The Secret Goldman Sachs Tapes - Bloomberg View - Galt's Gulch

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The Secret Goldman Sachs Tapes - Bloomberg View

Posted by straightlinelogic 9 years, 7 months ago to Business

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Okay, everybody is looking for heroes, here's a real life hero, Carmen Segarra. Nobody takes on the Federal Reserve and Goldman Sachs without paying a price, and she paid the price.

SOURCE URL: http://www.bloombergview.com/articles/2014-09-26/the-secret-goldman-sachs-tapes

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Posted by CircuitGuy 9 years, 7 months ago

Maybe I'll hear the This American Life program. From this article alone, I don't see the shocking new info. There were FDIC-regulated banks and then these large financial institutions acting as banks but not regulated the same way. It seems to me we need a tiny part of the banking system, bona fide banks, backed and regulated by the FDIC. All other financial institutions, at least from my understanding, should be unregulated with no tacit promises of bailouts of any sort. People dealing with them should know they're either 100% backed by the gov't or they're not involved with the gov't in any way. The middle growd where the gov't regulates "the financial system" is what gets us into trouble.

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Posted by freedomforall 9 years, 7 months ago

+1 Agree she has guts.
Thanks for posting. No one apparently noticed when I posted it yesterday.
here is the link to propublica story:
http://www.propublica.org/article/carmen...

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  Posted by straightlinelogic 9 years, 7 months ago
  
  Sorry, but I didn't notice either. I didn't have time for my usual daily review of GG. It is an important story, providing real life confirmation of a phenomenon of which we are all aware: regulatory capture. I read the transcript of the NPR show and it was quite revelatory. I intend to read the Propublica story as well.
  
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    Posted by freedomforall 9 years, 7 months ago
    
    Glad to have it out there. Agree it's an important story. If it gets traction, I expect the MSM to vilify Segarra and praise the fed, concentrating on how hard their job is, not how easily they repeatedly cave.
    
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      Posted by straightlinelogic 9 years, 7 months ago
      
      Of course, in a rational system there would be no Fed, only privately issued, gold-backed money with which the government could not tamper.
      
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        Posted by freedomforall 9 years, 7 months ago
        
        And the banksters would find tampering more difficult.
        Without that unlimited source of unearned credit, few would be willing to finance wars, neither government nor banks.
        
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