[But Gore is just one of the most visible parts of the elaborate (and bi-partisan) schemes that have been set in motion under cover of climate change. Gore's personal financial involvement is blatant, especially through Goldman Sachs—a large shareholder of CCX, and in 2004, the creator of Gore's very own London-based hedge fund, Generation Investment Management.]
[Goldman probably owes it's survival to the fact it has long served as a front or partner with JP Morgan, meaning the Rothschild empire, just as the JP Morgan company survived by being a front for the Rothschild family. While Morgan has a market cap of over $130 billion, the Rothschild fortune is estimated to be as high as $200 trillion, not billion. That is more than the annual budgets of every nation on earth, actually more than every nation's budget on earth combined. The largest budget by far is the USA at $3.44 trillion with $11.2 trillion in debt, pocket change to the Rothschild family.]
forum.prisonplanet.com/index.php?PHPSESSID=3fdc942d9ced5dc7b7a35a042527cbac&topic=114224.0;wap2 ROLLING STONE: Goldman Sachs behind every major market crash since 1920s
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Letsbereal:
COMPLETE ROLLING STONE ARTICLE on Zero Hedge Goldman Sachs: "Engineering Every Major Market ...
Goldman Sachs: "Engineering Every Major Market Manipulation Since The Great Depression"
tinyurl.com/lwzo7w Letsbereal:
COMPLETE ROLLING STONE ARTICLE on Zero Hedge Goldman Sachs: "Engineering Every Major Market ...
Goldman Sachs: "Engineering Every Major Market Manipulation Since The Great Depression"
tinyurl.com/lwzo7w Sane:
Rolling Stone expose: Goldman Sachs behind every market crash since 1920s
rawstory.com/blog/2009/07/rolling-stone-expose-goldman-sachs-behind-every-market-crash-since-1920s/ Goldman Sachs has played a crucial role in creating every market bubble since the 1920s -- and has profited from not only the bubbles, but from the crash that followed as well, says a new expose in Rolling Stone magazine.
An article in the July 9-23 issue of the magazine, written by Matt Taibbi, lists five asset bubbles that the 140-year-old investment bank helped create -- and one that Taibbi asserts the firm is currently working to make happen.
The five bubbles the article says Goldman was central to creating are the Wall Street stock bubble in the 1920s, which led to the Great Depression; the tech-stock bubble of the late 1990s, which ended in the 2001 recession; the housing bubble of the past decade, which resulted in the current economic crisis; the oil price run-up last summer, when oil shot up to $140 a barrel, likely helping tilt the entire world into recession; and what Taibbi describes as "rigging the bailout," when Goldman Sachs' well-placed alumni inside the U.S. government engineered last fall's bank bailout in such a way that the company profited massively.
Taibbi writes that Goldman Sachs has traditionally been a late arrival to market bubbles, getting in once others have started the trend, but, once in, the company quickly ramps up the bubble, predicts its bursting, and then hedges its bets so as to make money from the bubble crash.
The article, which is not yet officially available online, adds one more bubble to the list: the "global warming bubble," or specifically, the proposed cap-and-trade legislation that would allow companies to trade pollution credits on an open market.
Taibbi's argument suggests the Wall Street bank may well want to turn climate change policy into yet another Wall Street casino game.
Because emissions caps will continually be reduced, Taibbi argues, pollution credits will constantly be growing in value, and Goldman Sachs wants in on the ground floor.
Taibbi writes: "The plan is (1) to get in on the ground floor of paradigm-shifting legislation, (2) make sure that they're the profit-making slice of that paradigm and (3) make sure the slice is -- a big slice. Goldman started pushing hard for cap-and-trade long ago, but things really ramped up last year when the firm spent $3.5 million to lobby climate issues."
On his blog, Taibbi has begun a discussion of the public reaction to his article. Some commenters have suggested that Taibbi's understanding of high finance is limited, accusing him of misreading Goldman Sachs' actions.
-- Daniel Tencer
PatAndrews:
Now take a look at this. It's a long article, so I won't post the whole thing here.
The Obama Goldman Rothschild Update - The Trillionaire Puppet Masters at Work
www.bignews.biz/?id=800509&keys=Rothschild-Goldman-Morgan-economy Knave/Crank:
Interesting that it is out in the open, but ... Matt Taibbi isn't considered serious on any level, not even in his own eyes. As a regular on Real Time with Bill Maher, and as a journalist at times writing "in the waning hours of a Vicodin haze," he has zero credibility in the eyes of the American mainstream. He is like a leftist Glenn Beck primarily seeking a platform for guffaws ...
On top of that, I bet the final version of the article will be doctored or at least skimmed down to fit the readers' expectations.
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forum.prisonplanet.com/index.php?topic=114224.5;wap2 ROLLING STONE: Goldman Sachs behind every major market crash since 1920s
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akston:
I've reposted a text version for those that want to extract quotes and post commentary on their blogs as well...
This is a watershed piece of research by Mr. Taibbi. So go buy the magazine and encourage RS to not try to keep this info out of the electronic domain.
statismwatch.ca/2009/06/24/goldman-sachs-the-great-american-bubble-machine/ 37:
That issue of Rolling Stone has a great article speculating on whether or not Michael Jackson can physically survive his upcoming tour.
Unintelligable Name:
Quote from: 37 on July 02, 2009, 09:55:27 AM
That issue of Rolling Stone has a great article speculating on whether or not Michael Jackson can physically survive his upcoming tour.
Guess they aren't so stupid after all.
Sachs + Jackson prediction.
Mr Grinch:
Quote from: PatAndrews on July 02, 2009, 09:08:49 AM
Now take a look at this. It's a long article, so I won't post the whole thing here.
The Obama Goldman Rothschild Update - The Trillionaire Puppet Masters at Work
www.bignews.biz/?id=800509&keys=Rothschild-Goldman-Morgan-economyhere it is in full..
Quote
The Obama Goldman Rothschild Update - The Trillionaire Puppet Masters at Work
What did the bank stress test really tell us and who are the true winners? Look no further than the Trillionaires Club led by the Rothschilds using their Jp Morgan and Goldman Sachs fronts.
The deeper we dig into the world economic chaos the clearer the picture becomes that what has happened the past two years in the international economic meltdown could be a strategic move to solidify control of the US and world economies. For three years this paper has projected market manipulations underway that resulted in the near collapse of world economies.
From the sub-prime mortgages to oil and commodity price manipulations, swaps and derivatives to a credit crash, a cascading series of unlikely events sent the world to the brink of economic disaster.
In the process regulatory agencies were proven to be toothless when it came to enforcement, Congress was inept in identifying problems or solutions, hundreds of millions of dollars were poured into political campaigns from Obama to our congressional leaders while behind the scenes the puppet masters were busy carrying out the script. This week the long awaited bank stress test results were released and surprise, surprise, JP Morgan and Goldman Sachs continue to separate themselves from the rest of the world.
The world economy may have been on the precipice of disaster but these two companies benefited in ways it will take years to assess and one has to wonder why? If you followed the series of articles in the Coltons Point Times you would have known. You can see the index of the Economic articles in the recent past at the Coltons Point Times
coltonspointtimes.blogspot.com/ .
Let's examine where we are today. First, the Rothschilds control JP Morgan as they have for most of the past century along with an astounding number of major banks, brokers and corporations around the world.
Then it is no surprise that in terms of the Market Cap on investment banking institutions in America JP Morgan stands alone with over $130 billion. They along with Goldman also had the highest ratings in the bank stress test and do not need any additional capital.
Behind Morgan comes Wells Fargo $99.16 billion (Warren Buffett is a substantial investor), Bank of America $69.39 billion but dropping, and Goldman Sachs at $64.37 billion (Warren Buffett is also a savior of that bank). Bank of America was the worst of all banks but not bad all the same and Wells does need to raise some capital.
How about the stock prices the past year. JP Morgan lost 27.8% of value, Goldman Sachs lost 31.6% of value and Wells Fargo lost 22.5% of value. All outperformed the markets which are still down about 40-42%. In the banking sector Bank of America lost 73.6% of value and Citigroup lost 87.3% of value. Most important, since Obama got elected our golden boys JP Morgan and Goldman both more than doubled in value to lead the economic rebound.
During the past year virtually all the competition to the golden buys disappeared, Bear Stearns, Merrill Lynch and Lehman Brothers were wiped out, companies that were founded in 1923, 1914 and 1850. All other major competitors were left broken like Bank of Americaand Citigroup.
Goldman probably owes it's survival to the fact it has long served as a front or partner with JP Morgan, meaning the Rothschild empire, just as the JP Morgan company survived by being a front for the Rothschild family. While Morgan has a market cap of over $130 billion, the Rothschild fortune is estimated to be as high as $200 trillion, not billion. That is more than the annual budgets of every nation on earth, actually more than every nation's budget on earth combined. The largest budget by far is the USA at $3.44 trillion with $11.2 trillion in debt, pocket change to the Rothschild family.
If the Rothschilds are the puppet masters of the world Goldman is their star puppet being in the forefront of every major financial catastrophe in recent history and benefiting each time. They secretly backed Obama well before he was a candidate for President and have been getting dividends on their investment ever since.
Both Morgan and Goldman got billions in bank bail out money from the last Administration, approved by Congress and approved by Senator Obama. Neither needed or ever used it. Since becoming President Obama gave billions to bail out AIG and AIG turned around and paid off billions in debt owed to Morgan and Goldman. How do these things happen under the very nose of Congress and federal regulators?
Look at the record of where former Goldman executives have settled. Here is just a partial list and it makes you wonder if Goldman Sachs is controlling Wall Street and Washington?
Henry H. Fowler - 58th United States Secretary of the Treasury (1965-1969).
Robert Rubin - Former United States Treasury Secretary, ex-Chairman of Citigroup.
Henry Paulson - Former United States Treasury Secretary.
Edward Lampert- Hedge Fund Manager of ESL Investments. Brought K-Mart out of Bankruptcy in 2003.
Joshua Bolten - former White House Chief of Staff.
Erin Burnett - CNBC Host.
Jon Corzine - Governor of the State of New Jersey.
Michael Cohrs - Head of Global Banking at Deutsche Bank.
Emanuel Derman - Author of My Life as a Quant and co-developer of the Black-Derman-Toy model.
Jim Cramer - founder of TheStreet.com, best selling author, and host of Mad Money on CNBC.
Ashwin Navin - President and co-founder of BitTorrent, Inc.
Abby Joseph Cohen - Perma-bull market forecaster formerly of Drexel Burnham Lambert.
George Herbert Walker IV - member of the Bush family and current managing director at Neuberger Berman.
Robert Zoellick - United States Trade Representative (2001-2005), Deputy Secretary of State (2005-2006), World Bank President.
Mark Carney - Current Governor of the Bank of Canada.
Michael D. Fascitelli- President & Trustee of Vornado Realty Trust.
Neel Kashkari - Assistant Secretary of the Treasury for Financial Stability.
Charlie Haas - Wrestler, who is working for World Wrestling Entertainment.
Malcolm Turnbull - Australian politician, currently the federal leader of the Liberal Party of Australia.
John Thain - former Chairman and CEO, Merrill Lynch, and former chairman of the NYSE.
Thain was replaced at the NYSE by Goldman veteran Duncan Niederauer.
Robert Steel - Chairman and President, Wachovia Bank.
Reuben Jeffery III, Under Secretary of State for Economic, Business, and Agricultural Affairs (2007-).
Romano Prodi, Prime Minister of Italy twice (1996-1998 and 2006-2008) and President of the European Commission (1999-2004).
Mario Draghi, governor of the Bank of Italy (2006- ).
Massimo Tononi, Italian deputy treasury chief (2006-2008).
Goldman just hired former Barney Frank staffer Michael Paese to be top Washington lobbyist.
This position was formerly held by Mark Patterson, the current chief of staff at the Treasury.
His replacement, Tim Geithner, was mentored by Gerald Corrigan, a former New York Fed president and current partner and managing director of the Office of the Chairman of Goldman Sachs.
Ed Liddy, who the government appointed as CEO of AIG was Goldman’s vice chairman.
Akshaya Prasad has left Goldman's and joined investment company Greater Pacific Capital as co-head of their Indian business.
Of course these high-level appointments are probably just coincidental. Just as it was probably coincidental that on September 15, 2008, then New York Fed president Tim Geithner pressed for AIG’s biggest counterparty, Goldman Sachs, to help the insurer raise capital after it became clear that AIG was at risk of going bankrupt. And that on the same day Goldman’s current CEO, Lloyd Blankfein, was at the New York Fed. And that Goldman ended up in receipt of about $12 billion in tax dollars thanks to AIG’s wholesale credit-default swap and after the government bail out.
Just today we learned that the chairman of the Federal Reserve Bank of New York, Stephen J. Friedman, abruptly resigned on Thursday, days after the Wall Street Journal raised questions about his ties to his former employer, Goldman Sachs. Mr. Friedman, who led or co-led Goldman from 1990 until 1994 and remains a director, was chairman of the New York Fed at the same time. He also held a substantial stake in the firm as the Federal Reserve drew up plans to keep Wall Street’s banks afloat.
Because the New York Fed approved a request by Goldman to become a bank holding company, the chairman’s involvement in Goldman was a violation of Fed policy, The Wall Street Journal reported. The New York Fed had asked for a waiver, which, after about two and a half months, the Fed granted, the newspaper said. During that time, Mr. Friedman bought 37,300 more Goldman shares, which have since risen $1.7 million in value.
As the world economy improves which it must for the golden boys to benefit maybe you should look carefully at our politicians and Wall Street executives and look closely for the puppet strings from the real Master.
gunDriller:
Denninger had a good article about Goldman's market manipulation at
market-ticker.denninger.net/categories/12-Regulatorytitle - "Conspiracy To Hide Bubble-Formation"
In yet another move to make a mockery of so-called market transparency, and again with mad props to Zerohedge, we have this:
The Exchange has filed with the SEC to implement the decommissioning of the DPTRrequirement following the July 10, 2009 trade date. Accordingly, the last required submission of the DPTR will be on July 14, 2009, which is the second business day after the last trade date for which the DPTR is required.
Go read the entire Zerohedge article; what this means, in short, is that the ability of people (like you and I) to see the fact that a handful of banks, most specifically Goldman Sachs, constitute the majority of NYSE trading volume - and they're trading for their own book, not for customers, will no longer be disclosed.
This "back and forth trade" between a handful of institutions is nothing more than the old "pump and dump" game that has been played in the OTC market forever - and almost always screws the individual investor.
This is no different than you and I selling a house back and forth between us repeatedly, each time at a higher price. We both appear to be geniuses as we're both making a "profit", right?
Well, no. One of us is destined to take a horrifying loss if we do not find a sucker to make the final transaction with.
The embedded scam is that real gains require real parties at interest and not a closed system of a couple of guys passing an asset back and forth in a transparent attempt to "bait" someone else into becoming the sucker to offload that asset to.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
in other words, Goldman & other insiders pass stocks back & forth, trading & booking incremental profits on the way up. then they back out at an agreed upon time, leaving the small investor holding the stock for the ride down.
they got it down to an art.
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Revolt426:
Quote from: Revolt426 on July 02, 2009, 11:18:28 AM
www.tarpley.net/29crash.htm.....THE BRITISH RECORD OF STARTING WALL STREET PANICS
The British had a long track record of using the London Bank Rate (that is, the rediscount rate of the Bank of England) for financial and economic warfare against the United States. The periodic panics of the nineteenth century were more often than not caused by deliberate British sabotage. A few examples:
* In the Panic of 1837, the stage had been set for depression by outgoing President Andrew Jackson's and Secretary of the Treasury Roger Taney's abolition of the Second Bank of the United States, by their cultivation of the state "pet" banks, by their imbecilic Specie Circular of 1836, which demanded gold payment to the federal government for the purchase of public lands, and by their improvident distribution of the Treasury surplus to the states. London's ultinmate weapon turned out to be the Bank of England bank rate. With all the American defenses sabotaged, the Bank of England sharply raised its discount rates, sucking gold specie and hot money liquidity back across the Atlantic, while British merchants and trading houses cut off their lines of credit to their American customers. In the resulting chaos, not just private banks and businesses went bankrupt, but also the states of Mississippi, Louisiana, Maryland, Pennsylvania, Indiana, and Michigan, which repudiated their debts, permanently impairing US credit in the world. Internal improvements came to a halt, and the drift towards secession and civil war became more pronounced.
* The Panic of 1873 resuted from a British-directed effort to ruin the banking house of Jay Cooke and Company, which had served Lincoln and his successors as a quasi-governmental agency for the marketing of United States Treasury securities and railroad bonds during and after the Civil War. The Cooke insolvency had been preceded by a massive dumping of US stocks and bonds in London and the rest of Europe. This was London's way of shutting down the Civil War boom that Lincoln's dirigist and protectionist policies had made possible. Instead, a long US depression followed.
* The Panic of 1893 was prepared by the 1890 "Baring panic" in London, caused by the insolvency of Barings Bank, the same one which went bankrupt and was sold off in the spring of 1995. In the resulting depression, the US Treasury surplus was reduced to almost nothing, and a budget defecit loomed. Using this situation as a pretext, British speculators drove the exchange rate of the dollar down to the point where owners of gold began exporting their gold to London. Treasury gold stocks dipped below $100,000,000, and then kept falling to $68,000,000; US national bankruptcy threatened. In response to this crisis, subversive President Grover Cleveland gave control of the US public debt to the New York banking houses of Morgan and Belmont, themselves British agents of influence. Cleveland "sold out to Wall Street" by selling US gold bonds to Morgan and Belmont at reduced prices, with the taxpayers picking up the tab; Morgan and Belmont promised to "use their influence" in London to prevent further British bear raids against the US dollar and gold stocks. All of this caused another long depression.......
Revolt426:
Quote from: Revolt426 on July 02, 2009, 11:18:28 AM
www.tarpley.net/29crash.htmBRITISH FINANCIAL WARFARE: 1929; 1931- 33
The ravaged post-war, post-Versailles world of the 1920's provides the main backdrop for the following considerations:
1. The events leading to the Great Depression are all related to British economic warfare against the rest of the world, which mainly took the form of the attempt to restore a London- centered world monetary system incorporating the gold standard. The efforts of the British oligarchy in this regard were carried out by a clique of international central bankers dominated by Lord Montagu Norman of the Bank of England, assisted by his tools Benjamin Strong of the New York Federal Reserve Bank and Hjalmar Schacht of the German Reichsbank. This British-controlled gold standard proved to be a straightjacket for world economic development, somewhat along the lines of the deflationary Maastricht "convergence criteria" of the late 1990's.
2. The New York stock exchange speculation of the Coolidge-Hoover era was not a spontaneous phenomenon, but was rather deliberately encouraged by Norman and Strong under the pretext of relieving pressure on the overvalued British pound sterling after its gold convertibility had been restored in 1925. In practice, the pro-speculation policies of the US Federal Reserve were promoted by Montagu Norman and his satellites for the express purpose of fomenting a Bubble Economy in the United States, just as later central bankers fostered a Bubble Economy in Japan after 1986. When this Wall Street Bubble had reached gargantuan proportions in the autumn of 1929, Montagu Norman sharply cut the British bank rate, repatriating British hot money, and pulling the rug out from under the Wall Street speculators, thus deliberately and consciously imploding the US markets. This caused a violent depression in the United States and some other countries, with the collapse of financial markets and the contraction of production and employment. In 1929, Norman engineered a collapse by puncturing the bubble.
3. This depression was rendered far more severe and, most importantly, permanent, by the British default on gold payment in September, 1931. This British default, including all details of its timing and modalities, and also the subsequent British gambit of competitive devaluations, were deliberate measures of economic warfare on the part of the Bank of England. British actions amounted to the deliberate destruction of the pound sterling system, which was the only world monetary system in existence at that time. The collapse of world trade became irreversible. With deliberate prompting from the British, currency blocs emerged, with the clear implication that currency blocs like the German Reichsmark and the Japanese yen would soon have to go to war to obtain the oil and other natural resources that orderly world trade could no longer provide. In 1931, Norman engineered a disintegration by detonating the gold backing of the pound sterling.
4. In the United States, the deliberate British default of September 1931 led, given the do-nothing Hoover Administration policies, directly to the banking crisis of 1932-33, which closed down or severely restricted virtually every bank in the country by the morning of Franklin D. Roosevelt's inauguration. If Roosevelt had not broken decisively with Hoover's impotent refusal to fight the depression, constitutional government might have collapsed. As it was, FDR was able to roll back the disintegration, but economic depression and mass unemployment were not overcome until 1940 and the passage of Lend-Lease...
......BRITISH DEFAULT: TEN MORE YEARS OF WORLD DEPRESSION
The Gibraltar of British Empire finance had crashed. The old saying, "as safe as the Bank of England" was now a mockery. "It was only vaguely understood, if at all, that at stake was what is called today the 'world monetary system.' It was still a sterling system. The likely alternative to...the gold standard, at the old sterling parity, may have been the breakdown of that system. That is what happened after September, 1931.' [Palyi, p. 86] "The cooperation of the central banks in the 1920's ended in a breakdown of the entire system, having been essentially a cloak that masked the ultimate purpose of its chief ingredient, the gold exchange standard, which was to maintain Britain's gold standard without obeying the rules of the gold standard." [p. 146]
During the 18-month period after the British default, most world currencies also terminated gold payments through external default. Until March, 1933 the US dollar and some of its satellite currencies in central America were able to keep up payments on gold. Otherwise, the gold standard was maintained by a group of countries called the "gold bloc," comprehending France, Holland, Belgium, Switzerland, Italy, Poland, and Estonia. Estonia was forced off gold, and Italy and Poland imposed gold export controls. The Belgian franc was devalued in March, 1935. France imposed a gold embargo in September, 1936. Switzerland and Holland announced devaluations immediately thereafter.
Of the fifty-four nations that had been on the gold standard at some timne between 1925 and 1931, none remained on gold in 1937. The world monetary system had indeed disintegrated. ......
.....BEYOND BREAKDOWN TO DISINTEGRATION
The year 1931 is thus a turning point in the financial history of Europe analogous to 1914 in political-military history: "...because of the profound influence of the war upon the structure of the world's credit system and upon the economic environment in which it operated, 1914-19 was a period that marked the breakdown, rather than the suspension or modification, of the pre-war international gold standard system.......when England suspended the convertibility of sterling in 1931 the international gold standard as a world institution entered into an historical phase which must be described by a stronger term than breakdown. SEPTEMBER 1931 MARKED THE BEGINNING OF ITS DISINTEGRATION." [Brown, p. 1052, emphasis added]
Current historians and economists are fixated on 1929, but there can be no doubt that September 1931 was the more important watershed by far. "Britain's devaluation in 1931 had a psychological and political impact on Europe, and beyond, that can hardly be overestimated. In final analysis, the break-up of the international financial and commercial system was a decisive factor in balkanizing Europe and preparing the ground for World War II." [Palyi, p. 270] Another writer noted that among the "consequences [of 1931] were an increase of international suspicion and hatred, an inflamed nationalism in Europe and, finally, war." [Giuseppi, p. 164] Indeed.
TimeLady:
I don't see what seems to be the actual article linked here yet...
www.rollingstone.com/politics/story/28816321/the_great_american_bubble_machine America2:
Oh the irony - they're pretty much officially part of the federal government now.
vcif:
Quote from: America2 on July 02, 2009, 08:14:20 PM
Oh the irony - they're pretty much officially part of the federal government now.
Just like the House of Cooke. Perhaps revolt's great=great-great-grand-baby will be extolling the virtues of Goldman on the welikelivingonaprisonplanet forum 150 years from now.
The "Civil War Boom" occurred like every other boom - printing of massive amounts of fiat currency. In spite of protectionism which increases consumer costs and decreases wealth. The inevitable bust occurred, as it always does after such massive inflation. As you are currently witnessing in the US. Yeag, it is just that simple.
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Revolt426:
Quote from: vcif on July 02, 2009, 08:35:25 PM
Just like the House of Cooke. Perhaps revolt's great=great-great-grand-baby will be extolling the virtues of Goldman on the welikelivingonaprisonplanet forum 150 years from now.
The "Civil War Boom" occurred like every other boom - printing of massive amounts of fiat currency. In spite of protectionism which increases consumer costs and decreases wealth. The inevitable bust occurred, as it always does after such massive inflation. As you are currently witnessing in the US. Yeag, it is just that simple.
Do you ever stop spewing crap? Another 100% baseless attack as EVERYONE knows, the civil war boom was created by building a massive railway system and advancing agriculture technology. You are a friggen gold worshipping cultist and you have no idea what you are talking about.
The inflation in the recent years after the civil war was obviously because we didn't have to borrrow the currency to fund it from a bank. Furthermore, the Depression that was caused by a 100% about face of Lincoln's policy of monetizing infrastructure lead to DEFLATION and we had a FIAT CURRENCY.
Of course, Goldman Sachs has taken OVER our Government, they aren't "Part of it" they OWN it. That is not "Marxism" that is "Fascism" but you are so keen on ignoring that in your little "Marxist" VS "Free Market" world. Grow up stop acting like a baby.
sharpsteve:
Rollingstone.com Matt Taibbi on how Goldman Sachs has engineered every major market manipulation since the Great Depression
5 parts
Matt Taibbi Breaks Down Goldman Sachs’ Big Scam
tinyurl.com/l523krMatt Taibbi on Goldman Sachs’ Roles in the Housing and Internet Busts
tinyurl.com/nrjrffMatt Taibbi Runs Down Goldman' Sachs Graduates with Government Positions
tinyurl.com/lgemunMatt Taibbi on Goldman Sachs' Powerful Influence
tinyurl.com/m2cksaMatt Taibbi on Goldman Sachs' Excuse
tinyurl.com/kubt6u Revolt426:
Goldman Sachs is gonna create the next Derivative bubble if the Cap and Trade bill passes:
www.larouchepub.com/other/2007/3413carbon_swindle.htmlMarch 30, 2007
Carbon Trade Swindle Behind Gore Hoax
.........But Gore is just one of the most visible parts of the elaborate (and bi-partisan) schemes that have been set in motion under cover of climate change. Gore's personal financial involvement is blatant, especially through Goldman Sachs—a large shareholder of CCX, and in 2004, the creator of Gore's very own London-based hedge fund, Generation Investment Management.
CCX has multiple interconnections with the London-run Intercontinental Exchange, Inc. (ICE), whose subsidiary is the International Petroleum Exchange, the world's largest petroleum futures and options market. The dirty details of ICE and the Great Oil Price Swindle came out extensively at a May 8, 2006 Senate Democratic Policy Committee hearing, where Sen. Carl Levin (D-Mich.) said that futures speculation on the ICE was the driver for adding $20 to 25 to the price of every barrel of oil, causing hardship to industry and households, and suffering to underdeveloped nations. (The report, "The Role of Market Speculation in Rising Oil and Gas Prices," is still posted on Sen. Levin's website).........
....Gore again plugged green markets trading in April 2006, at Oxford University, at the annual Skoll World Forum for Social Entrepreneurship. This was held at the Skoll Centre, set up by Jeff Skoll, the E-bay billionaire, whose Participant Productions funded Gore's propaganda movie, An Inconvenient Truth. Gore pushed carbon swaps and other green investments, along with his co-chairman of Generation Investment Management, David Blood, formerly Chief of Goldman Sachs Asset Management.....
Chicago Climate Exchange
The mechanisms can best be understood by starting with the Chicago Climate Exchange, listed on the Chicago Board of Trade, and the web of figures and entities connected to it. Since CCX was created in January 2003, it has operated as a "voluntary" pilot project, demonstrating that emissions trading can be done, and developing a functioning operation. Its sister organization, the European Climate Exchange (ECX) has been up and running since 2005, as a result of adoption and implementation of the European Carbon Trading Scheme. After action by the European Union, 12,000 European installations are mandatorily trading CO2 and other emissions.
CCX was initiated through a feasibility study funded by the Joyce Foundation in 2000. As CCX describes it, "Members make a voluntary but legally binding commitment to reduce GHG [greenhouse gas] emissions" over set periods, and then trading can take place in standardized units of carbon emissions. Projects to "offset" emissions are reviewed and licensed; farmland, for example, is qualifiable as a carbon sink under certain standards.
Among the 85-plus members of the CCX to date are DuPont, Duquesne Light Co. (owned by Macquarie), Ford, American Electric Power, and Smithfield Foods, plus the state of New Mexico, city of Chicago and other governments. One prominent CCX participant is Green Mountain Energy, run by the Wyly family of Texas, and big moneybags for Bush in the Presidential elections; three Wyly family members each gave $10,000 to the Swift Boat "527 Committee" to slander John Kerry in 2004. Now the Wyly hedge fund, Maverick Capital, has the distinction of being the worst example of tax-evasion in the United States, by using 58 offshore trusts to hide more than $700 million in income from taxation (Feb. 17, 2007 Senate hearing; Sen. Carl Levin).
Approved aggregators of farmland so far are the Iowa Farm Bureau, the Kentucky Corn Growers Association, and others. The Lugar Stock Farm is a participating "Offset Provider." Sen. Richard Lugar (R-Ind.) boasts that he was the first farmer in his state to sign up. The going rate per unit of carbon emission is about $3.65 (see http://www.chicagoclimatex.com).
The founder and chairman of CCX is none other than Dr. Richard Sandor, considered one of the fathers of derivatives and futures. He concocted weather futures, earthquake futures, Ginnie Mae futures, and others, and has been working overtime in recent years on the new carbon offset "instruments for transaction." Sandor is a director on the board of London International Financial Futures Exchange (LIFFE), the largest derivatives trading market in London and many other boards.
Getting financing to start up CCX is credited to one Neil Eckert, who at the time was CEO of the firm Brit Insurance, which is in the orbit of Eagle Star Insurance, Ltd., a keystone of the inner core British City of London. The former CEO of Eagle Star Insurance, Clive Coats, now heads up Brit Insurance, and Mr. Eckert has moved on to be CEO of Climate Change Plc, the holding company for CCX and ECX.
Sandor has been hyperactive in lining up participation in these carbon casinos. In March this year, he addressed the annual convention of the National Farmers Union in Orlando, Florida, praising the progress being made on methods of carbon sequestration, and the benefits of trade in carbon credits. He said that there is vast opportunity for international growth in "market-based climate change mitigation." In Fall 2006, the NFU launched its Carbon Credit Program.
As for who owns CCX, according to filings it made between Feb. 6, 2007 and March 14, 2007, the three largest beneficial owners are, with their percent of CCX shares owned: Goldman Sachs Holdings, Inc., 17.87%; Harbinger Capital Master Fund I, 10.4%; Black Rock Investment (i.e. Blackstone Group), 8.95%.
The Board of CCX includes Maurice Strong, and Stuart Eizenstat. Eizenstat, who held posts under President Jimmy Carter and subsequent Administrations, led the U.S. delegation to the 1997 Kyoto Protocol conference on global warming.
Maurice Strong has made an international career in service of financial rip-offs in the name of the environment. In the 1970s, he became first Executive Director of the United Nations Environment Program. In 1992, he was the Secretary-General of the United Nations Conference on Environment and Development (UNED)—known as the Earth Summit. Out of this, the first World Business Council for Sustainable Development (WBCSD) was created, at Strong's instigation. Then in 1999, the WBCSD, in cooperation with UNCTAD, set up the International Emissions Trading Association to push for the greenhouse gas (GHG) market.
In 1992, the same year as Strong's conferencing for "sustainable" business, Richard Sandor co-authored a UN Conference on Trade and Development study, pushing for international trade in emissions. Already, the U.S. market for trading allowances in sulfur dioxide emissions (among 110 power plants) had been launched, under the Bush Administration's 1990 Clean Air Act (Title Four). Sandor told the Wall Street Journal that year, "Air and water are no longer the free goods that economics once assumed. They must be redefined as property rights so that they can be efficiently allocated."
At the time, Sandor was a Director of the Chicago Board of Trade, and an Executive Managing Director for Kidder Peabody, where he pioneered Collateralized Mortgage Obligations (CMOs)—the precursor of the innovative home mortgage securities blowing out today. At one point in the mid-1990s, Kidder Peabody alone had bought up 28% of all CMOs—earning the sobriquet "nuclear waste disposal." Then, when the CMO market burst, threatening the entire financial system, Kidder Peabody was shut down and sold off in parts.
ICE—Global Emissions Speculation
Following the trail of super-speculator Richard Sandor brings out the full scope of the carbon cap-and-trade bubble potential. Two months before launching CCX, Sandor joined the Board of Directors of the Intercontinental Exchange Inc. (ICE), in November 2002, which entity had already acquired the International Petroleum Exchange (IPE) a year before. This placed Sandor in the league of historic commodity rip-offs, going back to the British and Dutch East India companies—entities Sandor has praised explicitly. The Chairman of IPE since 1999, is Sir Robert Reid, chairman and CEO of Shell U.K. Limited from 1985 until 1990, after spending most of his career at Shell.
On Sept. 7, 2004, the ICE released a statement which in its own words, indicates the scope of the strategic transatlantic carbon trading operations, headlined, "CCX and IPE Sign Co-Operation and Licensing Agreement for EU Emissions Trading Scheme/Chicago Climate Exchange Sales and Marketing Subsidiary To Be Based in Amsterdam."
The release states that, "Chicago Climate Exchange, the world's first multi-national and multi-sector marketplace for the reduction and trading of greenhouse gas emissions, and the International Petroleum Exchange (IPE), Europe's leading energy futures and options exchange, announced today the signing of a cash and futures contracts in European Climate Exchange (ECX) Carbon Financial Instruments (CFI)....
"Under the agreement, a series of futures contracts on ECX, CFIs relating to the EUR Emissions Trading Scheme will be launched by the end of the year, with cash products to follow in early 2005. Both the cash and futures products will be listed by the IPOE and traded on the IPE's electronic platform, under licenses from CCX. It is intended that the products will be cleared by LCH.Clearnet, Ltd.
"In conjunction with this significant agreement, CCX announced the establishment of its wholly owned subsidiary ECX, which will serve as a sales and marketing office headquartered in Amsterdam.
"Dr. Richard L. Sandor, Chairman and CEO of CCX, said "Exchange-traded spot and futures contracts on ECX CFIs will facilitate trading for compliance with EU laws, and will being this market the liquidity it needs to operate efficiently. This agreement positions CCX as a global leader in emissions trading, and complements IPE's leadership in the European energy markets."
Thus, a single, integrated speculation machine is ready and waiting for the U.S. Congress to mandate emissions controls, and make way for the "market."
ICE, though juridically located in London, is headquartered in Atlanta, operating as a de jure off-shore agency. "No-action letters" between the Bank of England and the U.S. Commodity Futures Trading Commission, protect the ICE from any form of regulation or record-keeping required by American agencies. ICE is thus literally a British "offshore financial center." The 2006 Senate Democratic Policy Report calling for forcing regulation of the ICE, was subtitled, "Put a Cop Back on the Beat."
Among the latest developments, ICE is making a play for acquiring the Chicago Board of Trade.
Who are the major owners of ICE? The major Anglo-Dutch financial entities. According to ICE's 2006 filings with the SEC, as of Sept. 30, 2005, with percent of ICE shares owned: Morgan Stanley Capital, 11.62%; Goldman Sachs Group, 11.59%: Total Investments USA Inc., 8.12%; BP Products, 7.59%.
Others include Duke Energy, AEP, Continental Power Exchange, Societe Generale Financial Corp.
Rohatyn/Shultz Bum's Rush Is On
This then is the context for the many front groups and political patsies leading the bums' rush for governments to mandate carbon-emission reductions and unleash the "markets." On Jan. 22, 2007, in Washington, D.C., the "United States Climate Action Partnership" (USCAP) announced itself, consisting of ten major corporations including Lehman brothers, Duke Energy, DuPont, Florida Power & Light, BP America, Alcoa, Caterpillar, General Electric, Pacific Gas & Electric, and PNM Resources. They released a "Call to Action," which, in global warming lingo, "lays out a blueprint for a mandatory economy-wide, market-driven approach to climate protection" (see http://www.us-cap.org).
The World Bank is also on the bandwagon in a big way, led by WB president Paul Wolfowitz since 2005, when he moved in from the Bush-Cheney Administration. The World Bank has a Carbon Finance Organization (www.carbonfinance.org), working as part of the International Emissions Trading Association, to further carbon markets. Wolfowitz personally spoke on Feb. 14 in Washington on global warming, making the pitch that underdeveloped nations can expect to see a flow of some $100 billions from the developed nations, if carbon-reducing schemes are allowed to proceed in the markets.
The Felix Rohatyn wing of the operation is seen in Lehman Brothers participation. Lehman's CEO, Richard Fuld is their spokesman on environmental economics. Fuld's advisor is Rohatyn, whose long career as "bankers' dictator" has specialized in forcing governments to submit to private financial dictates.
The Lehman/USCAP has supplied witnesses all over Capitol Hill in February and March, lobbying for government action on mandatory carbon control. On March 20, a day before Al Gore's celebrity appearance in Congress, the CEOs of Duke Energy and PNM Resources testified to the House Energy Committee that they supported a cap-and-trade program.
The George Shultz wing of the carbon swindle, operating throughout, is most visible in its front-man, Arnold Schwarzenegger. He appeared by satellite at a March 13 press conference at No. 10 Downing Street, along with Chancellor Gordon Brown and Environment Minister David Miliband, to announce a new British legislative proposal to radically extend carbon trading in Britain, even beyond what's up and running in the European Union. This is a precursor for "global carbon markets."
On March 15, Schwarzenegger's Secretary of Environmental Protection, Linda S. Adams, testified to the House Energy Committee on all the initiatives of Schwarzenegger, especially for carbon trading. "I am pleased to announce that on Feb. 26, 2007, Governor Schwarzenegger joined with the governors of Arizona, New Mexico, Oregon, and Washington to sign an historic memorandum of understanding that commits these five Western states to jointly develop a regional greenhouse gas emissions cap and a market-based trading system in our region." In March, Schwarzenegger and British Columbia committed to working together on emissions reductions, as part of a Pacific bloc of states.
A counterpart bloc exists in the Northeast, of ten committed or member states, to trade electricity sector GHG emissions, named the Northeast Regional Greenhouse Gas Initiative.
At the Federal level, Sens. John McCain (R-Ariz.) and Joe Lieberman (I-Conn.),the leading bipartisan warmongers, have been the leading bipartisan GHG markets advocates. Since 2003, they have repeatedly filed joint bills to cap emissions and launch GHG markets. Their 2007 version, filed in January, is S. 280. In an article they co-authored in the Los Angeles Times, Jan. 8, 2003, titled, "Tap U.S. Innovation To Ease Global Warming," McCain and Lieberman wrote the format line that, "Global warming is a serious threat. There is overwhelming evidence that increasing amounts of carbon dioxide and other greenhouse gases are heating up the Earth's climate and that inaction could be disastrous.... One way to limit the release of greenhouse gases is a simple but powerful idea called 'cap and trade,' which is at the core of a bill we are introducing in the Senate.... The 'cap and trade' system is a constructive, business-friendly approach to countering global warming...."
Thus, the intent is evident for the Shultz/Rohatyn supranational financial networks, to impose their green swindle schemes, either through, or despite, an ineffectual Congress.
On March 15, Schwarzenegger's Environmental Protection Secretary Adams demurely informed chairman John Dingell's House Energy and Commerce Committee, "In October 2006, the Governor issued an Executive order (S-20-06), calling on the Air Resources Board to develop a multi-sector, market-based compliance system that could permit trading between the European Union Trading System and the Northeast Regional Greenhouse Gas Initiative and others. It also called on me to create a Market Advisory Committee of national and international experts to advise...on the design of such a market-based compliance system...."
America2:
How credible is Lyndon Larouche?
The reason why I'm asking is b/c on other MBs, when others post his stuff on there, others will point him out as someone who stirs up hatred et al.
Just want to make sure, that's all.(i.e. maybe they're CointelPro agents on those other MBs?)
Revolt426:
Quote from: America2 on July 03, 2009, 01:17:50 AM
How credible is Lyndon Larouche?
The reason why I'm asking is b/c on other MBs, when others post his stuff on there, others will point him out as someone who stirs up hatred et al.
Just want to make sure, that's all.(i.e. maybe they're CointelPro agents on those other MBs?)
I think most of his historic stuff is credible. That doesn't mean his political views are...
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forum.prisonplanet.com/index.php?topic=114224.20;wap2 ROLLING STONE: Goldman Sachs behind every major market crash since 1920s
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Revolt426:
Just thought it was interesting considering the thread title is about Goldman Sachs rigging bubbles. They appearently own part of everything
America2:
Quote from: Revolt426 on July 03, 2009, 01:19:52 AM
I think most of his historic stuff is credible. That doesn't mean his political views are...
OK Thanks! Didn't mean to derail this thread a bit, but like I was saying in other threads(and Sane mentioned this), CointelPro agents have swarmed numerous MBs like cockroaches over the last year.
America2:
Quote from: Revolt426 on July 03, 2009, 01:23:07 AM
Just thought it was interesting considering the thread title is about Goldman Sachs rigging bubbles. They appearently own part of everything
Yeah - they sure do have alot of power. I mean they've been part of the government for quite some time now, only difference being Obama OFFICIALLY made them part of the gov recently.
Ghost in the Machine:
woops sorry didnt know I hijacked your trend lol...
sharpsteve:
Quote from: Ghost in the Machine on July 03, 2009, 02:20:03 AM
woops sorry didnt know I hijacked your trend lol...
No Problem it happens sometimes.
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forum.prisonplanet.com/index.php?topic=114224.25;wap2 ROLLING STONE: Goldman Sachs behind every major market crash since 1920s
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bigron:
Taibbi: New Secrecy Rule Lets Goldman Sachs Control Stock Prices Unmolested by Public Scrutiny
The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain.
By Daniel Tencer, Raw Story
Posted on July 6, 2009, Printed on July 6, 2009
www.alternet.org/story/141106/The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading -- a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.
The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs’ role in asset bubbles over the past century has rocked the financial world.
According to previous NYSE rules, any company that carried out program trading -- essentially, large computer-automated trades worth more than $1 million -- had to report the trades to the NYSE, which then made the information publicly available.
But, under new regulations (PDF) published last week, that requirement has been removed.
"The NYSE announced that it will no longer be releasing its weekly program trading data," Taibbi wrote in a blog posting. "This is quiet obviously a move designed to make it even more impossible to track what’s going on in the NYSE and shield, in particular, Goldman Sachs."
Taibbi argues that the move is designed to protect investment banks from bloggers who are exposing the companies’ stock market manipulations. Goldman Sachs is singled out because the investment bank’s share of principal NYSE trading has gone from 27 percent at the end of 2008 to fully 50 percent of trades in recent months.
Blogs such as Zero Hedge have been using NYSE data to argue that Goldman Sachs now has an almost unfettered ability to control stock prices.
Responding last week to news of the NYSE’s rule change, Zero Hedge argued:
The NYSE has taken action to make sure that nobody will henceforth be able to keep track of the complete dominance that Goldman Sachs exerts over the New York Stock Exchange. This basically ends our weekly Program Trading updates disclosed every Thursday indicating that Goldman has singlehandedly captured all of NYSE’s program trading.
Taibbi’s article on Goldman Sachs’ long history of involvement in asset bubbles and crashes can be found here.
Matt Taibbi is a writer for Rolling Stone.
© 2009 Raw Story All rights reserved.
View this story online at:
www.alternet.org/story/141106/ bigron:
The Great American Bubble Machine
From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again
By Matt Taibbi
informationclearinghouse.info/article23009.htmJuly 09, 2009 "Rolling Stone" -- July 02, 2009 --- 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. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who's Who of Goldman Sachs graduates.
By now, most of us know the major players. As George Bush's last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton's former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup - which in turn got a $300 billion taxpayer bailout from Paulson. There's John Thain, the rear end in a top hat chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibillion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain's sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden parachute payments as his bank was self-destructing. There's Joshua Bolten, Bush's chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York - which, incidentally, is now in charge of overseeing Goldman - not to mention ...
But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain - an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.
The bank's unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere - high gas prices, rising consumer-credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you're losing, it's going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it's going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth - pure profit for rich individuals.
They achieve this using the same playbook over and over again. 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. Finally, when it all goes bust, leaving millions of ordinary citizens broke and starving, they begin the entire process over again, riding in to rescue us all by lending us back our own money at interest, selling themselves as men above greed, just a bunch of really smart guys keeping the wheels greased. They've been pulling this same stunt over and over since the 1920s - and now they're preparing to do it again, creating what may be the biggest and most audacious bubble yet.
If you want to understand how we got into this financial crisis, you have to first understand where all the money went - and in order to understand that, you need to understand what Goldman has already gotten away with. It is a history exactly five bubbles long - including last year's strange and seemingly inexplicable spike in the price of oil. There were a lot of losers in each of those bubbles, and in the bailout that followed. But Goldman wasn't one of them.
IF AMERICA IS NOW CIRCLING THE DRAIN, GOLDMAN SACHS HAS FOUND A WAY TO BE THAT DRAIN.
BUBBLE #1 - THE GREAT DEPRESSION
Goldman wasn't always a too-big-to-fail Wall Street behemoth, the ruthless face of kill-or-be-killed capitalism on steroids - just almost always. The bank was actually founded in 1869 by a German immigrant named Marcus Goldman, who built it up with his son-in-law Samuel Sachs. They were pioneers in the use of commercial paper, which is just a fancy way of saying they made money lending out short-term IOUs to small-time vendors in downtown Manhattan.
You can probably guess the basic plotline of Goldman's first 100 years in business: plucky, immigrant-led investment bank beats the odds, pulls itself up by its bootstraps, makes shitloads of money. In that ancient history there's really only one episode that bears scrutiny now, in light of more recent events: Goldman's disastrous foray into the speculative mania of pre-crash Wall Street in the late 1920s.
This great Hindenburg of financial history has a few features that might sound familiar. Back then, the main financial tool used to bilk investors was called an "investment trust." Similar to modern mutual funds, the trusts took the cash of investors large and small and (theoretically, at least) invested it in a smorgasbord of Wall Street securities, though the securities and amounts were often kept hidden from the public. So a regular guy could invest $10 or $100 in a trust and feel like he was a big player. Much as in the 1990s, when new vehicles like day trading and e-trading attracted reams of new suckers from the sticks who wanted to feel like big shots, investment trusts roped a new generation of regular-guy investors into the speculation game.