"The Great American Bubble Machine" - By Matt Taibbi
This article originally appeared in the July 9-23, 2009 of Rolling Stone.
“Taibbi has never claimed to be an expert in the world of finance, but his desire to learn and his quest to tell these stories is certainly laudable.
...
In July 2009, Matt Taibbi caused a stir with his controversial article “The Great American Bubble Machine,” which offered a brutal assessment of the role of Goldman Sachs in America’s economic crisis. Taibbi was lauded and criticized in equal parts, and the Rolling Stone writer, who to that point had focused primarily on the absurdity of American political theater, launched himself wholly into analysis of our deeply broken financial system…”
https://brooklynrail.org/2010/12/express/taibbis-shark-hunt/
Excerpts Below From: "The Great American Bubble Machine" - By Matt Taibbi
This article originally appeared in the July 9-23, 2009 of Rolling Stone.
“And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits — a booming trillion dollar market that barely even exists yet, but will... disguised as an “environmental plan,” called cap-and-trade.
...
Here’s how it works:...there will be limits for coal plants, utilities, natural-gas distributors and numerous other industries on the amount of carbon emissions (a.k.a. greenhouse gases) they can produce per year. If the companies go over their allotment, they will be able to buy “allocations” or credits from other companies that have managed to produce fewer emissions...estimates that about $646 billion worth of carbon credits will be auctioned in the first seven years; one of his top economic aides speculates that the real number might be twice or even three times that amount.
...
It’s not always easy to accept the reality of what we now routinely allow...; there’s a kind of collective denial that kicks in when a country goes through what America has gone through lately, when a people lose as much prestige and status as we have in the past few years. You can’t really register the fact that you’re no longer a citizen of a thriving first-world democracy, that you’re no longer above getting robbed in broad daylight, because like an amputee, you can still sort of feel things that are no longer there.”
https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
AFTAOM
Strongly opposes solar geoengineering and stratospheric aerosol scattering, contribute and see our about page please. Thanks!
About page: