Posted on 12/10/2009 10:39:56 AM PST by Wolfie
Bump
Speaking of Illinois lol
Big Trouble In Little Chi-Town: Illinois Downgraded From AA- To A+ By S&P On Liquidity Issues
You missed an important part of that ...
So on November 23rd, 2008, a deal is announced in which the government will bail out Rubin’s messes at Citigroup with a massive buffet of taxpayer-funded cash and guarantees. It is a terrible deal for the government, almost universally panned by all serious economists, an outrage to anyone who pays taxes. Under the deal, the bank gets $20 billion in cash, on top of the $25 billion it had already received just weeks before as part of the Troubled Asset Relief Program. But that’s just the appetizer. The government also agrees to charge taxpayers for up to $277 billion in losses on troubled Citi assets, many of them those toxic CDOs that Rubin had pushed Citi to invest in. No Citi executives are replaced, and few restrictions are placed on their compensation. It’s the sweetheart deal of the century, putting generations of working-stiff taxpayers on the hook to pay off Bob Rubin’s f
Why isn’t the author’s name in the post title, as it is supposed to be?
I left it out by accident. Hence Reply #1.
I nominate this for the best post of the day I love all the little bits and pieces he throws in unfortunately however at the end he doesn’t get it himself it is certainly not all about wall street it is about everything from socialist health care to giveaways to unions, etc. but still there are so many good parts...
The irony of Bob Rubin: He’s an unapologetic arch-capitalist demagogue whose very career is proof that a free-market meritocracy is a myth. Much like Alan Greenspan, a staggeringly incompetent economic forecaster who was worshipped by four decades of politicians because he once dated Barbara Walters,
and this one
The team Obama put in place to run his economic policy after his inauguration was dominated by people who boasted connections to at least one of these four institutions — so much so that the White House now looks like a backstage party for an episode of Bob Rubin, This Is Your Life!
The point is that an economic team made up exclusively of callous millionaire-assholes has absolutely zero interest in reforming the gamed system that made them rich in the first place. “You can’t expect these people to do anything other than protect Wall Street,” say
As Treasury secretary under Clinton, Rubin was the driving force behind two monstrous deregulatory actions that would be primary causes of last year’s financial crisis: the repeal of the Glass-Steagall Act (passed specifically to legalize the Citigroup megamerger) and the deregulation of the derivatives market. Having set that time bomb, Rubin left government to join Citi, which promptly expressed its gratitude by giving him $126 million in compensation over the next eight years (they don’t call it bribery in this country when they give you the money post factum). After urging management to amp up its risky investments in toxic vehicles, a strategy that very nearly destroyed the company, Rubin blamed Citi’s board for his screw-ups and complained that he had been underpaid to boot.
look at how much they gave Wall Street,” says a leading Democratic strategist. Neil Barofsky, the inspector general charged with overseeing TARP, estimates that the total cost of the Wal
I’m not sure what to make of this article. Do you find it odd that George Soros is not mentioned even once?
Yes and No I would have had to mention him but I noticed he wasn’t writing about before the election which is why I posted those other articles to show how paid off he was.
So I suppose he could only cover so much ground so in that context no.
I also noticed he missed the real points of the tea party protests and slithered back into the sewer but that’s Taiibi I think it must take a lot out of him to even criticize the messiah in the first place.
BTTT
What a great post. I learned so much. Thanks!!
It was Taibbi like people and the idiot Compassionate Repub’s MCCain/GWBers as well as assorted crooks, losers and rats that got us a BO prez.
Mod, could you please correct the OP, and put in the author's name:
M A T T T A I B B I
Thank you very much.
HP
I don't understand this.
You do recall that Meg Whitman first worked on Romney's campaign, and then didn't she become some sort of finance advisor OR something to John McCain?
Did you know that Goldman Sachs did the Ebay IPO which made Meg Whitman a multi-Billionaire? And that Meg Whitman is on the board of directors at Goldman Sachs?
What's she doing not helping out their favorite candidate?
The left is turning ... on itself. I’m seeing lots of similar articles. This from the uber left Common Dreams:
Liberals are Useless
http://www.commondreams.org/view/2009/12/07
“Liberals are a useless lot. They talk about peace and do nothing to challenge our permanent war economy. They claim to support the working class, and vote for candidates that glibly defend the North American Free Trade Agreement. They insist they believe in welfare, the right to organize, universal health care and a host of other socially progressive causes, and will not risk stepping out of the mainstream to fight for them. The only talent they seem to possess is the ability to write abject, cloying letters to Barack Obama—as if he reads them—asking the president to come back to his “true” self. This sterile moral posturing, which is not only useless but humiliating, has made America’s liberal class an object of public derision.”
AmSpec follow up on Taibbi’s big lie about Obama & Big Business, “The piece is entitled “Obama’s Big Sellout.” It purports to demonstrate how the improbable (to Taibbi) alliance of Obama and Big Finance came about, through a narrative casting arch-villain Robert Rubin and vampire squid Goldman Sachs as the only bad guys that is truly too convoluted and half-baked to critique here, except to say that that Taibbi better have been high when he wrote it.
But the reason it’s worth mentioning at all is to show how even the most naive liberal observer — Taibbi’s understanding of American government would elicit a derisive laugh from the average 3rd grader — is or should be starting to notice the Democratic Party’s cozy relationship with big business. Taibbi concludes his 6,400 word disaster....more here: http://spectator.org/blog/2009/12/10/obama-and-big-business-what-a
Lori, have you read this AmSpec follow up on Taibbi’s big lie about Obama & Big Business, “The piece is entitled “Obama’s Big Sellout.” It purports to demonstrate how the improbable (to Taibbi) alliance of Obama and Big Finance came about, through a narrative casting arch-villain Robert Rubin and vampire squid Goldman Sachs as the only bad guys that is truly too convoluted and half-baked to critique here, except to say that that Taibbi better have been high when he wrote it.
But the reason it’s worth mentioning at all is to show how even the most naive liberal observer — Taibbi’s understanding of American government would elicit a derisive laugh from the average 3rd grader — is or should be starting to notice the Democratic Party’s cozy relationship with big business. Taibbi concludes his 6,400 word disaster....more here: http://spectator.org/blog/2009/12/10/obama-and-big-business-what-a
No thank you I just read it that was the point I was trying to make obama was paid off before the election I like this comment from the article...
There is a bigger problem here.
These people/businesses did not give money & advice to Barack Obama in an attempt to ingratiate themselves and to avoid repercussions from Obama’s socialist plans.
They have supported him BECAUSE THEY, TOO, ARE COMMUNISTS.
Sound crazy? Sure does.
It’s true nevertheless.
There is a network of communist individuals with multiple Directorships on the Boards a number of large, prominent “American” Companies.
We’re in deeper s#!t than we knew.
I did a blog about this there is an old film warning of pretend capitalists. Heck Barry Goldwater warned of this but I’m not sure many remember him now. The film is good if you want to see it...
http://bluelori.blogspot.com/2009/10/capitalist-conspiracy-inside-view-of.html
If, after the 8 years of the Bush administration, anyone thinks that the U.S. can be "fixed" by returning another power structure chosen Replublican to the Oval Office, then they're sorely mistaken. And the same can be said for anyone who thinks the 8 years of Clinton had the U.S. on the right track. And it all goes for Congressional majorities as well. They all serve the same master, and it ain't us.
But there are true believers in the electorate on either side of the aisle who will fight that notion tooth and nail becasue they want "their side" to "win".
A duopoly and the masters flip the coin when the natives get restless is that what you mean? Many so called capitalists are just part of the cabal a good example is Imelt.
http://blogs.wsj.com/deals/2009/12/10/mean-street-the-lost-cause-of-ge-and-jeff-immelt/
Mises warned of the Fabian Socialists decades ago and their desire for a global government.
http://www.garynorth.com/public/5156.cfm
Recession for a Whopping 20 Years
http://www.thedailybell.com/645/Recession-for-a-Whopping-20-Years.html
and now
Joyce warns of US ‘Armageddon’
http://www.brisbanetimes.com.au/national/joyce-warns-of-us-armageddon-20091211-kmlu.html
Unemployment Decline An Illusion, Financial System Collapse Ahead
http://inflation.us/unemploymentdeclineillusion.html
The On-Again, Off-Again Depression
http://dailyreckoning.com/the-on-again-off-again-depression/
All is not well
Obama will bankrupt America
http://www.washingtontimes.com/news/2009/dec/05/all-is-not-well/
You two have done grat on this Oligarthy issue...thx!
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