Former Assistant Treasury Secretary: 'The Treasury Works for Goldman Sachs'

Continuing the series of sunny summer day bloggin' lite, please enjoy the video below.

For those busy with saving the world from its banks' irresponsibilities, read the quotes and find yourself in a financial world bare of any Chinese walls.
It's all run and done' by Goldman Sachs (GS), with the help of the Treasury:

Craig Roberts(Assistant Secretary of the Treasury in the Reagan Administration): ... Bank bailout was a fraud and it won't succeed. Don't know what sort of stupidity the Treasury Secretary and the Federal Reserve will resort to next.

Max Keiser: Quick question. What should the Treasury Secretary be doing?

Craig Roberts: He should be trying to save the dollar as the world's reserve currency which means stopping the wars, reducing the bailout money, and trying to reduce the trade and budget deficits in order to save the dollar. That's what he should be doing.

Max Keiser: Does the treasury secretary work for the people or does he work for the banking system on Wall Street?

Craig Roberts: He works for Goldman Sachs.

Hat tip goes to Michael Shedlock

Comments

[Clive Corcoran:]

What better recommendation could one hope for to get long GS.

Jul 10 06:29 AM

[nobby73:]

Wall Street has been consuming the US economy from the inside for decades. They take from the pension funds, from the corporations and private investors. Yes, they offer a service, but why can't people put the equation together? Trading is a nil sum game and when they are making monster profits, everyone stands around saying "kudos to them, aren't they smart," without thinking who is on the other side of the trades. Well, it's you, you are just too naive to notice. Then, one day, you will look at your 401k and your investment portfolio and wonder why it's not done better, while the banker is living it up with the winnings.

And what's worse, when they do screw up and lose money, the taxpayer is the one who bails them out.

Jul 10 07:33 AM

[Michael Clark:]

We're all sick of it -- no question. You'll find some defenders of the banks on these boards -- people who think they are defending capitalism. But thieves congregate in both high and low places. Let's not pretend that this didn't happen. America has a banking crisis every generation -- a banking crisis CAUSED by thieving bankers. It's bad enough that they make their living sitting on their butts loaning out their money at usually very high rates. Now, if they're not making a killing with high rates, they have to find another way to cheat and steal. Apparently 10 houses, 3 yachts, and 15 different national governments are not enough. They seem to always have to have MORE.

Put 100 more white collar thieves in life like Madoff if they are guilty of ruining people's lives. Send a message: you con't have a 'Get out of Jail Free Card' just because you're a billionaire.

Let's make HONESTY our highest national virtue, not wealth.

Jul 10 08:08 AM

[Michael Clark:]

If they are 'too big to fail' they are too big. Remember what happened to ITT? Get out the carving knife and carve them up, sell their pieces in the market place. The break-up of ITT into smaller units DID NOT destroy capitalism -- it vitalized it.


On Jul 10 06:29 AM Clive Corcoran wrote:

> What better recommendation could one hope for to get long GS.

Jul 10 08:11 AM

[john s. gordon:]

stopping the wars is everybody's business, not just the treasury's. thank you messrs. bush, cheney, rumsfeld, wolfowitz etc.
stories abound of GS frontrunning the market since they have direct pipeline to various govt agencies. no wonder they are so profitable. they are skinning you & me.
> jack

Jul 10 08:23 AM

[rporter1@fu...:]

And our President, who was initially fired up to "slay the dragon" has since semi-abandoned the idea, finding out first-hand who the boss is and who runs things. Now he is diverting attention by spending money: health care and energy fiascos, pawning off the real problems to his underlings so they can take the blame when it goes wrong. Bah!

Jul 10 09:55 AM

[Jimbo:]

I fear that a third party will split the vote and allow one of the two existing corrupt parties to slide into office once more. How does the public organize to defend itself?

Jul 10 12:20 PM

[Chancer:]

If 40% of the country is "really" conservative, you could start a union:

American Brotherhood of Conservatives

Members vote on a platform of issues and policies. If Republican candidates want your support (of voting block), they sign on; if not, your voting block support other (third) parties.

Unions are in vogue. If you can't beat 'em, join 'em. Form your own. The biggest union, lobby, special interest group, and voting block in the country.


On Jul 10 12:20 PM Jimbo wrote:

> I fear that a third party will split the vote and allow one of the
> two existing corrupt parties to slide into office once more. How
> does the public organize to defend itself?

Jul 10 08:54 PM

[semperpax:]

Republicans are not conservatives, just spend, spend, spend Democrats under another name. There's not a dime's worth of difference between them.

Jul 13 08:45 AM