The Great American Bubble Machine

Rolling Stone by MattTaibbi | Jul. 3, 2009 (Special Report)
Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression

The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage. Full Story »

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3.2
 by Chris Finnie - Jul. 3, 2009

Other than the list of Goldman alums who have served in positions of power in finance and government, Taibbi fails to offer any proof for his assertion. They were in position to do it, but he never shows they did. As far as creating the bubbles, Goldman was certainly a player, but far from the only one. It has always interested me, though, that they are almost always the one who gets out early enough to emerge unscathed. A topic the piece doesn't cover.

Less invective and more proof would have made it a better piece. I don't doubt he's right. He just didn't show me how.

…in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

I’m using this one!

(13 answers)

Chris's Rating

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3.2

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