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Contents contributed and discussions participated by Gary Edwards

Gary Edwards

A Hidden History of Evil by Claire Berlinski, City Journal Spring 2010 - 0 views

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    The originals of most of Stroilov's documents remain in the Kremlin archives, where, like most of the Soviet Union's top-secret documents from the post-Stalin era, they remain classified. They include, Stroilov says, transcripts of nearly every conversation between Gorbachev and his foreign counterparts-hundreds of them, a near-complete diplomatic record of the era, available nowhere else. There are notes from the Politburo taken by Georgy Shakhnazarov, an aide of Gorbachev's, and by Politburo member Vadim Medvedev. There is the diary of Anatoly Chernyaev-Gorbachev's principal aide and deputy chief of the body formerly known as the Comintern-which dates from 1972 to the collapse of the regime. There are reports, dating from the 1960s, by Vadim Zagladin, deputy chief of the Central Committee's International Department until 1987 and then Gorbachev's advisor until 1991. Zagladin was both envoy and spy, charged with gathering secrets, spreading disinformation, and advancing Soviet influence. When Gorbachev and his aides were ousted from the Kremlin, they took unauthorized copies of these documents with them. The documents were scanned and stored in the archives of the Gorbachev Foundation, one of the first independent think tanks in modern Russia, where a handful of friendly and vetted researchers were given limited access to them. Then, in 1999, the foundation opened a small part of the archive to independent researchers, including Stroilov. The key parts of the collection remained restricted; documents could be copied only with the written permission of the author, and Gorbachev refused to authorize any copies whatsoever. But there was a flaw in the foundation's security, Stroilov explained to me. When things went wrong with the computers, as often they did, he was able to watch the network administrator typing the password that gave access to the foundation's network. Slowly and secretly, Stroilov copied the archive and sent it to secure locat
Gary Edwards

Empire of Debt Book Review | Silver Monthly - The Silver Investor's Resource - 2 views

  • America’s delusion is this: debt doesn’t matter, and “the rest of the world will take American IOUs forever.”
  • It’s a delusion that may well signal the end of the American financial system.
  • There’s only thing wrong with the American Empire. “Instead of getting paid for providing protection, the United States is on the receiving end of loans from its tributary states and trading partners.” In other words, instead of functioning as a proper empire, which means making a profit, America malfunctions as an Empire of Debt.
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  • The authors suggest that America has sold its birthright to China for a mess of pottage. They point out that “consumer spending is 71% of the U.S. economy. Current U.S. debt is about $37 trillion. The total value of all assets in America is only about $50 trillion.”
  • there are three ways for America to reduce its debt. The U.S. dollar can be devalued. The dollar can be made less valuable because of inflation. Or the debt may be forsaken.
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    Empire of Debt was published in 2006. It stated bluntly that the housing market occupied the center of an inflated bubble. The authors asserted the bubble would pop, leaving a sticky residue everywhere. They were right. The authors stated that Alan Greenspan's policies were detrimental to the U.S. economy. They were right. Empire of Debt not only identified the problems, but it provided a solution. Invest in gold or the Japanese yen. It would appear that once again they were right. The yen is strong and gold has made a phenomenal run, selling for over $1000 per ounce.
Gary Edwards

Gold: The Once and Future of Money | Silver Monthly - The Silver Investor's Resource - 1 views

  • although convenient, barter is an inefficient economic tool, because it is too arbitrary.  This arbitrariness is not conducive to productivity or prosperity
  • Reagan proposed his Rosy Scenario
  • Reagan believed a good economic policy was one that would “result in a better economy, not a worse one.”
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  • Lewis is proposing what he calls “a fully modernized version of the classical gold standard.” 
  • he proposes a new gold standard, which includes “a provision for convertibility.”  He explains that convertibility keeps governments honest.
  • His proposal includes a trading band of 2%, and a central banking system that exists for only one reason:  “the prevention of liquidity-shortage crises.” 
  • the most difficult part of such a transition would be the establishment of dollar/gold parity.
  • the “correct parity is the economy’s ‘center of gravity,’ the point that balances the forces of inflation and deflation and the interests of creditors and debtors.”
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    the gold standard is the foundation of any economy desirous of being a Camelot.  In that sense, then, Gold is a plea for a return to sanity - the gold standard. The book is presented in three parts.  Part One takes a look at the history of money, what it is and how it works.  Part Two examines the history of America's money, from Colonial silver through the 1930s and into the Reagan administration and the Greenspan years.  The third part of Gold discusses recent currency crises around the world, including Japan, the Asian crisis of the 1990s, Russia, China, Mexico and Yugoslavia.
Gary Edwards

Rich Dad's Conspiracy of the Rich: The 8 New Rules of Money | Silver Monthly - The Silv... - 0 views

  • he makes it very clear that the rules of money changed dramatically when the U.S. went off the gold standard in 1971.  For up until that time, “technically, prior to 1971, the U.S. dollar was a derivative of gold.  After 1971, the U.S. dollar became a derivative of debt.”
  • The Invisible Bank Robbery
  • He says “since money is invisible, a derivative of debt, bank robberies by bankers have become invisible.” 
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  • Two ways these invisible robberies occur are:  fractional reserve banking, which is nothing more than banks lending money they don’t have; and deposit insurance, which “protects the bankers – not savers.” 
  • “why should an insurance company like AIG receive bailout money in the first place?  Isn’t bailout money reserved for banks?”
  • “because it owed the biggest banks in the world a lot of money and didn’t have the cash to pay up.”
  • five new rules
  • money is knowledge; learn how to use debt;
  • learn to control cash flow;
  • prepare for bad times and you will only know good times;
  • and the need for speed. 
  • The name of the game, according to Kiyosaki, is “cash flow.”
  • The focus has to be on cash flow, not on capital gains.
  • Businesses that provide passive cash flow. Income-producing real estate. Paper assets – stocks, bonds, savings, annuities, insurance and mutual funds. Commodities – gold, silver, oil, platinum, etc.
  • invest in four basic areas:
  • By selling more than you buy, you can eventually become rich.
  • in Kiyosaki’s opinion, the ultimate definition of “sell” is building a business and then taking it public.
  • “knowledge is the new money.”
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    As Kiyosaki writes in his book:  "So has there been a conspiracy?  I believe so, in a way."  He goes on to explain why he believes so, citing the lack of financial education in the school systems, the Federal Reserve Act, and Nixon's 1971 dismissal of the gold standard.  And most interestingly, Kiyosaki believes that 401(k) retirement vehicles placed the retirement money of average people in the hands of Wall Street. The first chapter of the book is entitled 'Can Obama Save the World?'  Kiyosaki's answer is no.  And apparently, Obama doesn't want to even if he could.  For he appointed Summers and Geithner, both of who played a part in repealing the Glass Steagall Act.  In other words, it's the same old same old.  Nothing has changed.  Which means that the average person needs to understand how taxes, debt, inflation, and retirement affect them.  Kiyosaki sums up the chapter by stating that once one understands the new rules of money, then one can "opt out of the conspiracy of the rich." From there, Kiyosaki moves on to explain how we got where we are.  He points the finger at the Federal Reserve Bank, which inflates the money supply, which destroys the value of savings and retirement plans.  And he makes it very clear that the rules of money changed dramatically when the U.S. went off the gold standard in 1971.  For up until that time, "technically, prior to 1971, the U.S. dollar was a derivative of gold.  After 1971, the U.S. dollar became a derivative of debt." Kiyosaki proceeds to discuss what he calls 'The Invisible Bank Robbery.'  He says "since money is invisible, a derivative of debt, bank robberies by bankers have become invisible."  Two ways these invisible robberies occur are:  fractional reserve banking, which is nothing more than banks lending money they don't have; and deposit insurance, which "protects the bankers - not savers."  Then he asks a very pertinent question:  "why should an ins
Gary Edwards

Gold, Peace, and Prosperity: The Birth of a New Currency | Silver Monthly - The Silver ... - 0 views

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    Gold, Peace, and Prosperity is the title of Ron Paul's essay for a "modern" gold standard.  According to Paul, such a standard would end the relentless boom-bust cycle, and maintain the value of King Dollar.  However, King Dollar would have to be founded on a monetary standard that eschews government tampering. Paul begins his treatise by pointing out that "Congress alone is responsible for inflation, and Congress alone can stop it."  Which means that the old scapegoats - OPEC, greedy CEOs, labor unions - are not the real cause of inflation.  To support his contention, Paul relates a story told by Marco Polo in his travels through China.  As Paul states, "Abuse of paper money led to the expulsion of the Mongol dynasty from China." Bretton Woods - in 1944 - supposedly established a new gold exchange standard.  In Paul's opinion, Bretton Woods was "nothing more than an international Federal Reserve System."  And of course, it didn't do anything but cause more inflation.  Then on August 15, 1971, President Nixon "closed the 'gold window.'"  This was the beginning of "managed fiat currency." Paul states that since 1971, the price of gold has increased "more than twentyfold."  The trade deficit has increased by 1146%, and the Consumer Price Index has increased 79%.  Due to these imbalances, he concludes that the dollar is dead.    Rather than pronouncing the Last Rites over the dollar, followed by a mournful funeral and weeping and wailing, Paul views the death of the dollar as an opportunity.  "The time is ripe for the institution of a trustworthy monetary system."  And it's not all that difficult.  The way to stop inflation is to "stop inflating the money supply."  Paul then cites the three main reasons politicians, bankers, etc., desire inflation:  greed, power, and a way to pay the government's bills without raising taxes sky-high.  The answer - the only alternative - to inflation is
Gary Edwards

BanksterUSA -- A Project of the Center for Media and Democracy - 3 views

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    Contacts congress critters with direct eMail.  Latest issue is the effort to Audit the Federal Reserve.  Vermont Senator and uber Socialist Berny Sanders has proposed to include the Audit the Fed proposal in the Dodd Permanent Wall Street Bailout Bill also known as the Dodd Financial Reform Bill.
Gary Edwards

Morning Bell: The Obama Fiscal Responsibility Farce Continues | The Foundry: Conservati... - 3 views

  • This February, after signing the largest single-year increase in domestic federal spending since World War II, President Obama held a “fiscal responsibility” summit designed to “send a signal that we are serious” about putting the nation on sounder financial footing. The Washington Post’s Dana Milbank quipped at the time: “Holding a ‘fiscal responsibility summit’ at the White House in the middle of a government spending spree is a bit like having an Alcoholics Anonymous meeting at a frat house on homecoming weekend.”
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    Conn puts the numbers into the context of events and issues.  Good read. Today President Barack Obama's National Commission on Fiscal Responsibility and Reform will convene for the first time at the White House. Tasked with making recommendations to Congress that would put the budget in primary balance by 2015 and "meaningfully improve" our nation's long-term fiscal outlook, the commission meets a little over a month after Congress approved a new $2.5 trillion health care entitlement that the Obama administration now confirms will increase our nation's total health care spending. This is a now familiar pattern for the White House: first enact record breaking levels of deficit spending, then turn right around and promise austerity sometime in the future.
Gary Edwards

Chris Dodd's carve-outs for cronies - NYPOST.com - 0 views

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    Dangerous and sickening!  In Dodd's Bill, The Property Transaction Industry (Mortgage, Real Estate, Insurance, Legal, Appraisal, and Title) are exempted from the 1974 RESPA full disclosure act!   Regulators are authorized to take over and "bail out" any financial operation they deem troubled. excerpt: The financial-regulatory bill now before the Senate is so filled with special-interest loopholes and exclusions that it makes the health-care "reform" bill, with its "Cornhusker Kickback" and "Louisiana Purchase," look like a model of rectitude.The Senate bill, sponsored by Democrat Chris Dodd, claims to subject all "too big to fail" institutions to greater federal supervision, but in fact it only mandates such regulation for bank-holding companies. Regulators would have to make a case-by-case decision on whether to apply it to other financial companies.The Senate financial-regulation bill offers a stark choice: Do we aspire to be a country where everyone is subject to the same rules? Or do we accept a system where power, influence and money can buy exclusions and exemptions?The public needs to understand that, far from protecting the little guy and sticking it to the fat cats, this bill keeps good, old-fashioned political patronage alive and well. Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJmEdn4 Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJmEdn4Read more: http://www.nypost.com/p/news/opinion/opedcolumnists/chris_dodd_carve_outs_for_cronies_MT1U7GBEPvzX3QXProqC9L#ixzz0mKJcsmlN
Gary Edwards

Welcome to Constituting America, sponsors of the We the People 9.17 Contest. - 0 views

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    The American Constitution, signed on September 17, 1787, is as great a miracle as the ultimate victory from the British in 1782. Providence prevailed in both theatres. It was a monumental feat to beat the British in the Revolutionary War. Equally as awesome was the accomplishment of finding common ground amongst the varied American beliefs in writing the Constitution. Though our forefathers differed, they united in their mission, their vision: A republic; a democracy; America, the beautiful; America, the hope. The American Constitution was the work of brilliant men with a vast knowledge of history and a thirst for righteousness. They believed that in order for American liberty to survive, her people must be educated. To quote John Adams, "Liberty cannot be preserved without a general knowledge of the people."
Gary Edwards

Everyone in Washington DC Knows that Obama is Ineligible for Office : Candian Free Press - 0 views

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    Wow.  This issue isn't going to go away.  This summary sticks to the Obama birth issues, and stays out of the further complications raised by Obama's Indonesian citizenship that was never converted to American.  Nor does it tag Obama's problems of being officially registered as a recipient of foreign student aid!  Recently released records fully document that Barack Obama received college financial aid in the US as a 'foreign student from Indonesia'.  Records from Columbia and Harvard are not available.  But there is the troublesome issue that while an undergrad at Columbia, Obama and two of his Muslim pals obtained a travel visa to Indonesia and Pakistan.  At the the time, these visa's were not available to American Citizens!   excerpt:  Members from all three branches of the Federal government already know that Barack Hussein Obama is ineligible for the office of President. National leaders, to include members of the US Supreme Court, already know that Barack Hussein Obama is not a "natural born citizen" of the United States of America, and therefore, is ineligible for the office he currently holds. (See JB's new article on The Bottom Line on Natural Born Citizen) What they don't know is how long it will take for most Americans to figure it out, or what to do about it. The diversionary search for an authentic birth certificate is ongoing and Obama has now spent in excess of $2 million in legal fees to keep that search alive.
Gary Edwards

10 Things You Don't Know (or were misinformed) About the GS Case | The Big Picture - 1 views

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    1. This is a Weak Case:  Actually, no - its a very strong case. Based upon what is in the SEC complaint, parts of the case are a slam dunk. The claim Paulson & Co. were long $200 million dollars when they were actually short is a material misrepresentation - that's Rule 10b-5, and its a no brainer. The rest is gravy. 2. Robert Khuzami is a bad ass, no-nonsense, thorough, award winning Prosecutor:  This guy is the real deal - he busted terrorist rings, broke up the mob, took down security frauds. He is now the director of SEC enforcement. He is fearless, and was awarded the Attorney General's Exceptional Service Award (1996), for "extraordinary courage and voluntary risk of life in performing an act resulting in direct benefits to the Department of Justice or the nation." When you prosecute mass murderers who use guns and bombs and threaten your life, and you kick their asses anyway, you ain't afraid of a group of billionaire bankers and their spreadsheets. He is the shit. My advice to anyone on Wall Street in his crosshairs: If you are indicted in a case by Khuzami, do yourself a big favor: Settle. 3. Goldman lost $90 million dollars, hence, they are innocent:  This is a civil, not a criminal case. Hence, any mens rea - guilty mind - does not matter. Did they or did they not violate the letter of the law? That is all that matters, regardless of what they were thinking - or their P&L. 4. ACA is a victim in this case: Not exactly, they were an active participant in ratings gaming. Look at the back and forth between Paulson's selection and ACAs management. 55 items in the synthetic CDO were added and removed. Why? What ACA was doing was gaming the ratings agencies for their investment grade, Triple AAA ratings approval. Their expertise (if you can call it that) was knowing exactly how much junk they could include in the CDO to raise yield, yet still get investment grade from Moody's or S&P. They are hardly an innocent party in this. 5
Gary Edwards

American Thinker: Reality Check on the Record of Big, Bad Capitalism - 0 views

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    President Obama's core economic tenet is fairness; the unfairness of our economic system needs remedy in his view. Equality of outcome rather than equality of opportunity is the root principle. A forced redistribution of wealth will act as an equalizer for the past sins of capitalism.  The administration, the congressional majority, and an agreeable media are systematically dismantling free-market mechanisms and installing a centrally regulated command economy, all for the sake of fairness. Evidence over the last fifteen months is overwhelming:  government takeovers of major industries and individual companies; massive ramp-up of government regulations on industry; tax changes to force re-distribution of wealth; and lectures on behavior by our Grand Arbiter of Fairness, the president. The consequences for all 330 million Americans are enormous. But where is the clear, unemotional evidence of either how bad it's been under capitalism or how many more people will benefit under the new system? What is the alternative system? Where is it working today? All we have seen are a string of anecdotes and a parade of victims. Wall street bonuses are bad; out-of-work people are victim; millionaires don't deserve their wealth; change will make it better.
Gary Edwards

The Beholden State by Steven Malanga, City Journal Spring 2010 - 1 views

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    The video, "The Beholden State", has become a sensation among California taxpayer groups for its vivid depiction of the audacious power that public-sector unions wield in their state. The unions' political triumphs have molded a California in which government workers thrive at the expense of a struggling private sector. The state's public school teachers are the highest-paid in the nation. Its prison guards can easily earn six-figure salaries. State workers routinely retire at 55 with pensions higher than their base pay for most of their working life. Meanwhile, what was once the most prosperous state now suffers from an unemployment rate far steeper than the nation's and a flood of firms and jobs escaping high taxes and stifling regulations. This toxic combination-high public-sector employee costs and sagging economic fortunes-has produced recurring budget crises in Sacramento and in virtually every municipality in the state. How public employees became members of the elite class in a declining California offers a cautionary tale to the rest of the country, where the same process is happening in slower motion. The story starts half a century ago, when California public workers won bargaining rights and quickly learned how to elect their own bosses-that is, sympathetic politicians who would grant them outsize pay and benefits in exchange for their support. Over time, the unions have turned the state's politics completely in their favor. The result: unaffordable benefits for civil servants; fiscal chaos in Sacramento and in cities and towns across the state; and angry taxpayers finally confronting the unionized masters of California's unsustainable government.
Gary Edwards

Apathetic-USA - Wake Up America! - 0 views

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    Excellent Patriotic resource.  Lots of links to much needed reading material and patriotic movements.
Gary Edwards

Apathetic-USA.com Intro Movie - 0 views

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    Very powerful video entitled "Wake Up America".  Covers Cloward-Piven / Saul Alinsky "Rules for Radicals" strategy.  The core idea being to load up America with unsustainable debt, cripple and hog tie the capitalist engine of prosperity, then create/manufacture crisis after crisis where Americans are forced to turn to bigger and bigger Government solutions until their liberty and the Constitution disappear.
Gary Edwards

Bernanke Scolds Congress/Keeps Bailouts Details Secret | Greg Hunter's USAWatchdog - 0 views

  • The Fed was sued by financial news network Bloomberg two years ago.  Bloomberg wants the Fed to reveal which banks received $2 trillion in bailout money and why.  Bloomberg won the case and the Fed appealed.  Bloomberg, also, won the appeal in March 2010!  The precedent setting case would force the Fed to reveal the details of secret bank bailouts–including $500 billion given to foreign financial firms!!    In a Bloomberg story earlier this week, lawyers representing the Federal Reserve (which is made up in part by big U.S. banks) said, “U.S. commercial banks will take their fight against disclosure of Federal Reserve (documents) in 2008 to the Supreme Court if necessary . . .”  Lawyers representing the Fed say they are worried that if details of trillions of dollars in bailouts are revealed, it could cause another financial meltdown.  General Council for the Fed, Paul Saltzman, says, “Our member banks are very concerned about real-time disclosure of information that could cause a run on the banks.”  This is another story, with dire implications, the mainstream media is ignoring.  (Click here for the complete Bloomberg story)
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    This article has two parts.  The first is Bernanke's waarnign to Congress that the Federal debt is out of control and they need to raise taxes AND cut spending.  The second part however is far more interesting.  Author Greg Hunter describes the Bloomberg Media court quest to force the Fed to reveal which banks received $2 trillion in bailout money and why.  Bernanke of course is fighting in the courts to keep this secret.   excerpts:  Earlier this week, Fed Chief Ben Bernanke told Congress to basically raise taxes and cut the federal budget.  The inference was, if Congress doesn't get its financial house in order, it will be their fault if the economy tanks.  Here is how Bernanke actually said it, ". . . Maintaining the confidence of the public and the financial markets requires policy makers more decisively to put the budget on a sustainable fiscal balance."   Bernanke also said the federal debt ". . .is already expected to be greater than 70%" of Gross Domestic Product, ". . . at the end of 2012."  And if that is not bad enough, Bernanke said that by 2020, ". . .federal debt would balloon to more than 100% of GDP," provided  taxes are not raised and budgets are not cut.  The Fed was sued by financial news network Bloomberg two years ago.  Bloomberg wants the Fed to reveal which banks received $2 trillion in bailout money and why.  Bloomberg won the case and the Fed appealed.  Bloomberg, also, won the appeal in March 2010!  The precedent setting case would force the Fed to reveal the details of secret bank bailouts-including $500 billion given to foreign financial firms!!    In a Bloomberg story earlier this week, lawyers representing the Federal Reserve (which is made up in part by big U.S. banks) said, "U.S. commercial banks will take their fight against disclosure of Federal Reserve (documents) in 2008 to the Supreme Court if necessary . . ."  Lawyers representing the Fed say they are worried that if details of tril
Gary Edwards

How Tax Day Became Payday | The Foundry: Conservative Policy News. - 0 views

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    Ok, this goes into the must read category. I don't however agree with the proposed solution. There's no mention that governments must stop spending money they don't have. Stop the borrowing. Cut the spending. Cut payroll, pension and healthcare spending. Privatize. Return Federal assets to the States, and let them handle the leasing and privatization. Flatten the tax code. Eliminate corporate and unearned (investment) income taxes.  When this country came out of WWII, there was great apprehension that the great depression would simply pick up where it left off. These concerns led to a break with the Hoover-Roosevelt big and bigger government - tax and spend approach. Congress moved to cut taxes and level the margins. Depression over.  excerpt:  Today the Federal government is carrying an even bigger debt per GDP than the cost of WWII had left us with! The out of control spending has to stop. For just over half of all Americans today is Tax Day. But for the other half it is just another day on the calendar. That's because they pay no federal income taxes. The old saying goes "you can't get something for nothing." But these "non-payers" receive government services and benefits without chipping in.
Gary Edwards

The American Spectator on Rep Paul Ryan: The Man With the Plan - 0 views

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    An exhaustive discussion of Representative Paul Ryan's "Roadmap for America's Future,"; a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. The Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
Gary Edwards

Of Bailouts, Bonuses, and Generational Responsibility from The Daily Bail - 0 views

  • When one transfers the learned behavior of selfishness to the world of economics, it is east to see how we got to the world of adjustable rate mortgages, thirty-to-one leverage, credit default swaps, and thirty year hedge fund workers acting as is million dollar paychecks was an otherwise normal entitlement.  If it felt good, it was therefore right – and by all means, don’t rock the boat.  And what we are witnessing today in Washington and Wall Street in response to our economic crisis is nothing but a conscious and willing decision to pass off to the next generation the cost of our mistakes.
  • the fundamental principles of capitalism – namely that bad actors need to fail.
  • First and most foremost, the Congress needs to institute a modernized version of Glass-Stegall and separate commercial banking from investment banking activities. What we have seen in the abolishment Glass-Stegall (please thank Mr. Rubin formerly of Goldman Sachs) is the creation of federally subsidize casinos masquerading as publicly traded financial institutions.  They kept profits from over-leveraged bets and were kind enough to pass their losses onto the taxpayers.  Second, Congress needs to repeal legislation (Gramm-Leach) that allowed financial institutions not only to leverage in ways previously not permitted, but which also granted banks and financial situations exemption from federal gambling laws. Third, and this is where moral outrage hits home to those on Wall Street, we cannot live in a country in which any company is allowed to manipulate the levers of government in such a way as to make itself obscenely rich at the expense of the public.
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  • We saw as we proceeded through life that pursuing one’s self-interest was rewarded just as often than doing what was right, that morals were relative, and that there would be no consequences to bad behavior. It became de rigueur to assume that our parents (and their lawyers) would save us from our bad behavior.
  • no consequences to irresponsible behavior.
  • it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand.
  • Goldman is only the largest corporate contributor to the Obama administration
  • he nation will not die; to the contrary, it would become stronger if we permit free markets to work, and allow the next-generation to live unburdened by our mistakes and arrogance.
  • Capitalism remains the best economic system on the planet, but when those who have profited handsomely seek to socialize losses caused by their errors, then those in power in Washington have a moral responsibility to demand an accounting.  Our anger comes from the fact that our leaders have failed in their public obligations at the expense of the interests on Wall Street, and in the process created the greatest social divide that this country has seen in the past 40 years.
  • our nation has one of the highest ratios of debt to GDP on the globe
  • Finally, the administration should demand (I know it won’t) that Goldman Sachs return the approximately $13 billion it received in backdoor payments through AIG when AIG received $180 billion in bailout money. That $13 billion belongs to the taxpayers of this country, and the decision to allow Goldman to receive that money perhaps stands as the greatest moral outrage of this entire sordid affair.  
  • Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of most Americans, and in the process commit the greatest financial rape of the American public in the history of the country.  And if that does resonate, then either you have not been paying attention for the past two years, or you have received your paycheck form Goldman Sachs.
  • The proposal in question was Ryan's "Roadmap for America's Future," a sweeping plan to stave off the nation's looming economic and fiscal collapse by changing the tax code, overhauling the health care system, and reforming the nation's major entitlement programs. Its debt-reducing claims aren't based on mere fantasy -- the Congressional Budget Office has determined that the plan would boost economic growth while making Medicare and Social Security solvent. And it accomplishes these aims without raising taxes or affecting the benefits of current retirees.
  • There's no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn't last long.)
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    Wow!  This is the best response to the financial collapse i have read to date.  Exceptional in clarity, but written with a tone of mixed sorrow and shame.  Mr. Gallow places the blame exactly where it should be placed.  It's a generational thing with one exception Mr. Gallow overlooks - the Obama margin of victory was very much due to the massive turnout and votes of post baby boomer generations.  We boomers may have created and caused the financial collapse and destruction of America, but they were dumb enough to put the decline of capitalism and ordered liberty on marxist steroids. excerpt:  .... this is the first time that I have been so angered by incompetence and greed in government and Wall Street to express publicly my own thoughts.  In simple terms, what has dawned on me is that my generation, the "Baby Boomers" between the ages of 45 and 65, has emerged not as not the most significant or talented generation in our history (as we thought we were), but rather as the most self-absorbed and reckless. Because ours will be the first generation in the history of this country to leave to its successors a nation in worse shape than that which it inherited; put differently, we will be the first generation in this nation to have taken from our parents and stolen from our children. .. it is hard to avoid the reality that my generation, the baby boomers who are now approaching retirement, have caused the greatest collapse of the world economy since the 1930s, and in the process damaged this country in ways we are now only beginning to understand. ... Looking back more eighteen months after the first signs of distress in our economy appeared, it seems that leaders in Congress and Wall Street have erred in a manner never before witnessed in this nation.  In the process, they have conspired through their collective arrogance, greed, and ignorance to damage the economy of the country (if not the world), make many themselves rich beyond the imaginations of mo
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