Home › Forums › Financial Markets/Economics › THE GREAT AMERICAN BUBBLE MACHINE!
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socrattt.
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July 24, 2009 at 4:32 PM #436854July 24, 2009 at 6:01 PM #437132
Allan from Fallbrook
ParticipantProblem with Taibbi is that he performs excellent hatchet jobs (such as his piece on Palin), without ever really resorting to facts, or, when he offers something as fact, it has a tendency to either be overblown or somewhat mis-stated (his writings on Goldman during the Great Depression are a good example of this: There isn’t anything behind his assertion that Goldman was running riot bilking the public during the Great Depression, his argument is cut from whole cloth).
Similarly, his use of Gibson Greetings collapse is problematic: Gibson was a victim of fraud, not Goldman Sachs. Anyone familiar with the Orange County debacle in 1994 (and I was working as a CFO for an insurance broker, Willis, in Irvine in ’94 and watched the whole thing go down) knows it had nothing to do with Goldman Sachs and everything to do with ignorance on the part of the Orange County Comptroller Citron.
Megan McArdle at Atlantic Monthly did an excellent dissection of Taibbi’s Goldman article. Link: http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php
Of course, as any good writer knows, why let facts get in the way of a good story? Before you get outraged, make sure you have good reason to.
July 24, 2009 at 6:01 PM #436967ParticipantProblem with Taibbi is that he performs excellent hatchet jobs (such as his piece on Palin), without ever really resorting to facts, or, when he offers something as fact, it has a tendency to either be overblown or somewhat mis-stated (his writings on Goldman during the Great Depression are a good example of this: There isn’t anything behind his assertion that Goldman was running riot bilking the public during the Great Depression, his argument is cut from whole cloth).
Similarly, his use of Gibson Greetings collapse is problematic: Gibson was a victim of fraud, not Goldman Sachs. Anyone familiar with the Orange County debacle in 1994 (and I was working as a CFO for an insurance broker, Willis, in Irvine in ’94 and watched the whole thing go down) knows it had nothing to do with Goldman Sachs and everything to do with ignorance on the part of the Orange County Comptroller Citron.
Megan McArdle at Atlantic Monthly did an excellent dissection of Taibbi’s Goldman article. Link: http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php
Of course, as any good writer knows, why let facts get in the way of a good story? Before you get outraged, make sure you have good reason to.
July 24, 2009 at 6:01 PM #436894ParticipantProblem with Taibbi is that he performs excellent hatchet jobs (such as his piece on Palin), without ever really resorting to facts, or, when he offers something as fact, it has a tendency to either be overblown or somewhat mis-stated (his writings on Goldman during the Great Depression are a good example of this: There isn’t anything behind his assertion that Goldman was running riot bilking the public during the Great Depression, his argument is cut from whole cloth).
Similarly, his use of Gibson Greetings collapse is problematic: Gibson was a victim of fraud, not Goldman Sachs. Anyone familiar with the Orange County debacle in 1994 (and I was working as a CFO for an insurance broker, Willis, in Irvine in ’94 and watched the whole thing go down) knows it had nothing to do with Goldman Sachs and everything to do with ignorance on the part of the Orange County Comptroller Citron.
Megan McArdle at Atlantic Monthly did an excellent dissection of Taibbi’s Goldman article. Link: http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php
Of course, as any good writer knows, why let facts get in the way of a good story? Before you get outraged, make sure you have good reason to.
July 24, 2009 at 6:01 PM #436576ParticipantProblem with Taibbi is that he performs excellent hatchet jobs (such as his piece on Palin), without ever really resorting to facts, or, when he offers something as fact, it has a tendency to either be overblown or somewhat mis-stated (his writings on Goldman during the Great Depression are a good example of this: There isn’t anything behind his assertion that Goldman was running riot bilking the public during the Great Depression, his argument is cut from whole cloth).
Similarly, his use of Gibson Greetings collapse is problematic: Gibson was a victim of fraud, not Goldman Sachs. Anyone familiar with the Orange County debacle in 1994 (and I was working as a CFO for an insurance broker, Willis, in Irvine in ’94 and watched the whole thing go down) knows it had nothing to do with Goldman Sachs and everything to do with ignorance on the part of the Orange County Comptroller Citron.
Megan McArdle at Atlantic Monthly did an excellent dissection of Taibbi’s Goldman article. Link: http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php
Of course, as any good writer knows, why let facts get in the way of a good story? Before you get outraged, make sure you have good reason to.
July 24, 2009 at 6:01 PM #436370ParticipantProblem with Taibbi is that he performs excellent hatchet jobs (such as his piece on Palin), without ever really resorting to facts, or, when he offers something as fact, it has a tendency to either be overblown or somewhat mis-stated (his writings on Goldman during the Great Depression are a good example of this: There isn’t anything behind his assertion that Goldman was running riot bilking the public during the Great Depression, his argument is cut from whole cloth).
Similarly, his use of Gibson Greetings collapse is problematic: Gibson was a victim of fraud, not Goldman Sachs. Anyone familiar with the Orange County debacle in 1994 (and I was working as a CFO for an insurance broker, Willis, in Irvine in ’94 and watched the whole thing go down) knows it had nothing to do with Goldman Sachs and everything to do with ignorance on the part of the Orange County Comptroller Citron.
Megan McArdle at Atlantic Monthly did an excellent dissection of Taibbi’s Goldman article. Link: http://meganmcardle.theatlantic.com/archives/2009/07/matt_taibbi_gets_his_sarah_pal.php
Of course, as any good writer knows, why let facts get in the way of a good story? Before you get outraged, make sure you have good reason to.
July 24, 2009 at 6:35 PM #436909Arraya
ParticipantYes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
July 24, 2009 at 6:35 PM #436591ParticipantYes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
July 24, 2009 at 6:35 PM #436981ParticipantYes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
July 24, 2009 at 6:35 PM #436384ParticipantYes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
July 24, 2009 at 6:35 PM #437146ParticipantYes PR, we know there were lots of parties involved. The housing “market” is also controlled by Wall Street and regulated by the FedRes and OCC, whose EXPERT opinion is used to ensure that large asset bubbles do not occur.
Which, is probably why they have this on the books:
The punishment for making false statements or reports which overvalue an asset is also stated in the U.S. Code:[36]
Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way…shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Unfortunately, dumb is hard to disprove in court. Still, the question remains why do we give either dumb or criminal people, you chose, more power?
GS, is just a state-sanctioned cheater with the inside track on the new “scam” and guys in policy positions setting up the financialization of new markets, utilities, cap/trade and some sort of commodity financial device. Getting rid of them would not solve anything, even if they do end up a sacraficial lamb.
Your right though, people are suckers and easily manipulated with greed, no argument from me on that point.
July 25, 2009 at 8:17 AM #436751Chris Scoreboard Johnston
ParticipantThe other incorrect portion of that is the commentary on Oil. As per my post in the commodities thread, what is asserted in this article is not what caused $4 gas prices. GS simply housed the accounts of the Speculators that were able to have unlimited longs due to being classified incorrectly as commercials by the CFTC.
However, I do agree on the general premise that life is an insiders game and GS definitely one of the insiders.
July 25, 2009 at 8:17 AM #437305ParticipantThe other incorrect portion of that is the commentary on Oil. As per my post in the commodities thread, what is asserted in this article is not what caused $4 gas prices. GS simply housed the accounts of the Speculators that were able to have unlimited longs due to being classified incorrectly as commercials by the CFTC.
However, I do agree on the general premise that life is an insiders game and GS definitely one of the insiders.
July 25, 2009 at 8:17 AM #437068ParticipantThe other incorrect portion of that is the commentary on Oil. As per my post in the commodities thread, what is asserted in this article is not what caused $4 gas prices. GS simply housed the accounts of the Speculators that were able to have unlimited longs due to being classified incorrectly as commercials by the CFTC.
However, I do agree on the general premise that life is an insiders game and GS definitely one of the insiders.
July 25, 2009 at 8:17 AM #436546ParticipantThe other incorrect portion of that is the commentary on Oil. As per my post in the commodities thread, what is asserted in this article is not what caused $4 gas prices. GS simply housed the accounts of the Speculators that were able to have unlimited longs due to being classified incorrectly as commercials by the CFTC.
However, I do agree on the general premise that life is an insiders game and GS definitely one of the insiders.
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