What Would Happen if Goldman Went Under? (AOL Poll) | 8 comments (8 topical, 0 hidden)
Economic Terrorism (none / 1)
Goldman Sachs traders have been the ultimate insiders. The system is not broken, the system has been manipulated by insiders in the same manor a pyramid scheme is run. In fact, using the same MO that has made Goldman what it is today.

Not only have they been first in and first out of all these “innovative” investment vehicles. Once out they used the massive increase in leveraging allowed under the new investment bank rules to short sell their competitors into oblivion, triggering additional credit default swaps along the way. I would not be surprised if they also lobbied for the changes in “mark to market” that caused the bank runs last fall, and additional CDS payouts.

As far as the question goes, you know what happens when you give into terrorist demands........ So, by giving in we have sealed out fait. How the fuck are they giving out bonuses with 650 trillion dollars in CDS and derivates still unresolved? Let alone with the foreclosure rate accelerating and the unemployment in the double digits.

If you don’t understand why we need to bring back the 90% tax bracket by now, you never will.

by sisco66 on 07/16/2009 06:35:16 AM EST

Your last sentence nailed it (none / 0)

A great way to discourage all kinds of unethical, illegal and outright disastrous behavior is to bring back the top marginal tax rate to 91% (or at least 71%).

Under Republican Eisenhower, people were taxed at a lower rate on their first 3 million (in today's dollars) and then at 91% on every dollar after that. Creativity and hard work were NOT stifled. The only thing that stopped was depressions and huge bubbles and crashes and bank failures.

It's beyond obvious at this point, and it would do what so many failed, half-assed and non-existent regulations haven't done.

by Tom Hanc on 07/16/2009 12:40:02 PM EST

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What Would Happen if Goldman Went Under? (AOL Poll) | 8 comments (8 topical, 0 hidden)