THIS IS THE FUTURE

Goldman [Sachs] Drives to Save Chicago Bank.

"Goldman initially declined to invest in ShoreBank" a politically-connected Chicago-based bank (Chicago is the home of President Barack Obama) "whose efforts to expand lending in poor communities have high-profile supporters in Washington [D.C.] and Chicago". Wrote the Wall Street Journal in "Goldman Drives to Save Chicago Bank" Friday, May 14, 2010, page C1.  After such declination, the Goldman Chief Executive Officer, politically-battered Lloyd Blankein, whose bank has been indicted by President Obama's Securities and Exchange Commission (SEC)*, has somehow changed his mind and, seeing the wisdom of saving ShoreBank, "discussed...[with] Federal Deposit Insurance Corp." Chairman, Obama-appointee, Shiela Bair, about Goldman Sachs investing in ShoreBank. 

One of the most important so-called regulators of the U. S. banking industry discussed an investment with indicted and Congressionally-hated investment bank to save a politically-correct, Washington, D.C.-favored failing ban?.  Further "investors" included a gaggle of Wall Street names such as Bank of America, Citigroup Inc. and J. P. Morgan (the latter two under investigation by Obama's federal prosecutors -- Manhattan U. S. Attorney's office and the SEC.)

"I'm told that Mr. Blankfein...has used his good (sic) offices to try and further this deal" said Bill Brandt, chairman of the Illinois Finance Authority, who later described Goldman as a "marvelous organization".  Brandt being childhood friends of ShoreBank's CEO George Surgeon.

President -- then Senator -- Barack Obama heaped praise on ShoreBank during a "fact-finding" trip to Nairobi.

ShoreBank was an early supporter of the 1977 Community Reinvestment Act which mandated that banks wanting to expand needed to loan money to people who could not afford to pay it back.  Some have blamed the Act and subsequent Democrat Congressional moves to force Fannie Mae and Freddie Mac into sup-prime and similar Alt-A lending with directly leading to the "sub-prime meltdown" and this present deep Recession.

Not that this is relevant, but Goldman and its employees donated $1,000,000 to President Obama's election; ShoreBank could only afford to cough up $12,500.

But now Goldman is investing a reported $20,000,000 and leading the investment group to save ShoreBank and perhaps purchase some slack from the Democratic Congress and President Obama.

The future of an America led by Barack Obama is his idea of a managed economic society.  It's who you know, it's who you buy, that will win the "competition" (but a better, more clear term might be "corruption".)


*[According to World Socialist Web Site, wswa.org: "The Goldman Sachs indictment. 19 April 2010.The Securities and Exchange Commission (SEC) filed a civil case Friday against giant investment bank Goldman Sachs charging 'fraudulent misconduct' in relation to $1 billion of worthless sub-prime mortgage securities Goldman palmed off to its clients in 2007.  The SEC’s submission to New York’s Southern District Court provides a devastating glimpse into the criminal activities of a financial oligarchy that was not only indifferent to the destructive social consequences of its operations, but eager to profit from a crisis precipitated by its own speculative activities...]

Interesting, on Monday, May 14, chief cheerleader for ShoreBank, Illinois Democrat Representative Jan Schakowsky said the the bank has "demonstrated beyond question that banks can be profitable at the same time they invest in low-income neighborhoods".  Certainly that's why, Ms. Rep. Schakowsky, that's why the Democrat power brokers need to extort $125,000,000 from the politically-unpopular banks and another $75,000,000 from taxpayers and China through the U. S. Government's Troubled Asset Relief Program to bail out "profitable" ShoreBank.  Typical of Democrats, Rep. Schakowsky is stupid.

The Left Gets, Caused and Embraces the Crisis

From an opinion in the Wall Street Journal (January 30, 2009 P. A13)

[http://online.wsj.com/article/SB123327859990131639.html]

"'Think Long' To Solve The Crisis"

By George P. Shultz

Mr. Shultz as brilliant as he is, doesn't get it. I don't believe the Left is stupid, so they understand that living beyond our national and personal means is a disaster beyond imagination for this country. But to them the current economic crisis is simply an opportunity to extend their power. Much of what Mr. Shultz writes is accurate from a reasonable, rational person's point of view, that we are in a crisis which will lead to a catastrophe; but in my opinion to the Left, it is an opportunity, as I wrote, to extend their power. It didn't start with a"prolonged period of Fed-provided, exceptionally easy money", it started with Franklin Delano Roosevelt's brilliant strategy of 1) segmenting voters and 2) buying each vulnerable segment. "People…behave more responsibly when they have…some 'skin in the game'". Well, Mr. Shultz, I hate to break this to you, but the Left since FDR has taken each group's skin out of the game by handing out skin in exchange for votes. There have been some ups and downs of this strategy, but generally it is working. After President Obama's almost certain changes to taxes, around half of voters won't pay anything to maintain their government (federal income taxes). Nothing. And almost everyone is financially dependent on the government; in essence they are paid in one way or another, to vote for Democrats. Rather than name the people and groups so dependent, I challenge anyone to describe on affinity group that isn't. So, understand, Mr. Shultz and "conservatives", there is no "wake-up call', there is little "skin in the game". It isn't from a "failure to deal adequately with clear problems" it is that liberals have purposely caused these problems and instead of the Left being punished for pushing this country into virtual-bankruptcy by being voted out, their newest leader is welcomed like a rock-star. America is so over!
Superamerican