I’m increasingly wondering if Paul Farrell writes financial meltdown and banks are bad stories for the Wall Street Journal’s MarketWatch as a sort of crazy-man foil for the establishment writers on Mr. Murdoch’s payroll:
Imagine 100 Goldman Sachs banks running America and the world. It’s happening. Forget politicians, Big Banks rule the world.
It was just a few years ago in “The Great American Bubble Machine,” a Rolling Stone feature, that Goldman was indicted by Matt Taibbi: “The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
Yes, till recently Goldman Sachs was boss, everywhere, the “world’s most powerful bank.” Taibbi: “From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression.” What an indictment.
Today every bank in the world is a Goldman wannabe. That’s capitalism at its peak. All competing to be the world’s most powerful bank. Seriously, look around: Your world really is dominated by this amazing new innovation emerging from capitalism — a bizarre conspiracy of Big Banks, maybe a hundred Goldman wannabes. These new Big Bank capitalists are rewriting the history of the world.
But we’re getting ahead of the story. Let’s review Goldman Sachs role in creating this new Big Banks Conspiracy.
Goldman Sachs, now the role-model for all global Big Banks
In “The Great Bubble Machine,” Taibbi says Goldman was the mastermind behind every great bubble in American history since it was founded in 1869 by Marcus Goldman and his son-in-law Samuel Sachs. Yes, one bank gets blamed for America’s amazing history: Bubble 1: the Great Depression. 2: tech stocks. 3: the housing craze. 4: $4 a gallon gas. 5: rigging the bailout … and now the latest Bubble 6: Global Warming…
[continues at MarketWatch]