers like Jim Cramer who have the microphone of society and are in love with the Goldman Sachs franchise of foolishness. It seems quite apparent to me that neither former Goldman CEO and Treasury Secretary Hank Paulson nor current CEO Lloyd Blankfein know anything about capital markets, finance, business or economics. They surely know a lot about current belief systems, dismantling the rule of law, rigging the system and cronyism. It's not too much of a stretch to believe these two leaders of Goldman have unwittingly set the company up for ultimate failure based entirely on a faulty belief system they themselves are substantially deluded by. Brainwashed by. And that is exactly what we have been writing of on here.
I remain very dubious about the lawsuit against Goldman Sachs. As I wrote after its announcement, the SEC is notorious for filing civil cases against Wall Street and then settling, often out of court. Unless we see a serious effort at investigating criminal fraud at other firms on Wall Street or expanding this case to the corner offices of Goldman Sachs due to growing public pressure, this could very well be a politically-motivated attempt to reassure main street. This case could end with a whimper. That will be hard to navigate publicly now that the lid is off the can of worms. But, as it pertains to Goldman Sach's business model, there is nothing that can be politically-rigged or whitewashed. Goldman is in very serious trouble because of market forces that will weigh heavily on the firm. So regardless of what happens as it pertains to litigation, karma for Goldman Sachs will indeed be a bitch. Of course, the same could be said of other firms on Wall Street. In other words, the financial bubble is going to implode regardless of anything the Federal Reserve or politicians try to do to stop it.
We have a bunch of learned idiots running our financial system and our country. They are trying to save a system that should be dismantled expeditiously. There is no value in keeping jobs that destroy capital. When I hear Congresspeople like Mitch McConnell telling us that we need jobs and re-regulating and even prohibiting dubious activity on Wall Street will cost jobs, it sounds more like a mafia boss telling us why we should continue allowing prostitution, gambling and the distribution of heroin in the name of creating jobs. Many Wall Street jobs involve extremely seamy practices or worse, they are destructive to the economy and fraudulent. Oh wait. Isn't the mafia dynamic the basis for government now wanting to legalize marijuana or to build more casinos to raise government revenues? I support legalized marijuana because the government shouldn't be in the business of making criminals rich via prohibition of a substance no more dangerous than cigarettes, alcohol, genetically-modified foods or fast food. And I believe anyone should be able to offer legalized gambling in their establishment in lieu of the government-business corporatist casino monopolies used as taxing vehicles, making a few privileged people rich by defeating competition while supporting more and more incompetence in government.
The Parliament of Whores has destroyed our economy and our regulations for donations and personal power. They have and continue to write countless millions of lines of law that have no relevance to anything other than creating loopholes for personal gain of special interests at the expense of our society and the expense of greater competition and economic vibrancy. Each new piece of fraudulent legislation adds another nail in our economic coffin rather than reviving it through virtuous regulation and market-based competition. And so, rather than transform our society in this time of crisis, politicians seek to keep an illegitimate system going. One that is killing the American economy and American citizen's livelihood. All for personal power and greed. For the benefit of party ideology over virtue and integrity. This is why rules and laws of economic engagement should be written once and never modified unless absolutely necessary as defined by some rigorous litmus test. A perfect example is the dismantling of the Glass-Steagall Act for personal gain and ideology. And any change in the rule of law deemed necessary should be made because it is in the best interests of the people of this country with complete transparency not under the influence of special interests in back room deals. Because most politicians would sell their mother to a pimp for a dollar. And that is exactly why we are in this mess. The leaderless society continues its descent.
Tell me again, how does Wall Street benefit society? Since Lloyd Blankfein is so busy doing God's work, maybe he could take a moment, you know, like in between conversations with God, and outline how Goldman's business model creates long term capital and wealth for American citizens. Maybe he could use examples of wealth creation in, say Compton, California or East Chicago, Indiana or Detroit, Michigan. I'm not talking about how it generates profits by wealth transfer and market-rigging but the actual net-new creation of wealth for society. First of all, I honestly don't believe Lloyd would even understand what I am talking about. On the remote chance he did, it would be a very, very, very brief outline. All part of change you can believe in. It's good to be the king. Not much longer though.
Click on the graphic for a larger readable view. Click once to expand the picture in its own window. Then click again for an even larger original size.
A friend sent me this old Courier & Ives print shown below. It's from the Library of Congress and is approximately 135 years old. It pretty much sums up countless posts on here remarking of Washington and Wall Street's endless stupidity. And I truly do mean stupidity.
How often have we written on here that humanity and specifically Wall Street learns nothing? That we as human beings are no more intelligent than people who lived thousands of years ago? The only dynamic that separates us from civilizations living ages ago is our accumulated knowledge. Or, in the case of Wall Street, our accumulated ignorance. Hand in hand with any knowledge goes an accumulated belief system that is completely erroneous and without any merit. That is extremely true as it pertains to the marvelous bubble in brainwashed belief systems held within finance, economics, big business and our current political structure. In other words, Wall Street and politicians have unlearned countless truths of the past and are, therefore, substantially more ignorant in many regards than civilizations who lived before us. They are definitely more ignorant that American society was just sixty years ago. Or 135 years ago in the case of this Courier & Ives print.
Goldman Sachs released record earnings this week. Amazing huh? Not really. Not when you create the rules to the game. Rules that involve dismantling society's rule of law or circumvents competition by having privileged or asymmetric access to information. This most definitely is the case for Wall Street's biggest profit engine, trading. We wrote leading up to this crisis that perceived brilliance associated with Goldman Sachs has been a harbinger of economic doom throughout its history. Goldman Sachs' business model defines pretty much 'The Way to Grow Poor' in the Courier & Ives print below. Something that apparently only about five people in today's society seem to understand. Or should I say five people with the microphone. Millions of Americans surely understand 'The Way to Grow Rich' because they live in the real world and have to put food on their table by doing something other than pushing around paper or gambling, mostly with other people's money, which is synonymous with the Goldman Sachs way.
It's no coincidence we have been the only voice on the planet earth who has said Goldman Sachs could actually fail if they don't change their business model. Alternatively, you have truly ignorant carnival barkers like Jim Cramer who have the microphone of society and are in love with the Goldman Sachs franchise of foolishness. It seems quite apparent to me that neither former Goldman CEO and Treasury Secretary Hank Paulson nor current CEO Lloyd Blankfein know anything about capital markets, finance, business or economics. They surely know a lot about current belief systems, dismantling the rule of law, rigging the system and cronyism. It's not too much of a stretch to believe these two leaders of Goldman have unwittingly set the company up for ultimate failure based entirely on a faulty belief system they themselves are substantially deluded by. Brainwashed by. And that is exactly what we have been writing of on here.
I remain very dubious about the lawsuit against Goldman Sachs. As I wrote after its announcement, the SEC is notorious for filing civil cases against Wall Street and then settling, often out of court. Unless we see a serious effort at investigating criminal fraud at other firms on Wall Street or expanding this case to the corner offices of Goldman Sachs due to growing public pressure, this could very well be a politically-motivated attempt to reassure main street. This case could end with a whimper. That will be hard to navigate publicly now that the lid is off the can of worms. But, as it pertains to Goldman Sach's business model, there is nothing that can be politically-rigged or whitewashed. Goldman is in very serious trouble because of market forces that will weigh heavily on the firm. So regardless of what happens as it pertains to litigation, karma for Goldman Sachs will indeed be a bitch. Of course, the same could be said of other firms on Wall Street. In other words, the financial bubble is going to implode regardless of anything the Federal Reserve or politicians try to do to stop it.
We have a bunch of learned idiots running our financial system and our country. They are trying to save a system that should be dismantled expeditiously. There is no value in keeping jobs that destroy capital. When I hear Congresspeople like Mitch McConnell telling us that we need jobs and re-regulating and even prohibiting dubious activity on Wall Street will cost jobs, it sounds more like a mafia boss telling us why we should continue allowing prostitution, gambling and the distribution of heroin in the name of creating jobs. Many Wall Street jobs involve extremely seamy practices or worse, they are destructive to the economy and fraudulent. Oh wait. Isn't the mafia dynamic the basis for government now wanting to legalize marijuana or to build more casinos to raise government revenues? I support legalized marijuana because the government shouldn't be in the business of making criminals rich via prohibition of a substance no more dangerous than cigarettes, alcohol, genetically-modified foods or fast food. And I believe anyone should be able to offer legalized gambling in their establishment in lieu of the government-business corporatist casino monopolies used as taxing vehicles, making a few privileged people rich by defeating competition while supporting more and more incompetence in government.
The Parliament of Whores has destroyed our economy and our regulations for donations and personal power. They have and continue to write countless millions of lines of law that have no relevance to anything other than creating loopholes for personal gain of special interests at the expense of our society and the expense of greater competition and economic vibrancy. Each new piece of fraudulent legislation adds another nail in our economic coffin rather than reviving it through virtuous regulation and market-based competition. And so, rather than transform our society in this time of crisis, politicians seek to keep an illegitimate system going. One that is killing the American economy and American citizen's livelihood. All for personal power and greed. For the benefit of party ideology over virtue and integrity. This is why rules and laws of economic engagement should be written once and never modified unless absolutely necessary as defined by some rigorous litmus test. A perfect example is the dismantling of the Glass-Steagall Act for personal gain and ideology. And any change in the rule of law deemed necessary should be made because it is in the best interests of the people of this country with complete transparency not under the influence of special interests in back room deals. Because most politicians would sell their mother to a pimp for a dollar. And that is exactly why we are in this mess. The leaderless society continues its descent.
Tell me again, how does Wall Street benefit society? Since Lloyd Blankfein is so busy doing God's work, maybe he could take a moment, you know, like in between conversations with God, and outline how Goldman's business model creates long term capital and wealth for American citizens. Maybe he could use examples of wealth creation in, say Compton, California or East Chicago, Indiana or Detroit, Michigan. I'm not talking about how it generates profits by wealth transfer and market-rigging but the actual net-new creation of wealth for society. First of all, I honestly don't believe Lloyd would even understand what I am talking about. On the remote chance he did, it would be a very, very, very brief outline. All part of change you can believe in. It's good to be the king. Not much longer though.
Click on the graphic for a larger readable view. Click once to expand the picture in its own window. Then click again for an even larger original size.
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