Wow, as if we hadn’t already suspected a giant conspiracy to defraud the public and sack the US Treasury, those barbarian bandits over at Goldman Sachs are giving out the biggest bonuses in their 140-year history! Yes, this is the same company that was about to bring down the entire global financial system a scant nine months ago…How did they accomplish this remarkable turnaround?
Why, you already know the answer. Their former CEO was US Treasury Secretary Henry Paulson and he arranged for billions of taxpayer bailout to “save” this company while others went under…remember Lehman Brothers? So, now thanks to NO COMPETION LEFT, Goldman is cleaning up. Trading foreign currency, bonds and fized-income assets, the company has had a spectacular first half of the year. Now, they’ve paid back the bailout money, leaving them free from the government’s new rules about executive compensation and bonuses.
Hey, wait just a darn minute there, cowboys…Isn’t this just a little too cozy? As was suggested at the time and has continued to be suggested, isn’t this just a giant conspiracy to elimnate the competition and here’s another idea being thrown around–how about a conspiracy to derail the proposed government regulation of the financial sector? These Hogs at the Trough can never have too much money and it’s always amusing for them to dupe the poor schmucks who actually work for a living.
In fact, this whole bailout thing is increasingly looking like The End for the middle class. Barry Ritholtz of Bailout Nation has come up with this amazing visualization of the taxpayer’s money already spent or promised…Showing that the Barbarian Bailout, the hordes sacking our Treasury, has already consumed more than the sum total of ALL American wars since the beginning of the Republic. This is $12 Trillion…
Credit goes to Jess Bachman at Wallstats, Ritholtz’s list of expenditures (inflation adjusted of course). This early Bailout Nation graphic shows the the total costs to the taxpayer of all the monies spent, lent, consumed, borrowed, printed, guaranteed, assumed or otherwise committed.
It is nothing short of astonishing.
It includes the total outlay for all the bailouts to date. In just about one short year (March 2008 – March 2009), the bailouts managed to spend far in excess of nearly every major one time expenditure of the USA, including WW1&2 (omitted from graphic), the moon shot, the New Deal, total NASA budgets (omitted from graphic), Iraq, Viet Nam and Korean wars — COMBINED.
206 years versus 12 months. Total cost: ~$15 trillion and counting
Yesterday, the N. Y. Times published a poll showing that 72% of Americans are in favor of a government-opotion health-care plan, opposed, naturally, by those who enthusiastically voted for this Barbarian Bailout. Cost for health-care reform? $4 Trillion? Why don’t we have that dough to ensure the health of every citizen of this nation….Guess.