Capitalism doesn’t like it when idiots have too much money. So it uses people like Goldman to help take it away from them. That’s what Lloyd Blankfein meant when he said Goldman was doing “God’s work.”Bill Bonner on Separating Fools from their Money.
We don’t know if God wanted Goldman to blow up the world economy…but capitalism seemed to be calling for it. And it looked like capitalism was going to blow up the bomb tosser, too. Unfortunately, the feds stepped in. They bailed out AIG…and the whole financial industry – including Goldman. Now, they lend the big banks money for practically nothing…which the banks lend back to the feds at 4%. The banks make money. They restock their reserves with US Treasury debt. And the feds get to finance their gigantic deficits. It’s great for everyone – until it blows up too.
Census Cancelled
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*Statistics New Zealand has announced that it will not undertake a Census
of Population. According its media release, Wide-ranging improvements to
the da...
1 week ago
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