December 19, 2016

The Vampire Squid Occupies Trump's White House

http://www.rollingstone.com/politics/features/the-vampire-squid-occupies-trumps-white-house-w456225
"Goldman deserves its villainous reputation. The bank symbolizes all the worst aspects of the modern "financialized" economy. The crash era was the ultimate example. Banks like Goldman mostly didn't create anything of value during this time. Mostly what they did was engineer new ways to create credit that led to millions of people buying homes they couldn't afford, creating the mother of all financial bubbles. When it all went bust, as it necessarily had to, they scrambled by hook or crook to dump the damage on other people. Clients ate their losses and they ran weeping to the taxpayer for rescue – Goldman got $12.9 billion alone just from the AIG bailout, which of course was engineered by former Goldman chief Hank Paulson. In the middle of all of this, people like Blankfein and Cohn paid themselves record amounts of compensation. They are scum, and it's absolutely fitting that so many of them will end up serving the Trump administration. Donald Trump made a lot of political hay out of the iniquity of people like Cohn during his campaign. But his recent appointments are absolute proof that his "populist" message was a crock all along – not that we couldn't have guessed anyway."