Goldman Sees Danger in US Budget Cuts?
Lesson for the Post 2008 Election: You can’t trust any of these sources for objective information
Goldman Sachs analysts are helping Obama frame his argument against the Republican Spending Cuts by saying the $61B cuts proposed by the Republicans would reduce 2011 GDP by 2%! How about saying that Obama’s budget will absorb 25% of the Gross Domestic Product in 2011! What will that do to drive up GDP! NOTHING. Obama has called in his favors from those who have benefitted handsomely from his largess. This is particularly true of Goldman Sachs.
Here are a couple of ways Goldman has benefited from its very close relationship to this President:
- Goldman received $10B in TARP funds from you the taxpayer.
- Goldman REPAID THE $10B using warrants they issued which are redeemed against GS stock.
- Goldman shorted mortgage securities before the housing crash and made a $4b Profit. This was never talked about by Obama.
- Goldman “Borrowed” close to $750B from the Federal Reserve’s “EMERGENCY” Fund in 2008-9.
- Goldman report a $2B profit in 2008 and $12B in 2009. Do you think Obama’s free money paid for by you helped Goldman a little?
So when you see any of the Obama bankers or Union hacks come out against cutting the size of the monstrous Federal Government, just say to yourself, “Show Me the Money”. You will usually find an Obama sweetheart deal behind the support…