After thoroughly exposing Goldman Sachs as a “giant vampire squid” in his recent Rolling Stone article “The Great American Bubble Machine,” Matt Taibbi follows it up with a must-read response to the news of Goldman’s record profits and impending bonus bonanza. You can check out the whole take-down on his blog over at True/Slant, but here’s a quick preview:
“Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal.
We constructed this massive bailout infrastructure, and instead of pumping that free money back into the economy, the banks instead simply hoarded it and ate it on the spot, converting it into bonuses. So what does this Goldman profit number mean? This is the final evidence that the bailouts were a political decision to use the power of the state to redirect society’s resources upward, on a grand scale. It was a selective rescue of a small group of chortling jerks who must be laughing all the way to the Hamptons every weekend about how they fleeced all of us at the very moment the game should have been up for all of them.”
What the hell are they going to do when they’ve drained the tax-payers drier than a Mormon on Sunday, start harvesting our organs?
And what’s it going to take for people to get outraged enough to actually fight back against this monumental extortion? Well, getting more guys like this on American TV programs would certainly be a good start…
DISCLAIMER: I know we already have plenty of name-calling, fire-breathing populists like Glenn Beck and Bill O’Reilly on the air, but this guy actually knows what he’s talking about. Big difference.