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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Monday, November 12, 2012

Why Goldman Sachs Likes the Idea of Austerity

Today's blog posting links to a video which continues our discussion about Wall Street and Goldman Sachs's desire to submit the American economy to austerity by reducing spending on Social Security, Medicare and Medicaid.  William K. Black is interviewed on The Real News about The Grand Bargain which is really The Great Betrayal to introduce these cuts in spending.  The Bowles/Simpson report would begin the process of privatizing Social Security.

As Black says, a privatized Social Security means there would be no safety net at all in retirement; hence, privatizing SS is an "obscene" idea.

Drums Beating to Privatize Social Security
Video Interview of William K. Black - Naked Capitalism

See the article and video here


Joyce R said...

I have just read two blog postings that are full of rage and anger.  One is written by Chris Hedges called "Once Again--Death of the Liberal Class" (See: f)

The other is by Ian Welsh called "Some Personal Thoughts" (See: )

These two articles sum up very nicely the despair, anger and rage that I feel when I recognize that no matter how much we appeal to Justice for the banks' malfeasance (including Goldman Sachs) in defrauding the public, we may never see true Justice done.  The banks have won and we don't know what that has wrought for the future.  It will not, however, be a pleasant future.

GS666 said...

As much as I hate to admit it and as much as it angers me, I believe you are correct in saying that "we may never see true justice done."

So many of us have over the years have dedicated ourselves to making the public - and government - aware of these "injustices".  Many - in the public eye such as Matt Taibbi, author and editor for the Rolling Stone - have done amazing work in this regard but again, to no avail.

The real problem with this is not only the influence the banking system has over our government but the fact that our government going back several administrations were very complicit in the orchestration of these frauds and the ultimate worldwide crisis that ensued.

To prosecute would be to self incriminate and of course, we all know, that our government does no wrong even when they are wrong.

This is a stain on our Democratic Republic and I fear another nail in the coffin for this great experiment we call Democracy.  We sell it around the world too often attempting to force it on others through our might and military strength. Yet, we seem not to want to practice all of what we preach. 

However, there is hope on the horizon.  The "people" are not only becoming more aware, they are becoming more active.  No longer are we complacent allowing our government to do as they will.  

While this is not a short term fix nor is it a resolution for "justice", it does prove that going forward many of the injustices of the past will become increasingly more difficult as the people speak out.

Now is the time to continue to expose and to criticize not to pull back out of frustration and disgust.  "We The People" will ultimately prevail if we remain committed.  We will fail if we do not.  I don't believe failure is an option nor is it the people's will.


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