On Sun, 19 Jul 2009 14:07:29 -0700, Reality Rpt
wrote:


Paul Craig Roberts

Can the Economy Recover ?

There is no economy left to recover. The U.S. manufacturing economy
was lost to offshoring and free-trade ideology. It was replaced by a
mythical "New Economy."

The "New Economy" was based on services. Its artificial life was fed
by the Federal Reserve's artificially low interest rates, which
produced a real-estate bubble, and by "free market" financial
deregulation, which unleashed financial gangsters to new heights of
debt leverage and fraudulent financial products.

The real economy was traded away for a make-believe economy. When the
make-believe economy collapsed, Americans' wealth in their real
estate, pensions and savings collapsed dramatically while their jobs
disappeared.

The debt economy caused Americans to leverage their assets. They
refinanced their homes and spent the equity. They maxed out numerous
credit cards. They worked as many jobs as they could find. Debt
expansion and multiple family incomes kept the economy going.

And now suddenly Americans can't borrow in order to spend. They are
over their heads in debt. Jobs are disappearing. America's consumer
economy, approximately 70 percent of gross domestic product, is dead.

Nothing in Presidents Bush and Obama's economic policy addresses the
real issues. Instead, Goldman Sachs was bailed out, more than once. As
Eliot Spitzer said, the banks made a "bloody fortune" with U.S. aid.

This should tell even the most dimwitted patriot whom "their"
government represents.

Nothing in Obama's economic policy is directed at saving the U.S.
dollar as reserve currency or the livelihoods of the American people.
Obama's policy, like Bush's before him, is keyed to the enrichment of
Goldman Sachs and the armament industries.

Matt Taibbi describes Goldman Sachs as "a great vampire squid wrapped
around the face of humanity, relentlessly jamming its blood funnel
into anything that smells like money." Look at the Goldman Sachs
representatives in the Clinton, Bush and Obama administrations. This
bankster firm controls the economic policy of the United States.

Little wonder that Goldman Sachs has record earnings while the rest of
us grow poorer by the day.

http://www.creators.com/print/opinio...y-recover.html

When the 3rd quarters earning become public as disaster could easily
occur.

ted

On Jul 20, 12:06*am, wrote:

Nothing in Obama's economic policy is directed at saving the U.S.
dollar as reserve currency or the livelihoods of the American people.
Obama's policy, like Bush's before him, is keyed to the enrichment of
Goldman Sachs and the armament industries.


http://www.nytimes.com/2009/07/18/bu...q=obama&st=cse

Goldman Executive Named as Obama Adviser

By BLOOMBERG NEWS
Published: July 18, 2009

President Obama said Friday he would nominate Robert Hormats, a vice
chairman of Goldman Sachs International, to a top economic position at
the State Department. Mr. Hormats, 66, will be under secretary of
state for economic, energy and agricultural affairs. He was deputy
trade representative from 1979 through 1981 and held other posts at
the State Department throughout his career. Hillary Rodham Clinton,
the secretary of state, said in a speech on Wednesday that she hoped
to make economic policy and trade a larger part of United States
diplomacy.

A roster of some other Goldman alumni:

--Robert Rubin: Former Treasury secretary under President Bill
Clinton. Rubin was co-chairman of the firm from 1990 to 1992.

--Jon Corzine: New Jersey governor and former New Jersey senator.
Corzine was the firm's chairman and chief executive officer, from 1994
to 1999. He joined the firm in 1975 as a bond trader and became a
partner in 1980.

--Henry Paulson: President George W. Bush's last Treasury secretary
and the architect of the $700 billion Troubled Asset Relief Program,
the bailout fund used to inject capital into financial institutions,
including Goldman Sachs. He served as chairman and chief executive
from 1999 to 2006, was co-senior partner from 1998 to 1999 and
president and chief operating officer from 1994 to 1998.

--Neel Kashkari: Until last month, Kashkari headed TARP. Until 2006,
Kashkari had worked at Goldman Sachs and had headed the firm's
information technology security investment banking practice in San
Francisco.

--Josh Bolten: White House chief of staff under President George W.
Bush. From 1994 to 1999, Bolten served as executive director for legal
and governmental affairs at Goldman Sachs International in London.

--Stephen Friedman: Until May, chairman of the Federal Reserve Bank of
New York's board of directors. Friedman, a retired Goldman Sachs co-
chairman, resigned amid questions over his continued ties to the firm.
Friedman has said he had received a waiver to remain on the company's
board after Goldman Sachs became a bank holding company.

--John Whitehead: Former chairman of the Federal Reserve of New York.
Former deputy secretary of state under President Ronald Reagan. He was
a Goldman co-chairman and a senior partner from 1976 to 1984.

--Jim Cramer: After graduating from Harvard Law School in 1984, Cramer
joined Goldman Sachs as a stockbroker, before striking out on his own
in 1987, founding the hedge fund Cramer, Berkowitz. Cramer, a best-
selling author, later founded online financial news site TheStreet.com
and is today the host of Mad Money on CNBC.

--Mario Draghi: The governor of Banca d’Italia, the Italian Central
Bank, is also vice chairman of Goldman Sachs International and serves
as a member of the Group's Commitments Committee. Between 1984 and
1990, Draghi was executive director of the World Bank. In 1991 he
became director general of the Italian treasury, and is credited with
the nation’s successful privatization program.

--Edward Lampert: With a net worth of $3.8 billion, this Goldman alum
was ranked last year by Forbes magazine as Connecticut’s richest
resident. The chief executive of ESL Investments, and chairman of
Sears Holdings, Lampert began his career as an intern at Goldman Sachs
before joining the firm's risk arbitrage department. He left Goldman
in 1988 to set up ESL.

--William C Dudley: succeeded Timothy Geithner for the top job at the
New York Fed in 2009. His appointment came under slightly unusual
circumstances. Timothy Geithner had played an active role in promoting
and lobbying for Dudley to become the next president of the New York
Fed while he was a nominee to become the Treasury secretary. This
added a politicized aura to Dudley's selection. In addition, Stephen
Friedman, the former New York Fed chairman and Goldman executive,
helped oversee and choose this Goldman Sachs alumni for the position.

--Erin Burnett: CNBC Host

--Michael Cohrs: Head of Global Banking at Deutsche Bank

--George Herbert Walker IV: member of the Bush family and current
managing director at Neuberger Berman

--Robert Zoellick: United States Trade Representative (2001-2005),
Deputy Secretary of State (2005-2006), World Bank President.

--Mark Carney: Current Governor of the Bank of Canada

--John Thain: former Chairman and CEO, Merrill Lynch, and former
chairman of the NYSE

--Abby Joseph Cohen: Perma-bull market forecaster formerly of Drexel
Burnham Lambert

--Robert Steel: Chairman and President, Wachovia.

--Reuben Jeffery III: Under Secretary of State for Economic, Business,
and Agricultural Affairs (2007-)

--Romano Prodi: Prime Minister of Italy twice (1996-1998 and
2006-2008) and President of the European Commission (1999-2004)

--Massimo Tononi: Italian deputy treasury chief (2006-2008)

John Lemke wrote in
:

On Jul 20, 12:06*am, wrote:

Nothing in Obama's economic policy is directed at saving the U.S.
dollar as reserve currency or the livelihoods of the American
people. Obama's policy, like Bush's before him, is keyed to the
enrichment of Goldman Sachs and the armament industries.


http://www.nytimes.com/2009/07/18/bu...LDMANEXECU_BRF
.html?_r=2&scp=4&sq=obama&st=cse

Goldman Executive Named as Obama Adviser

It's nice to know the founders instituted separation of powers..
separation of financial control from the executive.. oh wait, the
people controlling the financial markets via secret trading
platforms just got hired directly into the president's office.



By BLOOMBERG NEWS
Published: July 18, 2009

President Obama said Friday he would nominate Robert Hormats, a vice
chairman of Goldman Sachs International, to a top economic position at
the State Department. Mr. Hormats, 66, will be under secretary of
state for economic, energy and agricultural affairs. He was deputy
trade representative from 1979 through 1981 and held other posts at
the State Department throughout his career. Hillary Rodham Clinton,
the secretary of state, said in a speech on Wednesday that she hoped
to make economic policy and trade a larger part of United States
diplomacy.

A roster of some other Goldman alumni:

--Robert Rubin: Former Treasury secretary under President Bill
Clinton. Rubin was co-chairman of the firm from 1990 to 1992.

--Jon Corzine: New Jersey governor and former New Jersey senator.
Corzine was the firm's chairman and chief executive officer, from 1994
to 1999. He joined the firm in 1975 as a bond trader and became a
partner in 1980.

--Henry Paulson: President George W. Bush's last Treasury secretary
and the architect of the $700 billion Troubled Asset Relief Program,
the bailout fund used to inject capital into financial institutions,
including Goldman Sachs. He served as chairman and chief executive
from 1999 to 2006, was co-senior partner from 1998 to 1999 and
president and chief operating officer from 1994 to 1998.

--Neel Kashkari: Until last month, Kashkari headed TARP. Until 2006,
Kashkari had worked at Goldman Sachs and had headed the firm's
information technology security investment banking practice in San
Francisco.

--Josh Bolten: White House chief of staff under President George W.
Bush. From 1994 to 1999, Bolten served as executive director for legal
and governmental affairs at Goldman Sachs International in London.

--Stephen Friedman: Until May, chairman of the Federal Reserve Bank of
New York's board of directors. Friedman, a retired Goldman Sachs co-
chairman, resigned amid questions over his continued ties to the firm.
Friedman has said he had received a waiver to remain on the company's
board after Goldman Sachs became a bank holding company.

--John Whitehead: Former chairman of the Federal Reserve of New York.
Former deputy secretary of state under President Ronald Reagan. He was
a Goldman co-chairman and a senior partner from 1976 to 1984.

--Jim Cramer: After graduating from Harvard Law School in 1984, Cramer
joined Goldman Sachs as a stockbroker, before striking out on his own
in 1987, founding the hedge fund Cramer, Berkowitz. Cramer, a best-
selling author, later founded online financial news site TheStreet.com
and is today the host of Mad Money on CNBC.

--Mario Draghi: The governor of Banca d’Italia, the Italian Central
Bank, is also vice chairman of Goldman Sachs International and serves
as a member of the Group's Commitments Committee. Between 1984 and
1990, Draghi was executive director of the World Bank. In 1991 he
became director general of the Italian treasury, and is credited with
the nation’s successful privatization program.

--Edward Lampert: With a net worth of $3.8 billion, this Goldman alum
was ranked last year by Forbes magazine as Connecticut’s richest
resident. The chief executive of ESL Investments, and chairman of
Sears Holdings, Lampert began his career as an intern at Goldman Sachs
before joining the firm's risk arbitrage department. He left Goldman
in 1988 to set up ESL.

--William C Dudley: succeeded Timothy Geithner for the top job at the
New York Fed in 2009. His appointment came under slightly unusual
circumstances. Timothy Geithner had played an active role in promoting
and lobbying for Dudley to become the next president of the New York
Fed while he was a nominee to become the Treasury secretary. This
added a politicized aura to Dudley's selection. In addition, Stephen
Friedman, the former New York Fed chairman and Goldman executive,
helped oversee and choose this Goldman Sachs alumni for the position.

--Erin Burnett: CNBC Host

--Michael Cohrs: Head of Global Banking at Deutsche Bank

--George Herbert Walker IV: member of the Bush family and current
managing director at Neuberger Berman

--Robert Zoellick: United States Trade Representative (2001-2005),
Deputy Secretary of State (2005-2006), World Bank President.

--Mark Carney: Current Governor of the Bank of Canada

--John Thain: former Chairman and CEO, Merrill Lynch, and former
chairman of the NYSE

--Abby Joseph Cohen: Perma-bull market forecaster formerly of Drexel
Burnham Lambert

--Robert Steel: Chairman and President, Wachovia.

--Reuben Jeffery III: Under Secretary of State for Economic, Business,
and Agricultural Affairs (2007-)

--Romano Prodi: Prime Minister of Italy twice (1996-1998 and
2006-2008) and President of the European Commission (1999-2004)

--Massimo Tononi: Italian deputy treasury chief (2006-2008)





--
Build a banker a fire and keep him warm for the night. Set a
banker on fire and keep him warm for the rest of his life.