Monday, December 14, 2009

Goldman Sachs: The Bubble Maker

I'm a big supporter of capitalism.  But over the past few years capitalism has been given a bad name.  Dig a little deeper than the headlines though and you'll realize that what's bad isn't capitalism but the corruption of the government by a few nefarious companies.  As Matt Taibbi explains, Goldman Sachs, appears to be one of the biggest culprits.

Here's a snippet:

"Well, you might say, who cares? If cap-and-trade succeeds, won't we all be saved from the catastrophe of global warming? Maybe — but capandtrade, as envisioned by Goldman, is really just a carbon tax structured so that private interests collect the revenues. Instead of simply imposing a fixed government levy on carbon pollution and forcing unclean energy producers to pay for the mess they make, cap-and-trade will allow a small tribe of greedy-as-hell Wall Street swine to turn yet another commodities market into a private taxcollection scheme. This is worse than the bailout: It allows the bank to seize taxpayer money before it's even collected."

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