Thursday, January 28, 2010
Wall Street Alarmism
Last year, in the heat of an alleged financial panic, Hank Paulson, a Goldman Sachs alum, asserted that if AIG's counterparties weren't bailed out, i.e. GOLDMAN SACHS, that there'd be 25% unemployment!
At that, incumbent jelly-spined, econo-ignorant Congressmen acceded and handed over $15 billion of our money to Hank's cronies.
You'd think that in a country where millions sneer at, I don't know, say the exagerrated threat of *weapons of mass destruction*....that those same skeptics would deride and berate the $hit out of Hank Paulson's self-serving, rank alarmism.
What he meant was...."25% of Goldman Sachs would be UNEMPLOYED"!
[Actually, the $13 billion or so that Goldman extracted from taxpayers via AIG....that's pocket change that could have been easily raised on the stock market - don't let anyone tell you different. If they drop the offering price low enough, they'll get the capital they need - they just didn't want dilute their stakes away!]
It's hard to imagine that the public hasn't caught onto Big Government's endless stream of scare tactics: global warming, WMDs, Amnesty for illegals or our economy falls apart, swine flu, falling behind China in math and science, *25% unemployment*, etc.
More On The Secret Goldman Sachs Bailout