The Great American Bubble Machine Popular music magazine Rolling Stone is reporting real news while ABC, CNN, CBS, etc. merely relay government press releases. RS issue #1082 tells exactly how the banking/political elite tanked the economy, stuffed their own pockets, and morphed into a gangster government defrauding the whole world with one Ponzi scheme after another. *For full article see note below.

RS writer Matt Taibbi details 6 giant bubbles blown up by banking/government insiders. Your hair will stand on end as you read his well-documented rundown: Bubble 1, the Great Depression; 2, Tech Industry Bubble: 3, Housing Bubble; 4, Oil Bubble; 5, Bailout Bubbble; 6, Global Warming Bubble.

Taibbi says, “in an era of freely-flowing capital, bubbles are incredibly easy to inflate, and (Wall Street) bonuses are actually bigger when the mania and irrationality are greater.”

He explains how Clinton’s Treasury Secretary Rubin pushed the now-notorious Commodity Futures Modernization Act through Congress, allowing banks to trade mortgage default swaps with no limits. And set free insurance companies to underwrite mountains of worthless credit-default packages.

Taibbi exposes Goldman’s criminal selling of worthless stocks to its customers while Goldman simultaneously took short positions, “betting against the same crap it was selling.”

Goldman’s capture of the government came fully to light with investigation of oil price manipulation that caused soaring world food prices, “sending an estimated 100 million people into hunger and sparking food riots throughout the 3rd World.”

From 1929-2009 Goldman Sachs profited from each major bubble. But each time Goldman Sacs was proved guilty of fraud, court penalties were only a tiny fraction of the mega-profits reaped by the firm.

“When it comes to Goldman Sachs, there isn’t a free market at all…the government simply will not alow Goldman to fail.” Simon Johnson, an economics professor at MIT and former official at the IMF compares the bailouts to crony capitalism in 3rd World countries. While investors and taxpayers suffered big losses, Goldman was rewarded with mountains of government-given free money and guarantees.
And next we face the Global Warming Bubble: it began with the Stimulus package, and now the Cap and Trade bill will create a monster market in carbon offset trading. Goldman Sachs is pushing hard for this one. The people of the world will be the big losers if it is made into law.
Taibbi concludes that we are ruled by a gangster state using gangster economics. His full article* is necessary reading, for only with knowledge can voters fire the politicians who helped fleece us. Otherwise we are sheep for slaughter. Liberty indeed requires vigilance.
*The publication date of Rolling Stone Magazine #1082 is July 9, 2009. It is not on the newsstands yet and only pre-publication scans of Matt Taibbi’s article are so far available. The information is so important I urge you to read the scanned document. Then pick up copies when they’re on the newsstand, or order from the RS website, and distribute them to friends and associates. We need to make sure voters are informed so we can begin to elect representatives with integrity and independence, who will help us fight the political/banking cronies that have nearly destroyed this country.