The Golden Truth: How About Obama Calling Blankfein and Dimon "Savvy?"

Wednesday, February 10, 2010

How About Obama Calling Blankfein and Dimon "Savvy?"

“'I know both those guys; they are very savvy businessmen,' Obama said in the interview yesterday in the Oval Office with Bloomberg BusinessWeek." LINK

I guess if I were a whore politician I would refer to two of my largest campaign donors as "savvy" as well. Of course, the only part of "savvy" that can be attributed to Blankfein and Dimon is in the way in which they ripped off tens of billions of taxpayer money. Obama goes on to compare the compensation of Blankfein and Dimon to that of baseball players. “[T]here are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.”

Here's the difference. Those baseball players provide daily entertainment to millions of viewers and fans worldwide. And the fact of the matter is that, for sure Goldman and likely JP Morgan, these big banks would have collapsed last year if it weren't for the $100s of billions of taxpayer largesse funnelled by the Bush and Obama adminstrations from the Treasury and Fed to Wall Street. To compare Wall Street CEO compensation to that of baseball players is thus beyond absurd. People willingly pay for tickets to games and they willingly turn on the t.v. and endure advertising in order to watch their favorite teams and players. I don't think any Taxpayer willlingly offered up their tax money to Blankfein and Dimon.

The funniest part of about Obama's comments is that, whether he understands it or not, and somehow I don't think he does, both Blankfein and Dimon robbed this country blind under Obama's watch. Obama had a chance to halt the bailouts when he took office. In Wall Street terminology, when a trader executes a trade that makes a lot money off of a client - especially when the trader has all the information advantages - it is known as "skull-f&#king" the client. Thanks to Obama's policy of enablement, Wall Street has "skull-f$#ked" both the Obama Government and the Taxpayer.

5 comments:

Harvey GeeWednesday, 10 February, 2010
Obama certainly knows what's going on and his attitude toward their bonuses only cements it.

Goldman provided $990k and JP gave $700k to Obama's campaign as undisclosed recipients...

Here's a link to other top donors
http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=N00009638
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Dave in DenverWednesday, 10 February, 2010
Plus there's this:

http://www.businessinsider.com/the-democratic-partys-favorite-wall-street-fat-cats-2010-1#eli-broad-and-edythe-broad-1
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JoeWednesday, 10 February, 2010
The monied elite have owned this country since 1913. They also bought control of the press in 1915. This is what I call the "golden lock" on society. I also think that everything is a subset of this power-control block with much of it being a sideshow/circus. This will not end well.

Joe M.
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Dave in DenverWednesday, 10 February, 2010
Agree Joe. Amazing how few people really understand this.
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AnonymousWednesday, 10 February, 2010
Every day I ask myself how long will this go on? How much more pain? What needs to happen that people around the world wake up?
Last serving we'll get might be war. And we wait patiently for it and then go ahead as they want us to. They've f***ed you with AIG, now is our turn with PIIGS. We are all screwed and still nothing happens.
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.