Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon”
Editor’s Comment: It’s funny how some criminals – whose actions affect perhaps a handful of people at the most – get the book thrown at them. In fact, so do speeders and code violators and other low level offenders.
But when the criminals loot the whole system, and effect everyone’s livelihood, it is somehow incomprehensible to deal out justice at all, no matter how swiftly. These bankers have all but announced that they are “too big to jail,” even as they work WITH the people running things and prepare to destroy the economy and all that rides with it. Hopefully there’s a special place in hell…
Government Sachs Gets Golden Wrist Slap For Global Financial Crisis
by James Corbett
Historians of the future will note Yellen’s smiling press conference in December of 2015 to announce the long-awaited rate hike as the beginning of the end for the dead cat bubble of the Global Financial Crisis. In some ways this has been a 20 year long Fed bubble that leads in a straight line from the “irrational exuberance” of the Dot Com bubble to the Dot Com bust and 9/11 to the Greenspan bubble and the subprime housing run-up to the Global Financial Crisis to QE1/2/3 and ZIRP to the rate hike to today.
And what do we have today?
- The worst start to the year in US equity markets in history.
- Downgrades of economic forecasts from every conceivable corner of the financialworld.
- Probability of US recession (even with the government’s cooked books) the highest it’s been in 5 years.
- The oil slump getting slumpier as Iranian oil comes online.
- Driver of world economic growth China hitting its weakest growth pace in 25 years.
- The Royal Bank of Scotland warning of “cataclysm” this year and advising investors to “sell everything.”
And on and on. You get the picture. But I bet you wish you didn’t.
…click on the above link to read the rest of the article…
