Neil459

Goldman Sachs (GS) spokesman Lucas van Praag responds to the New York Times' questions about its exposure to AIG (AIG), pre bailout. While admitting that "a collapse of AIG would have had a very disruptive effect on the financial system, and that everyone benefited from the rescue of AIG," he maintains - despite evidence to the contrary - that Goldman's exposure "was close to zero."

Lucas probably believes what's good for GS is good for the country. Its time we proved him wrong!

New Consensus on Economic Stimulus

Chris, it won't happen until people realize that Washington is corrupt in spite of what politician's say or believe. Instead, if the politician pretends to support a persons pet cause that same person immediately thinks the politician can do no wrong. How stupid. And its killing America.

Its time to quite supporting corrupt politicians no matter the party no matter the ideology. Until then, America is in decline.

Let the debate begin: Senators Lincoln and Landrieu indicate they'll vote Yes on the motion to debate the Senate health care bill. Both also say they won't vote for cloture on the bill unless the debate process leads to further concessions, especially on the public option. But post-debate, the bill only needs 50 votes to pass. (via)

The watchdogs are supposed to the be the mass media. But they have abdicated their responsibility and deserve to be closed down. I hope every journalist loses their job and every media middle manager has to declare bankruptcy.

Moody's threatens New York state's Aa3 credit rating if it doesn't cut spending to address a $3.2B deficit. The rating is stable for now, assuming cuts go through and that revenue from Wall Street bonuses exceed the state's projections.

Ever wonder why NY Attorney General does not investigate Moody's for improper analysis? Guess we now know.

“We participated in things that were clearly wrong and have reason to regret. We apologize.” - Goldman Sachs (GS) CEO Lloyd Blankfein, saying the bank is sorry for its role in the financial crisis.

"Sorry", is right out of the democrat playbook. If you get caught, its not a problem as long as you apologize. I, for one, do not buy it.

Prove your sorry and fire some people and help the DOJ put some in jail. Then, and then only maybe, I'll believe it.

Goldman Sachs' (GS) PR initiative takes another step, as sources say the bank is teaming with Warren Buffett to provide assistance to 10,000 small businesses. The program, which would range from counseling to funding, could be announced formally today.

Must of run out of opportunities with the big guys and now its time to move rape and pillage down the food chain.

Debt didn't get out of hand because the system was broken, says James Surowiecki; it got out of hand because the system worked. The tax code nudges people and companies toward borrowing, but the benefits of those deductions may be an illusion (and the costs still real).

On Nov 16 07:47 PM User 501372 wrote:
> Yes, the world economy fueled by debt. Debt on the backs of common
> people most everywhere. Socialize the debt and privatize the profits!
> What ideology fuels this?

Fascism.

After a sensible call for a jobs summit, "President Obama’s Herbert Hoover-like alter ego has re-emerged again to warn us again about the evils of government deficit spending." An argument why deficit terrorism isn't the answer.

On Nov 14 01:05 PM market mojo wrote:
> Explain how please.
> On Nov 14 10:51 AM Windsun33 wrote:

By being a greedy lier.

After a sensible call for a jobs summit, "President Obama’s Herbert Hoover-like alter ego has re-emerged again to warn us again about the evils of government deficit spending." An argument why deficit terrorism isn't the answer.

On Nov 14 12:41 PM Machiavelli999 wrote:
> "Lets take our medicine and reduce the deficit. "
> Sigh...again is it that hard to realize that if we reduce the deficit
> right now it will basically involve massive cutting of spending.
> By definition it would actually take more than a trillion dollars
> in cuts. Now, what do you think would happen if we pull a trillion
> dollars out of this economy right now.

So a few Congressman and a few wall street types take a cut in the graft they are receiving via Congress, President, and Adminstration and belonging to the tax payers. I don't see a real downside.

After a sensible call for a jobs summit, "President Obama’s Herbert Hoover-like alter ego has re-emerged again to warn us again about the evils of government deficit spending." An argument why deficit terrorism isn't the answer.

On Nov 14 10:36 AM Mike from NYC wrote:
> With your myopic vision you would have us believe that Obama created
> all the deficits and all the problems facing the USA in less than
> one year.
>
> For more than 30 years failed leadership, both political and economic,
> has led us to this point in time.

Yet some would still see government as the solution, when it fact it was the cause of the problem. Anyone that thinks the government can fix this, is just asking for more of the same. We need to get back to basics and get government out of our lives.

Give 'em enough rope and financial regulators will always do the wrong thing, writes Steve Randy Waldman. We need a structure where banks are universally small - not necessarily in balance sheets, but in exposure to the system.

On Nov 14 10:00 AM Angel Martin wrote:
> Bubbles, crashes, panics, seem to be inevitable. The way to best
> prepare for them seems to be: less corporate, household and government
> debt, and conservative asset allocation

Finally some common sense. This can fixed by setting higher capital and lower leverage requirements. Put the bank owners at risk instead of tax payers and guess what? They won't take the risk. Congress could have averting this whole mess, but instead think most voters are idiots and will believe that it was the evil banks that caused the problems, not the bought off congress.

Its time to stand up and let Congress know that propaganda will not fix the problem. They need to go.

The FBI arrests two of Bernard Madoff's computer programmers. Prosecutors say they found handwritten notes in one's desk from 2006 saying "I won’t lie any longer. Next time I say, Ask Frank," a reference to Madoff lieutenant Frank DiPascali.

On Nov 13 11:11 AM Graham and Dodd Investor wrote:
> Looks like another case of the Feds chasing whom they "can" get,
> rather than those whom they "need" to get.

While exactly true, anyone that was complicit and knew what was going on should go to jail. Otherwise, people will keep hiding these scams. This goes all the way down to the janitor and the cafeteria clerk. That does not imply they should be railroaded, there has to be proof they knew and a handwritten note is enough proof for me.

The balance of trade, ex-OPEC and China, has actually improved - suggesting that the fixes are resolving the deficit with China and reducing the oil bill. With Obama and Geithner in Asia, oil is the issue not getting a lot of attention, but it will if crude prices rise once more. (earlier)

What fixes, destroying the American economy? More journalistic misconduct, call destruction a fix and most readers will just let it go and say "oh yeah". Then read the article and it does not at all suggest that the fixes are resolving anything. A low point for whatever seeking alpha author generated this Market Current.

China's newest stockpile: coal.

I wonder how many carbon offsets they are buying from Mr. Al Gore.

Goldman Sachs upgrades Goodyear Tire (GT) to Buy on improved pricing (supported by the safeguard tariffs). The stock has dropped 20% since some weak guidance in its earnings report Oct. 28; [[GT]] +5.1% premarket.

GS has bought enough of the stock and its now time for a little run-up so it can unload.