Word: bankes
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That's the view of Goldman Sachs delivered by an article in the current issue of Rolling Stone. The rock mag's The Great American Bubble Machine by Matt Taibbi says that the investment bank is responsible for creating, and in many cases popping, every great bubble of nearly the past 100 years in order to profit from them at our expense - and the article uses plenty of illustrations of pigs to drive home what it thinks of Goldman. Taibbi calls the U.S. a "gangster state, running on gangster economics." He says we have an economy where "some...
...that laughs at us when we invest in worthless dotcom stocks. A giant pig that happily watches us get carried away and burned by rising home prices. A giant pig that smiles widely when we have to fill our tanks with $4-a-gallon gas. Quite simply, the investment bank that is revered on Wall Street could just be a bunch of crooks, and greedy ones at that...
Bottom line: the dollar faces a longer-term challenge, and the big players know it. Echoing a call made by Zhou Xiaochuan, its governor, in March, China's central bank advocated a new global reserve currency in its annual financial-stability report released last Friday. Raising concerns of a move away from the dollar as the world's reserve, the proposal for a "super-sovereign" coin nudged down the greenback vs. a host of major currencies. That may have been a tad more impact than Zhou was seeking: with something like two-thirds of China's roughly $2 trillion...
College students are often forced to make a decision between two life paths: one that feeds the soul and one that feeds the bank account. Rarely do the two meet. As a result, the average college grad - who leaves school with about $23,000 in student-loan debt - either slogs along during those first few work years in satisfying (yet typically low-paying) jobs or makes a play for grinding corporate gigs that pay the bills and deaden the heart...
...Sacramento, which rises like the city of Oz on the flat plains of the California's Central Valley, Schwarzenegger has not underplayed the gory details. "Our wallet is empty, our bank is closed. Our credit is dried up," he says. But the crisis has not helped bind up the gaping political divisions over what to do about it. Democratic lawmakers have proposed cutting billions of dollars from the state's safety net and educational system to balance the budget. Governor Schwarzenegger says the cuts must go even deeper and joins legislative Republicans in refusing to raise taxes. On Wednesday, Schwarzenegger...