Letter: Killing the goose

Anyone watching the dog-and-pony show on TV about Goldman Sachs? Every time the Democrats are in trouble, they decide to attack the big boys on Wall Street. It plays well to the uninformed, unwashed masses.
Sandusky Register Staff
May 15, 2010

Anyone watching the dog-and-pony show on TV about Goldman Sachs? Every time the Democrats are in trouble, they decide to attack the big boys on Wall Street. It plays well to the uninformed, unwashed masses.

 

Bill Clinton revived the Community Reinvestment Act, which was to force banks to loan money to former redline areas. Fannie Mae and Freddie Mac were created to force banks to do just this. They became so corrupt that the OMB in 2004 found massive fraudulent bookkeeping at Fannie Mae. Congressional Democrats called for no investigation. The four biggest contributions by Fannie Mae were to Democrats Chris Dodd, Chairman of The Senate Banking Committee, Sen. Barack Obama, Federal Financial Management Committee, Sen. Chuck Schumer, Chairman of the Finance Committee, Rep. Barney Frank, Chairman of House Financial Services Committee.

 

Dodd should have been investigated on many counts: his cottage in Ireland with his dealings with Edward Downe, a real criminal, his sweetheart loan from Countrywide, and many more.

 

All this paper bought up by Fannie and Freddie and sold to Wall Street started to collapse.

 

None of the paper was any good. All the financial houses were trying to sell anything for cash.

 

The Democrats are having a show trial of the Goldman Sachs group. Sen. Levin, D-Mich., oculd have picked any institution to investigate, as all the paper was toxic once the meltdown occurred.

 

Please Democrats, don't pick on our financial institutions too much. Remember Wall Street is the center of international banking. If international bankers lose faith in Wall Street and shift their banking to Zurich or Hong Kong, we would lose thousands of jobs and billions of revenue. Don't kill the goose.

 

Ron Mainous

 

Port Clinton

 

 

 

Comments

brutus smith

OK Adolph.

mikel

deficit spending for the month of April 2010 = $82.6 billion

deficit spending for the month of April 2009 = $20.4 billion

good job obamass on further enslaving our children's children etc. of course it doesn't matter to you as your children can always move back to your birthplace of kenya and live like kings!

6079 Smith W

brutus smith wrote on May 13, 2010 9:54 AM:

'Who ever said profit was bad?'

Your god BH Obama and his and your mentors: Marx, Lenin and Mao.

'There will be time for them to make profits, and there will be time for them to get bonuses. Now is not that time.'

- BH Obama, Jan. 2009

brutus smith

Who ever said profit was bad?

6079 Smith W

'Unemployed? Owe more on your mortgage than your home is worth? Your state might one day pay your mortgage.

Giving people free money to cover their home loans is just one of the radical ways that four states -- Florida, Michigan, California and Arizona -- plan to use $1.4 billion the Obama administration is sending their way to help the unemployed and underwater avoid foreclosure’:

http://money.cnn.com/2010/05/12/...

While you're working to pay your mortgage, you're also working to help pay your neighbor's?

How long before Americans increasingly just quit working or stop paying their mortgages in order to get govt. 'free money'?

6079 Smith W

brutus smith wrote on May 12, 2010 3:36 PM:
" To make money serpent. "

Why should the public union pension plans 'make money' if profit is bad?

Do you think that it is proper that U.S. union pension funds are investing money in overseas corporations that are ‘stealing American jobs’?

6079 Smith W

duhast wrote on May 12, 2010 3:58 PM:

‘Why would you think unions are against big business? Doesn’t big business employ them? You are simply attempting to link typically Democratic supporters to something bad.’

Some of your fellow highly ignorant Progressive-socialist bloggers think that ‘big business’ is bad and write so quite often.

Obviously, since public pension plans own stock in them, the unions appear to be a bit conflicted don’t they?

----------------

You also wrote:

‘Do pensions still exist?? If so, then for how long?’

Cash-balance plans with small employers are growing in number and public employee pension plans are alive and well.

6079 Smith W

Read about how the Democrats are bankrupting American by giving the U.S. the equivalent of Roman bread and circus in the form of free housing while paying off the banks and bad mortgages.

‘Here's The Real Reason Fannie And Freddie Are Losing So Much Money -- They're Just A Secret Bank-And-Housing Bailout’:

http://www.businessinsider.com/h...

Remember: Too much debt destroyed Rome, just like it's gradually imploding the U.S.

Duhast

Winston,
Do pensions still exist?? If so, then for how long?

Why would you think unions are against big business? Doesn’t big business employ them? You are simply attempting to link typically Democratic supporters to something bad.

And yes, I’m sure calPERS and calSTERS own large numbers of shares in U.S. and foreign corporations. I misread your post and thought you were implying that union pension plans held most corporations. I concede the point that most large corporations are owned by institutional holders. That stands to reason since most individuals could never personally afford controlling stock without pooling their money into a pension, mutual find, or 401K.

brutus smith

To make money serpent.

Winston Smith

duhast wrote on May 12, 2010 11:03 AM:

‘I think the broad statement that “Corporations are mostly owned by institutional investors like pension funds” is vague and misleading.’

More like I was using the term ‘institutional investors’ on a small scale for the extremely limited economic knowledge of the usual ignorant socialist bloggers who would refuse to believe that public employee union pension funds like calPERS and calSTERS own large numbers of shares in U.S. and foreign corporations.

See the following for a more comprehensive definition of the term:

http://www.investorwords.com/250...

BTW: Approx. 10% of the stock market is traded by retail (individual) investor and the remaining 90% is the purview of institutional investors.

If ‘big business’ is so bad, then why do union pension plans own stock in them?

brutus smith

Name one major corporation that a pension fund has the controlling interest.

Duhast

You can go to yahoo finance and look up any publically traded company. There is a link to “Major Holders” for every company. You guys would have to look up thousands of companies and see their major holders. Of course, stocks are traded every day, so it is constantly in flux. I think the broad statement that “Corporations are mostly owned by institutional investors like pension funds” is vague and misleading.

I’m also enjoying the attempt at correlating corporations and money to Democrats. I’m pretty sure Republicans have had a bigger tie to the corporate world. That being said, party affiliation has no correlation to an individual congressperson’s wealth. Their wealth usually helps them get elected and the party they choose is the one that best benefits them getting elected. Look at the recent changes to independent by Crist and Lieberman. Also look at the defection of Senator Arlen Specter.

brutus smith

You are right. My early morning mistake.

Mime Bloggling's picture
Mime Bloggling

Brutus Smith says:" "Corporations are mostly owned by institutional investors like pension funds." No there not. "

That would be "No, they're not".

Prove they're not.

brutus smith

"Corporations are mostly owned by institutional investors like pension funds." No there not.

6079 Smith W

@ Mr. Mainous:

Yes, you are correct. The Progressive looters in Washington have pulled the strings on Wall St. in order to construct a house of cards.

Why did the Democrats overwhelming vote for TARP? To help bail out their corporate friends.

Sen. Sanders (I., VT) won his bid to conduct an audit of the Federal Reserve in order to uncover to which taxpayer money was given:

http://dealbook.blogs.nytimes.co...

-------

@ columbus avenue:

Corporations are mostly owned by institutional investors like pension funds.

Why do large California public employee retirement pension funds like calPERS and calSTERS invest billions of retiree money overseas in countries that in your words are 'stealing American jobs.'

Why are eight of the ten richest U.S. Senators Democrats?

See: http://thehill.com/homenews/sena...

Why does Sen. Kerry need 6 houses? Maybe he should pay his 'fair share' in taxes?

Mime Bloggling's picture
Mime Bloggling

Goldman Sachs was top Obama donor

http://www.cnn.com/2010/POLITICS...

$994,795 during 2007 and 2008 to Obama's presidential campaign, the second-highest contribution from a company PAC and company employees.

Only the PAC and employees of the University of California, which donated more than $1.5 million, topped Goldman Sachs.

In the 2008 election, three out of every four dollars contributed by Goldman Sachs went to Democrats.

Obama and Goldman Sachs

http://article.nationalreview.co...

As the New York Post reported Tuesday, the Democratic National Committee immediately bought ads on Google that direct web surfers who type in “Goldman Sachs SEC” to Obama’s fundraising site. “It’s time to hold the big banks accountable,” the money-grubbing DNC message bellows. But just like his crony-capitalist predecessor, George W. Bush, Obama has relied on Goldman Sachs and Wall Street power brokers to engineer massive government interventions to “rescue” failing businesses with the tax dollars of ordinary Americans.

brutus smith

Show proof of where the CRA "forced" banks to loan money Ron.

juannbi

This is such a coincidence. My sister in Green Bay Wisconsin just told me the same thing on the phone the other night. She is a follower of Glen Beck, Bill O'Reilly, and Faux News. Just another cut and paste editorial???????

columbus avenue

Ron, I think you better do your research and find that those companies, banks, real estate companies and mortgage loan companies are all OWNED by Republicans!

6079 Smith W

brutus smith wrote on May 14, 2010 9:30 AM:

'OK Adolph.'

I'm not surprised that you would write that Hitler was OK.

Nazism was a form of state fascism and had its economic and political roots in the thinking of your idol Marx.

brutus smith

Marx and fascism had nothing to do with each other. Your the one that thinks Big Business should run the country not me.

6079 Smith W

brutus smith wrote on May 15, 2010 11:38 AM:

'Marx and fascism had nothing to do with each other.'

Who told you that fallacy?

Per usual, your political and economic ignorance is glowingly on display.

Marx professed total State control of the means of production.

Fascism is about State control of the means of production of certain sectors of an economy and heavy State regulation of the remaining private means of production – Obie’s crony Capitalism.

Mussolini was a communist before he was a fascist.

You never got your GED like you promised your mother did you?

brutus smith

You are lame aren't you. There is a difference between Government control (Communism) and big business control (Fascism). So lame. I suppose the next lame thing you will say is that Communism and Socialism are the same. Lame.

6079 Smith W

brutus smith wrote on May 15, 2010 1:42 PM:
" You are lame aren't you. There is a difference between Government control (Communism) and big business control (Fascism). So lame. I suppose the next lame thing you will say is that Communism and Socialism are the same. Lame. "

Per usual your social and economic ignorance is glowingly obvious.

So when are you gonna get your GED and make your late mommy proud?

brutus smith

You gotta quit hitting the sauce while you are on the "internets".

brutus smith

Winston, why do you whine and cry and push the abuse button? If you can dish it out you should take it too.

6079 Smith W

brutus smith wrote on May 14, 2010 9:30 AM:

'OK Adolph.'

I'm not surprised that you would write that Hitler was OK.

Nazism was a form of state fascism and had its economic and political roots in the thinking of your idol Marx.

brutus smith

Marx and fascism had nothing to do with each other. Your the one that thinks Big Business should run the country not me.

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