Goldman Sachs & Hillary Clinton – A Marriage Made in Washington
Hillary Clinton is already bought and paid for, She netted $400,000 for giving two speeches for a few minutes at Goldman Sachs. This is by no means a speaking fee. This is outright bribery. A speaking fee will be $35,000 to $50,000 tops. She has nothing to offer Wall Street for $400,000. Even the FT recently reported that Goldman Sachs returns to political center stage.
Gary Gensler (born October 18, 1957) worked at Goldman Sachs for 18 years and at 30 became the youngest partner. He then, like most people from that firm, strangely seem to suddenly care about how government functions and then crosses over into public life after filling their pockets at Goldman,
Yes he was nominated by Obama to be the 11th chairman of the Commodity Futures Trading Commission in 2009, which is the most notoriously corrupt regulator perhaps in the world. Lawyers joke about the CFTC saying that they hire the lawyers the SEC rejects.
It was Bill Clinton who opened the door for Gensler to serve in the United States Department of the Treasury as Assistant Secretary for Financial Institutions from 1997-1999, and then as Undersecretary for Domestic Finance from 1999-2001. As Assistant Secretary, Gensler served as a senior adviser to the Secretary of the Treasury in developing and implementing the federal government’s policies for debt management and the sale of U.S. government securities. Keep in mind that this is also when Robert Rubin came from Goldman under Clinton to head up the Treasury. Some inside sources said that it was Rubin who recruited him from Goldman.
As Undersecretary of the Treasury for Domestic Finance, Gensler participated in the repeal of Glass-Steagall in 1999. He generally assisted Treasury Secretaries Robert Rubin and Lawrence Summers on all aspects of domestic finance, which was the whole deregulation to free up banks making that shift from Relationship Banking to Transactional Banking. This certainly included formulating policy and legislation in the areas of financial institutions, public debt management, capital markets, government financial management services, federal lending, fiscal affairs, government sponsored enterprises, and community development, all of which were altered to set the stage for the major financial crisis in 2007-2009 and now he his on board with Hillary.
Gensler was not done. After leaving the Clinton Administration in 2001, he then joined the staff of U.S. Senator Paul Sarbanes, Chairman of the Senate Banking Committee, as a senior adviser writing the Draconian Sarbanes-Oxley law which was touted to tighten accounting standards in the wake of the Enron and WorldCom scandals. However, this law increased the burdens upon corporate management requiring investment banking adviser.
Gensler will fully support the tax on money (negative interest rates) that was floated by Larry Summers who claim to fame was simply being a man without practical experience functioning as a professor of economics . From 1991 to 1993 Summers was chief economist of the World Bank and from 1995 to 1999, he was Deputy Minister of Finance under Robert Rubin at the US Treasury and then 1999-2001 he became US Treasury Secretary, of course, under Bill Clinton. Summers was the immediate successor of Robert Rubin. Then in 2008 Obama announced that Summers would be National Economic Advisor to the Government. The position he held of finance minister under Robert Rubin, was then filled by Timothy F. Geithner.
Summers retired in 2010 from the National Economic Council to return to Harvard. Once in the game, you never leave. Summers delivered a balloon speech at the IMF Research Conference on November 8th, 2013, which he launched the tax on money idea presenting it as NEGATIVE INTEREST RATES. So all those who saved for retirement who have watched their savings amount to nothing to live on, should include Larry Summers on their Christmas card list or just send him a thank you note for wiping out your future to protect his banker buddies,
So here we go again with more Clinton cronies to wipe our society and Western Civilization and they filler there pockets with mints as they leave the restaurant where someone else paid the bill.
Velocity of Money – The Harbinger of Future Omens
QUESTION:
Dear Mr. Armstrong,
I think this would help readers. I kind of don’t get it.
I think this would help readers. I kind of don’t get it.
How does the decrease in international velocity of money lead to the youth not having jobs? I don’t see the causation.
—
Cheers, PC
ANSWER: The VELOCITY of money is how fast people are spending and using money – its turnover rate. The higher the turnover rate (velocity), the more people are spending and investing. The lower the rate, the more people are hoarding money (saving for a rainy day) and thus economic activity declines.
Now compare the VELOCITY of money which, peaked in 1998 with the Economic Confidence Model. From that point onward, it is not that the rich are getting richer and the top 1% is getting everything, this argument is very misleading. Rich “individuals” are NOTresponsible for messing up anything, instead it is the complete change in the banking system and the abandonment of Relationship Banking combined with the continual rise in taxation.
This is what I have been so very concerned about and why I have stood my ground against transactional banking. With conspiracy theories about everything under the sun and the dark sinister forces people create in their minds, the evidence clearly indicated that we are on a course of self-destruction that began with the turning point 1998.55.
The banks have become traders ever since the repeal of Glass Steagall in 1999. The VELOCITY of money continues to collapse, for the big money center banks would rather trade with money for profit than lend into the economy on a relationship basis, which is what creates jobs – not trading.
The fractional banking issue applies to lending but not to trading. Banks have over $2 trillion parked at the Fed in EXCESS RESERVES – that is money not being lent into the economy, which reduces the fractional banking ratio and the VELOCITY. That is money that banks are simply parking at 0.25% since they pay nothing for the funds now. Just look at what has taken place with the VELOCITY of money since 1998.55. It was 1999 that saw Goldman Sachs’s Robert Rubin lead the charge in government to repeal Glass Stegall in 1999. That was the critical change to the entire banking system and the real birth of Transactional Banking.
It was that 1998.55 turning point that led to the collapse of Russian bonds that were being supported by the IMF loans which resulted the the collapse in Long-Term Capital Management. Liquidity has continued to decline within the markets as a whole and this is caused by rising taxation so more and more people find their net disposable income decline reducing capital for investment. Social Security is the theft of money from the public that only buys government bonds while politicians love to point at the fact that the rich get richer and Obama wants to raise taxes on investment income. If government allow that SS fund to buy stocks back when I worked on that solution when the Dow was 3500, the fund would be solvent today. But government has robbed the working man, uses their forced SS funds that are not refundable, hand a refund check only for income taxes at year-end, and never pays the working person interest on their money for the year. It is government that has robbed the people of investing and then blame the rich because they invest when it is not an even playing field. It is government which suppressed the average person and them blamed the rich.
This is EXTREMELY dangerous and this is the CAUSE of the deflationary trend when taxes rise, disposable income declines, investment drops and no small business rises resulting in the lost generation of the the youth. It is small business that employs 70%, not big corporations. The big money center trading banks have been not the conquerors of the economy, they have sealed their own death wish. When the next crash comes, government will find it harder and harder to keep supporting the banks against the people all to Transactional Banking alive. They cannot see that they will be trading only with themselves and that will be their downfall. The term Black Friday was not a shopping day. It was when they stormed Wall Street and hanged the bankers. Greed and stupidity will be their downfall. They can buy candidates on both sides of the aisle. They can hire family member as is the case with Hillary Clinton. But they cannot stop the impending collapse for they continue to rig the game just buying politicians, which cannot keep the economy alive with laws.