What is it??- Obama Buffet showdown!!!!

Well as a matter of fact Llyond Blankfein calls himself as the man who is doing God’s work. He may not be wrong. With so much power vested in the hands of a few Wall Street bankers and few to challenge this capitalistic setup how can this quote go unjustified.

The god itself has brought to man the power to think and make in turn brought out this perfidious system of financial hierarchy wherein common human tendency is manipulated used and betted upon for fund generation. I would say Llyond has got real guts if he tells just what people have been not speaking ever since. The hold and the wrath of the financial institutions have become such that their con has surpassed any measure possible.

It has become peremptory for them to run and make money, then crash the system and when the time is ripe and tables turn, escape into the shadows of tax payers’ money as part of some government funded relief program and silently come back with another boom only to plan another plunge some time later.

Goldman Sachs paid its executives twenty billion worth of USD in the single year of 2008 when financial crisis had broken the entire global economy and not to forget the single handed payout to the CEO Blankfein to himself a whopping 70 million USD for his so called “God’s work”. What was this? How can they expect the taxpayers to accept something like this to happen?

Assholes like Alan Greenspan and Robert Rubin brought in the Financial Services Modernisation Act 1999merging the depository and investment activities of bank and Institutions like Goldman Sachs, Lehman Brothers, Fannie Mae and Freddie Mac securitising the housing loans to investment packets, naming them with imposing designations such as collateral debt obligations and using it to make investments that were dependant on home owners mortgage payments.
Home owners generally are reliable but when assets are being considered as liabilities it is obvious you are going wrong.

When the road side hawker was being given the loan to buy a house the financial system was apparent to be blown up and many of the Wall Street illustrious names were going to come down. It was not difficult to find Greenspan’s tongue worrying over his early remark as he said later in this decade that the CDOs were actually risky.

Next is what you crash the system you blow up people money into this air. House prices plummet like anything, the consumptions slumps terribly and the effect if felt on the common man. Where did they come into the picture?? And if all this not enough the fiasco is intensified with the government announcement of the Troubled Assets Relief Fund, a way the bankers would use the tax payers money again to regain stability to restart it all over again. And remarkably Bush and Obama accepted this glorious proposal and notified the world that this money and fund is however not for the people, it is not going to build any jobs rather it is for the Wall Street Banks only whom from now on we would specify as “too big to fall”.

What a smart act of perfidy! Well the banks got their separate money tuning to billions of dollars no matter how it destabilised the world as such with already slumping and liquid markets. The dollar devalued and gold went up high up. How was this money used and misused is again history. This money after all was God’s promise to holy Wall Streeters.

The money pretty much bailed out the banks brought them out of slump and reinstated their financial and investment activities. Bank picked up a new note, if people no longer have interest in buying a CDO then why not sell them another CDO by the name Carbon Dependant Obligation. The game is same the players the same only the currency different and I can bet on the outcome- it would just be the same!!

What I have in mind in telling all this is how relevant is the Wall Street control over the market.

Very!!! However Obama’s latest show with Paul Volker and his new method of taxation has brought in lot of speculations of what might happen. Till now the Obama regime have been too much under control of speculative trade and the favour of Wall Street banks, however this recent developments pose lot of bleak circumstances that have grown out of nowhere. I cannot call Obama to be clear saint for his popularity among public have plummet like anything due to the TARP procedures, the Afghan War and the two digit unemployment data so he might have brought out this recent development. However it is to see how long Obama can sustain this and keep up with the goodwill of the people.

Obama announced a plan last week to impose a fee on as many as 50 financial companies to recover losses from the federal government’s Troubled Asset Relief Program. The levy would apply to firms with more than $50 billion in assets, including Wells Fargo and Goldman Sachs, two companies that Berkshire has investments in. It would exclude Fannie Mae and Freddie Mac, the government-sponsored mortgage lenders taken over by the U.S.

“If financial firms want to trade for profit, that’s something they’re free to do,” Obama said.

“Indeed, doing so responsibly is a good thing for the markets and the economy. But these firms should not be allowed to run these hedge funds and private-equities funds while running a bank backed by the American people.”

If this is an act to curb most of the investment activities then it should better be imposed. This plan however is going to face the test of time and how much destabilisation the rich entities can bring to the general public and the president himself. Warren Buffet himself stood up against this tax as it is going to kill most of the methods of revenue generations using public money and tax the betting people massively.

Adding to that Buffet is praising Blankfein to be handling the most intriguing bank on Wall Street with utmost care. He is saying TARP was a complete trash and an unnecessary option. “Most of the banks didn’t need to be saved,” Buffett said. “Including Wells Fargo.”
Before the U.S. Congress approved the bailout in 2008, Buffett, 79, said he was making a $5 billion investment in Goldman Sachs because he expected the government to rescue financial companies.

But Mr Buffet even if you helped one of then what about the rest!

As a matter of fact this is actually a better start of Obama by taxing the people who have made over taxation of American people so desperate as an option to the government however let us hope Obama is able to sustain this and this does not turn out to be another Health Bill.