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thinkahol *

Organizing Help Wanted | Common Dreams - 0 views

www.commondreams.org/...10-0

Organizing Help Wanted | Common Dreams

shared by thinkahol * on 10 Feb 11 - No Cached
  • thinkahol * on 10 Feb 11
     
    Right now, according to a number of studies, we are losing about $100 billion every year because corporate America and the very wealthy are stashing their money in tax havens like the Cayman Islands and Bermuda. We should be aware that in 2009, ExxonMobil made $19 billion in profits and not only did the company not pay anything in taxes, it got a $106 million refund from the IRS. We should also be aware that since 1997, we have almost tripled funding for the military. So if we are serious about reducing the deficit, those are things we need to look at-not at Social Security, not programs everyday Americans need.
thinkahol *

Obama Budget Seeks Deep Cuts in Domestic Spending - 0 views

www.truth-out.org/ep-cuts-domestic-spending67704

Obama Budget Seeks Deep Cuts in Domestic Spending

shared by thinkahol * on 13 Feb 11 - No Cached
  • thinkahol * on 13 Feb 11
     
    Washington - President Obama, who is proposing his third annual budget on Monday, will say that it can reduce projected deficits by $1.1 trillion over the next decade, enough to stabilize the nation's fiscal health and buy time to address its longer-term problems, according to a senior administration official.
thinkahol *

American Democracy Beyond Casino Capitalism and the Torture State | Truthout - 0 views

www.truth-out.org/...1305143581

With all due respect to Charles Dickens it appears be the worst of times for public and higher education in America if not democracy itself; schools are increasingly viewed as a business prized above customer satisfaction efficiency while largely judged t

shared by thinkahol * on 16 May 11 - No Cached
  • thinkahol * on 16 May 11
     
    With all due respect to Charles Dickens, it appears to be the worst of times for public and higher education in America, if not democracy itself; public schools are increasingly viewed as a business and are prized above all for customer satisfaction and efficiency, while largely judged through the narrow lens of empirical accountability measures. When not functioning as an adjunct of corporate value or a potentially lucrative for-profit investment, public schools are reduced to containment centers, holding institutions designed to largely punish young people marginalized by race and class.
thinkahol *

In a pure coincidence, Gaddafi impeded U.S. oil interests before the war - Glenn Greenwald - Salon.com - 0 views

www.salon.com/...index.html

In a pure coincidence Gaddafi impeded U.S. oil interests before the war - Glenn Greenwald Salon.com

shared by thinkahol * on 13 Jun 11 - No Cached
  • As usual, the ideas stigmatized with the most potent taboos are the ones that are the most obviously true.
  • thinkahol * on 13 Jun 11
     
    When the war in Libya began, the U.S. government convinced a large number of war supporters that we were there to achieve the very limited goal of creating a no-fly zone in Benghazi to protect civilians from air attacks, while President Obama specifically vowed that "broadening our military mission to include regime change would be a mistake."  This no-fly zone was created in the first week, yet now, almost three months later, the war drags on without any end in sight, and NATO is no longer even hiding what has long been obvious: that its real goal is exactly the one Obama vowed would not be pursued -- regime change through the use of military force.  We're in Libya to forcibly remove Gaddafi from power and replace him with a regime that we like better, i.e., one that is more accommodating to the interests of the West.  That's not even a debatable proposition at this point. What I suppose is debatable, in the most generous sense of that term, is our motive in doing this.  Why -- at a time when American political leaders feel compelled to advocate politically radioactive budget cuts to reduce the deficit and when polls show Americans solidly and increasingly opposed to the war -- would the U.S. Government continue to spend huge sums of money to fight this war?  Why is President Obama willing to endure self-evidently valid accusations -- even from his own Party -- that he's fighting an illegal war by brazenly flouting the requirements for Congressional approval?  Why would Defense Secretary Gates risk fissures by so angrily and publicly chiding NATO allies for failing to build more Freedom Bombs to devote to the war?  And why would we, to use the President's phrase, "stand idly by" while numerous other regimes -- including our close allies in Bahrain and Yemen and the one in Syria -- engage in attacks on their own people at least as heinous as those threatened by Gaddafi, yet be so devoted to targeting the Libyan leader?
thinkahol *

The Real Deficit Problem: One More Essential Chart - James Fallows - Politics - The Atlantic - 0 views

www.theatlantic.com/...243164

The Real Deficit Problem: One More Essential Chart - James Fallows Politics Atlantic

shared by thinkahol * on 06 Aug 11 - No Cached
  • thinkahol * on 06 Aug 11
     
    The federal deficit is a serious challenge in the long run. The real emergency is how many people are still out of work. That's the deficit that matters. Almost nothing can do more harm to a nation's cultural, social, political, and of course economic fabric than sustained high joblessness. And of nothing can do more, faster, to reduce a federal deficit than a restoration of economic growth. That political and media attention got hijacked to a fake debt-ceiling "emergency" is 1937 all over again -- but worse, because in principle we had the real 1937 to learn from.
thinkahol *

CAFR: US agencies have billions, trillions in investments while crying budget deficits - Los Angeles LA County Nonpartisan | Examiner.com - 0 views

www.examiner.com/...s-while-crying-budget-deficits

CAFR: US agencies have billions trillions in investments while crying budget deficits - Los Angeles LA County Nonpartisan | Examiner.com

shared by thinkahol * on 31 Jul 11 - No Cached
  • thinkahol * on 31 Jul 11
     
    What CAFRs reveal is a communist-style policy whereby the US taxpayers surrender enormous assets to the state, who then "invest" these collective trillions that swell in these accounts. Concurrently, taxpayers are informed of budget deficits to either squeeze more taxes from them and/or cut public services. To add insult to injury, the state lies in omission by never reminding Americans of their hard-earned and withheld trillions as they eliminate jobs, reduce education, and attack the quality of our lives.
thinkahol *

Super Congress Debt Reduction Has Little Transparency - 0 views

www.huffingtonpost.com/...gress-debt-reduc_n_916151.html

Super Congress Debt Reduction Has Little Transparency

shared by thinkahol * on 03 Aug 11 - No Cached
  • thinkahol * on 03 Aug 11
     
    The text of the budget deal reached by President Barack Obama and congressional leaders contains few specific public disclosure provisions for the committee. The standing committees of Congress are allowed to send suggestions for ways to reduce the debt to the super committee members, but there is, as yet, no provision for the disclosure of those reports. The final report is required to be publicly disclosed upon completion, however there is no requirement that the report be placed online. There are also no official requirements for web-casting of committee meetings.
thinkahol *

The Blog : How Rich is Too Rich? : Sam Harris - 0 views

www.samharris.org/...how-rich-is-too-rich

The Blog : How Rich is Too Rich? Sam Harris

shared by thinkahol * on 19 Aug 11 - No Cached
  • thinkahol * on 19 Aug 11
     
    I've written before about the crisis of inequality in the United States and about the quasi-religious abhorrence of "wealth redistribution" that causes many Americans to oppose tax increases, even on the ultra rich. The conviction that taxation is intrinsically evil has achieved a sadomasochistic fervor in conservative circles-producing the Tea Party, their Republican zombies, and increasingly terrifying failures of governance. Happily, not all billionaires are content to hoard their money in silence. Earlier this week, Warren Buffett published an op-ed in the New York Times in which he criticized our current approach to raising revenue. As he has lamented many times before, he is taxed at a lower rate than his secretary is. Many conservatives pretend not to find this embarrassing. Conservatives view taxation as a species of theft-and to raise taxes, on anyone for any reason, is simply to steal more. Conservatives also believe that people become rich by creating value for others. Once rich, they cannot help but create more value by investing their wealth and spawning new jobs in the process. We should not punish our best and brightest for their success, and stealing their money is a form of punishment. Of course, this is just an economic cartoon. We don't have perfectly efficient markets, and many wealthy people don't create much in the way of value for others. In fact, as our recent financial crisis has shown, it is possible for a few people to become extraordinarily rich by wrecking the global economy. Nevertheless, the basic argument often holds: Many people have amassed fortunes because they (or their parent's, parent's, parents) created value. Steve Jobs resurrected Apple Computer and has since produced one gorgeous product after another. It isn't an accident that millions of us are happy to give him our money. But even in the ideal case, where obvious value has been created, how much wealth can one person be allowed to keep? A trillion doll
thinkahol *

Economic Scene; If taxes were lower, the economy would grow faster, right? Economists say not necessarily. - New York Times - 0 views

www.nytimes.com/...w-faster-right-economists.html

Economic Scene; If taxes were lower the economy would grow faster right? Economists say not necessarily. - New York Times

shared by thinkahol * on 20 Aug 11 - No Cached
  • thinkahol * on 20 Aug 11
     
    AS Election Day approaches, serious discussion about economic policies is hamstrung by the devotion of both parties to reducing taxes. The big reason, of course, is that President Bush emphasizes tax cuts, including elimination of the estate tax, to the exclusion of almost everything else. The Democrats, in turn, hesitate to propose an economic plan that does not include long-term reductions for middle-income workers, and most refuse to talk about rescinding the Bush tax cuts for the wealthy. But the degree of misleading information emanating from both Washington and the media about how taxes affect the economy is disturbing. As I listen to the radio, watch TV news and read a variety of newspapers, it seems that quite a few Americans, including economics writers and media hosts, think that low-tax countries unquestionably grow faster than high-tax economies. Right and left, they seem to attribute more rapid growth in America to lower taxes. What may surprise them is that there is no evidence for that. ''You can make a theoretical case that high taxes impede economic growth, but it is just not supported by the evidence in the U.S. or across countries,'' said William Easterly, a former World Bank economist soon to join the faculty of New York University.
thinkahol *

The Zero Economy - 0 views

readersupportednews.org/...7288-the-zero-economy

The Zero Economy

shared by thinkahol * on 07 Sep 11 - No Cached
  • thinkahol * on 07 Sep 11
     
    The Bureau of Labor Statistics reports today no jobs were created in August. Zero. Nada. Well, not quite. The strike at Verizon reduced the labor force by 45,000. Minnesota government employees returned to work, adding 22,000. So in reality, America added 23,000 jobs. Almost zero. In reality, worse than zero. We need 125,000 a month merely to keep up with population growth. So the hole continues to deepen. Since this Depression began at the end of 2007, America's potential labor force - working-age people who want jobs - has grown by over 7 million. But since then the number of Americans with jobs has shrunk by more than 300,000.
Brett Tatman

The Culmination of Liberal Incrementalism - 0 views

www.freshconservative.com/...of_Liberal_Incrementalism.html

tcot conservative republican fresh conservative public option obamacare healthcare health care incrementalism

shared by Brett Tatman on 09 Oct 09 - Cached
  • Brett Tatman on 09 Oct 09
     
    The opening words of H.R. 3200, Mr. Obama s solution to the manufactured health care quot;crisis quot; in the United States reads: quot;A Bill to provide affordable, quality health care for all Americans and reduce the growth in health care spending, and for other purposes. quot; I haven t yet heard comment by the president or by the leaders of C
thinkahol *

Robert Reich (Why We Must Raise Taxes on the Rich) - 0 views

robertreich.org/4344201496

Robert Reich (Why We Must Raise Taxes on the Rich)

shared by thinkahol * on 06 Apr 11 - No Cached
  • thinkahol * on 06 Apr 11
     
    It's tax time. It's also a time when right-wing Republicans are setting the agenda for massive spending cuts that will hurt most Americans. Here's the truth: The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich.
thinkahol *

House Bill Means Fewer Children in Head Start, Less Help for Students to Attend College, Less Job Training, and Less Funding for Clean Water - Center on Budget and Policy Priorities - 0 views

www.cbpp.org/...index.cfm

House Bill Means Fewer Children in Head Start Less Help for Students to Attend College Job Training and Funding Clean Water - Center on Budget Policy Priorities

shared by thinkahol * on 06 Apr 11 - No Cached
  • thinkahol * on 06 Apr 11
     
    Some 157,000 at-risk children up to age 5 could lose education, health, nutrition, and other services under Head Start, while funds for Pell Grants that help students go to college would fall by nearly 25 percent, under a bill passed by the House that would cut current-year non-security discretionary funding by an average of 14.3 percent.  The bill (H.R.1), which would fund the government for the rest of fiscal year 2011, now must be considered by the Senate. [1] H.R. 1 also would kill a program that helps low-income families weatherize their homes and permanently reduce their home energy bills, cut federal funds for employment and training services for jobless workers and for clean water and safe drinking water by more than half, and raise the risk that the WIC nutrition program may not be able to serve all eligible low-income women, infants, and children under age 5.  In addition, it would cut funds for the Centers for Disease Control and Prevention by 10 percent, for the Food and Drug Administration by 10 percent, and for the Food Safety and Inspection Service by 9 percent. The House bill does not apply its overall 14.3 percent cut on an across-the-board basis.  Some cuts, such as the 6.0 percent reduction in funding for House of Representatives staff salaries and expenses, would be smaller.  But many important programs, including some of the ones listed above, would be cut much more to make up the difference.  (The table on the next page shows the average size of the cut for programs within the jurisdiction of each subcommittee.) At the same time, H.R. 1 would increase overall funding for security programs (those funded by the Defense, Homeland Security, and Military Construction-Veterans Affairs appropriation bills) by a little less than 1 percent. Also, the 14.3 percent figure is a bit deceiving.  To achieve that level of overall cuts for non-security programs for the entirety of 2011, funding for those programs will have to fall on average by nearly one
thinkahol *

Why is the Most Wasteful Government Agency Not Part of the Deficit Discussion? | Common Dreams - 0 views

www.commondreams.org/...12

Why is the Most Wasteful Government Agency Not Part of Deficit Discussion? | Common Dreams

shared by thinkahol * on 13 Jul 11 - No Cached
  • thinkahol * on 13 Jul 11
     
    In all the talk about the federal deficit, why is the single largest culprit left out of the conversation? Why is the one part of government that best epitomizes everything conservatives say they hate about government-- waste, incompetence, and corruption-all but exempt from conservative criticism? Of course, I'm talking about the Pentagon. Any serious battle plan to reduce the deficit must take on the Pentagon. In 2011 military spending accounted for more than 58 percent of all federal discretionary spending and even more if the interest on the federal debt that is related to military spending were added. In the last ten years we have spent more than $7.6 trillion on military and homeland security according to the National Priorities Project.
thinkahol *

Obama, Democrats Open to Medicare Cuts - 0 views

readersupportednews.org/...emocrats-open-to-medicare-cuts

Obama Democrats Open to Medicare Cuts

shared by thinkahol * on 07 Jul 11 - No Cached
  • thinkahol * on 07 Jul 11
     
    Obama administration officials are offering to cut tens of billions of dollars from Medicare and Medicaid in negotiations to reduce the federal budget deficit, but the depth of the cuts depends on whether Republicans are willing to accept any increases in tax revenues.' Robert Pear, The New York Tim
Bakari Chavanu

Robert Reich: David Brooks is Dead Wrong About Inequality | Alternet - 0 views

www.alternet.org/...ks-dead-wrong-about-inequality

shared by Bakari Chavanu on 22 Jan 14 - No Cached
  • Such is the case with his New York Times  column last Friday, arguing that we should be focusing on the “interrelated social problems of the poor” rather than on inequality, and that the two are fundamentally distinct.
    • Bakari Chavanu
      Bakari Chavanu on 22 Jan 14
       
      It's the old blame the poor argument.
  • Once the middle class has exhausted all its coping mechanisms – wives and mothers surging into paid work (as they did in the 1970s and 1980s), longer working hours (which characterized the 1990s), and deep indebtedness (2002 to 2008) – the inevitable result is fewer jobs and slow growth, as we continue to experience.
  • Third, America’s shrinking middle class also hobbles upward mobility. Not only is there less money for good schools, job training, and social services, but the poor face a more difficult challenge moving upward because the income ladder is far longer than it used to be, and its middle rungs have disappeared.
  • ...1 more annotation...
  • o the contrary, as wealth has accumulated at the top, Washington has reduced taxes on the wealthy, expanded tax loopholes that disproportionately benefit the rich, deregulated Wall Street, and provided ever larger subsidies, bailouts, and tax breaks for large corporations. The only things that have trickled down to the middle and poor besides fewer jobs and smaller paychecks are public services that are increasingly inadequate because they’re starved for money.
Arabica Robusta

Building a civil economy | openDemocracy - 6 views

www.opendemocracy.net/...building-civil-economy-0

economic theory gift society game

shared by Arabica Robusta on 07 Aug 12 - No Cached
  • my argument is that humans are more relational, ‘gift-exchanging animals’ who are naturally disposed to cooperate for mutual benefit. In the following I will attempt to show how such an alternative anthropology can translate into a ‘civil economy’ and transformative policy ideas: rebuilding our economy and embedding welfare in communities.
  • In the wake of Marcel Mauss’ work on the gift, this model emerged as a legitimate way of rethinking economics: humans are naturally social animals with dispositions to cooperate in the quest for the common good in which all can partake.
  • Building on Polanyi and G. D. H. Cole’s guild socialism, one can suggest that an embedded model means that elected governments have the duty to create the civic space in which workers, businesses and communities can regulate economic activity and direct the ‘free flow’ of globally mobile capital to productive activities that benefit the many, not the few.
  • ...3 more annotations...
  • At national and supranational levels, caps on interest rates would help curb the predations of creditors upon debtors. Linked to such limits on financial domination are new incentives and rewards for channelling capital in productive, human and social activities.
  • f the declared aim is to preserve the dignity of natural and human life, then all participants in the public realm have a duty to promote human relationships and associations that nurture the social bonds of trust and reciprocal help upon which both democracy and the economy rely.
  • Thus, the link between different actors and levels is a series of abstract, formal rights and entitlements or monetised, market relations (or again both at once). As such, welfare beneficiaries are reduced to merely passive recipients of a ‘one-size-fits-all’, top-down service. State paternalism and private contract delivery cost more to deliver less, and they lock people either into demoralising dependency on the central state or financially unaffordable dependency on outsourced, private contractors.
Skeptical Debunker

Obama, Republicans clash at heated health summit - Yahoo! News - 0 views

news.yahoo.com/...us_health_care_overhaul

health care summit rancor

shared by Skeptical Debunker on 25 Feb 10 - Cached
  • Skeptical Debunker on 25 Feb 10
     
    "We have a very difficult gap to bridge here," said Rep. Eric Cantor, the No. 2 House Republican. "We just can't afford this. That's the ultimate problem." With Cantor sitting in front of a giant stack of nearly 2,400 pages representing the Democrats' Senate-passed bill, Obama said cost is a legitimate question, but he took Cantor and other Republicans to task for using political shorthand and props "that prevent us from having a conversation." And so it went, hour after hour at Blair House, just across Pennsylvania Avenue from the White House - a marathon policy debate available from start to finish to a divided public. The more than six-hour back-and-forth was essentially a condensed, one-day version of the entire past year of debate over the nation's health care crisis, with all its heat, complexity and detail, and a crash course in the partisan divide, in which Democrats seek the kind of broad remake that has eluded leaders for half a century and Republicans favor much more modest changes. With Democrats in control of the White House and Congress, they were left with the critical decision about where to go next. Obama and his Democratic allies argued at Thursday's meeting that a broad overhaul is imperative for the nation's future economic vitality. The president cast health care as "one of the biggest drags on our economy," tying his top domestic priority to an issue that's even more pressing to many Americans.
  • Skeptical Debunker on 25 Feb 10
     
    Of course the "we" in "We can't afford this" is the big health care monopolies (pharma, insurance, etc.). Supposedly, the country and people can afford the continued gouging by those special interests (up to 40% in some places this year alone!). Too, if the government were to find a way to "afford it" (disregarding that Medicare and Medicaid savings might pay for it altogether!), that would probably be on the "back" of the richest 5% and by reducing corporate and business subsidies (like those to oil companies, the military industrial complex, "big finance" bailouts and sweetheart Federal funds rates and "liquidity" pumping, non-risk underwriting for things like coastal flood insurance, etc., etc., etc.). Since that is the "invisible hand" that feeds most "conservatives" and Republican politicians, that would never do.
Skeptical Debunker

Marshall Auerback: Memo to Greece: Make War Not Love with Goldman Sachs - 0 views

www.huffingtonpost.com/...reece-make-war-n_b_471902.html

Greece finance crisis suggestion war Goldman Sachs

shared by Skeptical Debunker on 22 Feb 10 - Cached
  • We know that the Obama administration will not go after the banksters that created this global financial calamity. It has been thoroughly co-opted by Wall Street's fifth column, who hold most of the important posts in the administration. Europe has even more at stake and has shown somewhat more willingness to take action. Perhaps our only hope for retribution lies there.
  • Some might believe the term "banksters" is too mean. Surely Wall Street was just doing its job -- providing the financial services wanted by the world. Yes, it all turned out a tad unfortunate but no one could have foreseen that so many of the financial innovations would turn into black swans. And hasn't Wall Street learned its lesson and changed its practices? Fat chance. We know from internal emails that everyone on Wall Street saw this coming -- indeed, they sold trash assets and placed bets that they would crater. The crisis was not a mistake -- it was the foregone conclusion. The FBI warned of an epidemic of fraud back in 2004 -- with 80% of the fraud on the part of lenders. As Bill Black has been warning since the days of the Saving and Loan crisis, the most devastating kind of fraud is the "control fraud," perpetrated by the financial institution's management. Wall Street is, and was, run by control frauds. Not only were they busy defrauding the borrowers, like Greece, but they were simultaneously defrauding the owners of the firms they ran. Now add to that list the taxpayers that bailed out the firms. And Goldman is front and center when it comes to bad apples. Lest anyone believe that Goldman's executives were somehow unaware of bad deals done by rogue traders, William Cohan reports that top management unloaded their Goldman stocks in March 2008 when Bear crashed, and again when Lehman collapsed in September 2008. Why? Quite simple: they knew the firm was full of toxic waste that it would not be able to continue to unload on suckers -- and the only protection it had came from AIG, which it knew to be a bad counterparty. Hence on March 19, Jack Levy (co-chair of M&As) sold over $5 million of Goldman's stock and bet against 60,000 more shares; Gerald Corrigan (former head of the NY Fed who was rewarded for that tenure with a position as managing director of Goldman) sold 15,000 shares in March; Jon Winkelried (Goldman's co-president) sold 20,000 shares. After the Lehman fiasco, Levy sold over $6 million of Goldman shares and Masanori Mochida (head of Goldman in Japan) sold $56 million worth. The bloodletting by top management only stopped when Goldman got Geithner's NYFed to produce a bail-out for AIG, which of course turned around and funneled government money to Goldman. With the government rescue, the control frauds decided it was safe to stop betting against their firm. So much for the "savvy businessmen" that President Obama believes to be in charge of Wall Street firms like Goldman.
  • From 2001 through November 2009 (note the date -- a full year after Lehman) Goldman created financial instruments to hide European government debt, for example through currency trades or by pushing debt into the future. But not only did Goldman and other financial firms help and encourage Greece to take on more debt, they also brokered credit default swaps on Greece's debt-making income on bets that Greece would default. No doubt they also took positions as the financial conditions deteriorated-betting on default and driving up CDS spreads. But it gets even worse: An article by the German newspaper, Handelsblatt, ("Die Fieberkurve der griechischen Schuldenkrise", Feb. 20, 2010) strongly indicates that AIG, everybody's favorite poster boy for financial deviancy, may have been the party which sold the credit default swaps on Greece (English translation here). Generally, speaking, these CDSs lead to credit downgrades by ratings agencies, which drive spreads higher. In other words, Wall Street, led here by Goldman and AIG, helped to create the debt, then helped to create the hysteria about possible defaults. As CDS prices rise and Greece's credit rating collapses, the interest rate it must pay on bonds rises-fueling a death spiral because it cannot cut spending or raise taxes sufficiently to reduce its deficit. Having been bailed out by the Obama Administration, Wall Street firms are already eyeing other victims (and for allowing these kinds of activities to continue, the US Treasury remains indirectly complicit, another good reason why one shouldn't expect any action coming out of Washington). Since the economic collapse is causing all Euronations to run larger budget deficits and at the same time is raising CDS prices and interest rates, it is easy to pick off nation after nation. This will not stop with Greece, so it is in the interest of Euroland to stop the vampires now. With Washington unlikely to do anything to constrain Goldman, it looks like the European Union, which is launching a major audit, just might banish the bank from dealing in government debt. The problem is that CDS markets are essentially unregulated so such a ban will not prevent Wall Street from bringing down more countries-because they do not have to hold debt in order to bet against it using CDSs. These kinds of derivatives have already brought down an entire continent -- Asia -- in the late 1990s , and yet authorities are still standing by and basically doing nothing when CDSs are being used again to speculatively attack Euroland. The absence of sanctions last year, when we had a chance to deal with this problem once and for all, has simply induced even more outrageous and fundamentally anti-social behavior. It has pitted neighbor against neighbor -- with, for example, Germany and Greece lobbing insults at one another (Greece has requested reparations for WWII damages; Germany has complained about subsidizing what it perceives to be excessive social spending in Greece). Of course, as far as Greece goes, the claim now is that these types of off balance sheet transactions in which Goldman and others engaged were not strictly "illegal" under EU law. But these are precisely the kinds of "shadow banking transactions" that almost brought down the global financial system 18 months ago. Literally a year after the Lehman bankruptcy -- MONTHS after Goldman itself was saved from total ruin, it was again engaging in these kinds of deals. And it wasn't exactly a low-level functionary or "rogue trader" who was carrying out these transactions on behalf of Goldman. Gary Cohn is Lloyd "We're doing God's work" Blankfein's number 2 man. So it's hard to believe that St. Lloyd did not sanction the activities as well in advance of collecting his "modest" $9m bonus for last year's work.
  • Skeptical Debunker on 22 Feb 10
     
    Ok, if a literal armed attack on Goldman is too far-fetched, then go after the firm using the full force of the regulatory and legal systems. Close the offices and go through the files with a fine-tooth comb. Issue subpoenas to all non-clerical staff for court appearances. Make the internal emails public. Post the names of all managers and traders on Interpol. Arrest anyone who tries to board a plane, train, or boat; confiscate their passports; revoke their visas and work permits; and put a hold on their bank accounts until culpability can be assessed. Make life at least as miserable for them as it now is for Europe's tens of millions of unemployed workers.
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