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Does Obama work for Goldman Sachs?

A

angellous_evangellous

Guest
itwillend said:
We received a ltter two nights ago, there is NO help available to us, and to consider foreclosure. I was like WTF? That's it? I just spend a year filling paper work out, being told over and over, I am a perfect candidate for the programs, only to be told by simple paper with no details I am denied and good luck.

Obama is responsible for that. The buck has to stop with him, you disagree apparently, and believe he is clean in all of this. After enough research in Goldman affairs and Obama relations with them, I can't just assume he is clean anymore.

I personally think he is scared, and can't really do anything about it.
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Yeah, that sucks.

But shaking your fist at Obama is just nuts. Goldman-Sachs would have made money no matter what. They bet for the market and against it, and borrowed money from the government - which they paid back with interest - and made a little more money. They didn't want the economy to fail - they would have benefitted far more if the economy were stable and slowly growing.

I don't know if Obama is "clean" in all this, but he's doing far more than any Republican would have done (raising corporate taxes), and working together with Congress to make sure that it doesn't happen again (regulation of financial institutions). I suspect that the financial institutions and Republicans will kick and scream throughout the entire process.
 
Just_me_Mike

Just_me_Mike

Well-Known Member
angellous_evangellous said:
They didn't want the economy to fail - they would have benefitted far more if the economy were stable and slowly growing.
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Have to quickly reply to this. This is where you are a bit misinformed.
Goldman was the only one left during the major part of the crisis with money, almost 30 or 40 billion dollars. They instantly bought up as many things as they could, cause no other banks had money, or were failing.

They bought mortgages (like mine) and anything else that was available cheap. They did a sweeping purchase. And since have recorded record profits.

So for you to say they would have profited more with a stable economy, I can't help but think of how much Haliburton would have profited from Iraq without the war?

You see, in a stable environment they had much competition, but now next to no competition. Sure maybe a coincidence, cause I don't want to be coined a conspiracy nut, but...

Also, you mention it as if it wasn't such a bad transaction, they borrow money they pay it back, make a little money, no big deal. However, it wasn't like that. They went to congress and said if you don't give us this money everything will fail, then they rushed congress to give the money out.

When they got the money, the immediately bought up so many things that were cheap, at the expense of Americans, and profited from pensions, and homes, and the things that we value the most. So yeah, it was easy to pay back the loan, they just crippled all there competition, bought major assets at ten cents on the dollar, and are now reporting record profits.

Obviously from my perspective it appears the same as war profiteering, but this is economic profiteering. One kills our soldiers and children, the other starves them.
 
A

angellous_evangellous

Guest
itwillend said:
Also, you mention it as if it wasn't such a bad transaction, they borrow money they pay it back, make a little money, no big deal. However, it wasn't like that. They went to congress and said if you don't give us this money everything will fail, then they rushed congress to give the money out.
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They paid the money back at 23% interest. That is amazing to me - almost no investment gets that kind of return.

Another note: a bet against sub-prime loans does not amount to a desire for an unstable economy.

No one knew - well, almost no one (I forget who the guy was that bet against the insurance and derivative trades is) - knew that the sub-prime market would bring the entire finance industry to its knees.
 
Reverend Rick

Reverend Rick

Frubal Whore
Premium Member
First thing, signing a variable rate mortage was not the smartest move a person could make. I'm sure that fact is painfully obvious to you by now.

Second thing, real estate prices have dropped. I don't know your situation, but I am guessing you have very little equity left in your home.

My advice is to chalk it up as a lesson learned. Now, if you bankroll your two thousand a month and squat in the property as long as possible, you could have a sizable nest egg when you have to move on with your life.

Your credit will take a while to recover, but many properties can be bought for a discount and many sellers will make a land contract deal WHERE YOU DON'T NEED CREDIT. The housing market may take longer to recover than we think and you may be able to repair your credit before home prices become unobtainable in the future.

At the very least, there are plenty of rental properties available at a discount and if the home values stay stagnant, you may not miss out on any equity you would have enjoyed if you could keep your home.

I have two words of advice for you in the future: FIXED RATE.
 
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A

angellous_evangellous

Guest
tumbleweed41 said:
Guess who's not "To big to go to jail"?

t r u t h o u t | Lawmakers to Holder: Goldman, Other Firms Aren't "Too Big for Jail"
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Personally, I think that they should be hanged - like the Chinese do today, and they don't waste time with it, either.

note: http://en.wikipedia.org/wiki/Crimes_punishable_by_death_in_the_People%27s_Republic_of_China#Crimes_of_Disrupting_the_Order_of_Financial_Administration

Or we can do it like the Romans and confiscate all their property, kill their families in front of them, blind them so it's the last thing that they see, and then drop them off on a deserted island.
 
A

angellous_evangellous

Guest
Reverend Rick said:
Does Obama work for Goldman Sachs?

I don't believe Barack Obama has ever held a real job, so the answer is no. :no:
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:biglaugh:

http://en.wikipedia.org/wiki/Obama#University_of_Chicago_Law_School_and_civil_rights_attorney
In 1991, Obama accepted a two-year position as Visiting Law and Government Fellow at the University of Chicago Law School to work on his first book.[41] He then served as a professor at the University of Chicago Law School for twelve years—as a Lecturer from 1992 to 1996, and as a Senior Lecturer from 1996 to 2004—teaching constitutional law.[42]

From April to October 1992, Obama directed Illinois's Project Vote, a voter registration drive with ten staffers and seven hundred volunteer registrars; it achieved its goal of registering 150,000 of 400,000 unregistered African Americans in the state, and led to Crain's Chicago Business naming Obama to its 1993 list of "40 under Forty" powers to be.[43] In 1993 he joined Davis, Miner, Barnhill & Galland, a 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004, with his law license becoming inactive in 2002.[44]
From 1994 to 2002, Obama served on the boards of directors of the Woods Fund of Chicago, which in 1985 had been the first foundation to fund the Developing Communities Project, and of the Joyce Foundation.[29] He served on the board of directors of the Chicago Annenberg Challenge from 1995 to 2002, as founding president and chairman of the board of directors from 1995 to 1999.[29]
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Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
itwillend said:
Full Article
http://www.nytimes.com/2008/10/19/business/19gold.html

A little research shows that many of the economic team made by Obama, in fact are ex-Goldman Sachs. If not directly, they have very close ties and interests in Goldman.

Goldman was the biggest contributor to Obama as president, almost 1 million dollars.

Goldman single handedly collapsed all it's competition in Wall St, and then asked for a bailout. With that bailout money they bought all the assetts, like houses and so forth that were undervalued, because no other banks had any money. Now they own just about everything. Where did they get this money to do that? Our pocket. When they profited off buying all these assets, did the American people get any interest for loaning it to them? Nope. :no:

Obama not only allowed this to happen, he hired the guys to do it.

Anyone think Obama is innocent in all this?
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Obama cashed his paycheck.
If he has any integrity, he'll perform....& it appears that he's doing just that.
Is there any surprise that he's continuing Bush's giveaways to the financial industry?
 
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