Goldman Sachs of S**t!
I don’t know about you, but I am tired of hearing the name ‘Goldman Sachs’. Our treasury secretary (Paulson). The new bailout czar (Kashkari). My governor (Corzine). Warren Buffett buying $5 billion in preferred stock to sure-up Goldman.
Like ‘em, hate ‘em – I really don’t care. I just think that I am flooded with too much Goldman Sachs these days.
So, today, here comes Goldie-come-lately and cuts their crude oil forecast to $50/barrel. Great news, right? Ahem, not so fast. Let’s follow the money for a second.
Goldman, like most Wall Street brokerage houses these days must be crying for investments. Is smart money in short term oil these days? No frickety-friken way! We already see $75/barrel oil, so how do you get more money out? Cut your forecast to shake out more investors and shoo them into markets that will make GS more money.
You think I’m wrong? Let’s take a trip back to 7 March 2008. Oil had just crossed the $100/barrel mark and what does Goldman do? It warns of a ’super spike’ which will hoist the price to a possible $200/barrel. Over the next four months, speculators hopped in and marched the price to a high just above $147. When did it end? The day after George W. Bush lifted the Executive Order banning offshore drilling. That was bolstered by the Republican congressional heads demanding a vote on offshore drilling. Crude hasn’t been back since.
I can’t wait until the ‘crisis’ on Wall Street is off the front page.Maybe we’ll see less of this (from Michelle Malkin)
8. BY WALL STREET, FOR WALL STREET: Treasury Secretary Paulson, the architect of the plan, was formerly the head of Goldman Sachs, one of the firms responsible for the mess and a direct beneficiary of the bailout. Further, the advisers managing the bailout auctions and assets will be Wall Street firms and will likely receive billions of tax dollars in fees.
I’m done with this roller coaster ride for a while. I’m ready for the Sky Ride!
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