Where Will You Be In 15 Years?

Well, you see the stock market rising and think everything is hunky dorie. The "problems" in Europe with that, uh, Greek crisis has been averted. Oil has stabilized somewhat, albeit at $106 a barrel. We here in America have made it. Soon the banks will be lending again and unemployment will continue to decrease.

If you really believe all that crap, well you better wake up to reality. The stock market is rising, although on low volumes. This most likely has happened due to the governments pumping of the system. If you have read any of my former posts, than you know that the EU is anything but out of trouble. Oil is only stabilized until the Arab countries decide we have accepted $4 per gallon gas then it will go up again. So then, who do we believe? Well how about the CBO (Congressional Budget Office). They are the people that look at the President's budget and make projections. They are supposed to be non-biased and look at the real numbers being proposed and make their analysis. Take seven minutes and watch this. This will make you feel just warm and fuzzy inside.

Greece Debt Crisis....Don't Think It Is Over

The main stream media wants to make you believe that the Greek debt crisis is over, but don't do it. It is far from over. Spain, Portugal and Ireland are sitting on the sidelines waiting to get in line for some bailout money as well. Here is the timeline of what has been happening in Greece.

January-March 2010 - First, Greece was claiming they didn't need a bailout as all was fine.

April 2010 - Greece reconsiders and starts asking for a bailout. It is funny what a few months brings.

May 2010 - First bailout

January-February 2011 - Oops, Greece cannot make payments on first bailout and asks for extension.

May 2011 - Double oops, Greece worse off than anyone thought (or talked about publicly) and asks for another payment extension.

July-October 2011 - Greece begins spilling the beans and everyone now sees that they are worse off than anyone anticipated and discussions begin on a second bailout...ouch.

February 2012 - Greece gets a second bailout, and if I'm not mistaken they claim it is all they will need.

March 2012 - Talks begin about a THIRD bailout.

Tensions are getting heated up in the Euro-zone. You see, if Greece tumbles, the whole Euro is in jeopardy. If you don't believe that this could happen, then why is Germany making Deutschmarks. They are expecting, and preparing for a Euro collapse and want to have an escape plan.

Watch this and hear what is happening...



 If you don't think a default from another country will affect us here in America, you are mistaken. Prepare now.

Pink Slime

Think about this for a while...something to chew on (pun intended).

Soldiers Tribute

Enough said. Thanks to our troops and may you be safe as you protect America!

WTF? Only In America!

Wow, is all I have to say....

What Do We Have Here?

We heard the other day that a volunteer team of cold case posse for Sheriff Arpaio has suggested that the birth certificate for Barack Obama is fake. Take a few minutes and review the information yourself and make your own conclusion.


Here are the videos from TeaPartyPowerHour And if you would like to watch the entire news conference with Sheriff Arpaio...

First Amendment Rights Diminishing

Read this carefully, as you may be caught in a web that you may not even see. This will be a federal offense. Now, I am not for threatening anyone of our elected officials and believe in peaceful protests, so this is (as I see it) an infringement on our First Amendment. Which courts will see peaceful protesting a disruptive activity? If a handful of people truly are disruptive then will ALL the protesters be part of "the disruptive crowd"? Think about the effects of this bill.

Here are some highlights from the article linked above.

House Passes Bill That Will Make Protesting Illegal at Secret Service Covered Events 

"The US House of Representatives voted 388-to-3 in favor of H.R. 347 late Monday, a bill which is being dubbed the Federal Restricted Buildings and Grounds Improvement Act of 2011."  

You have to love the names they give these bills. It should be, First Amendment Diminished Act of 2012.

"Under the act, the government is also given the power to bring charges against Americans engaged in political protest anywhere in the country." 

"Under H.R. 347, a federal law will formally be applied to such instances, but will also allow the government to bring charges to protesters, demonstrators and activists at political events and other outings across America." 

"Covered under the bill is any person protected by the Secret Service. Although such protection isn’t extended to just everybody, making it a federal offense to even accidentally disrupt an event attended by a person with such status essentially crushes whatever currently remains of the right to assemble and peacefully protest." 

"While presidential inaugurations and meeting of foreign dignitaries are awarded the title, nearly three dozen events in all have been considered a National Special Security Event (NSSE) since the term was created under President Clinton. Among past events on the DHS-sanctioned NSSE list are Super Bowl XXXVI, the funerals of Ronald Reagan and Gerald Ford, most State of the Union addresses and the 2008 Democratic and Republican National Conventions...." Are you planning on protesting the 2012 Democratic or Republican National Conventions? If so, you may want to see if they are or have been deemed a NSSE.


"When thousands of protesters are expected to descend on Chicago this spring for the 2012 G8 and NATO summits, they will also be approaching the grounds of a National Special Security Event. That means disruptive activity, to whichever court has to consider it, will be a federal offense under the act.
And don’t forget if you intend on fighting such charges, you might not be able to rely on evidence of your own. In the state of Illinois, videotaping the police, under current law, brings criminals charges. 

Don’t fret. It’s not like the country will really try to enforce it — right?"

Got Inflation?

The official government inflation rate is right at 3%, but those of us that actually pay attention to the prices we pay, OR, the size of the packages know the inflation rate is much higher. According to American Institute for Economic Research the prices we pay are up some 8 percent! We have seen the price of gas continue to rise and in fact it was only $1.84 per gallon when Obama took office in January 2009. We have seen many food items rise as well, but the government still tells us that inflation is only about 3%. What they don't tell you is that they stopped including food and energy prices into the equation when figuring out the "official" government inflation rate.

Well, I don't know about you, but I use fuel and food EVERY DAY! It has a major impact on my life as I travel about 80 miles per day. My vehicle averages about 30mpg, thank God, but going from $1.84 per gallon a mere 3 years ago to $3.79 per gallon now means that I pay an extra $1.95 per gallon more. To me, this means an extra $5.20 per day, or $26.00 per week. Now this doesn't sound like much, but continue to follow this out...$104 per month (4 weeks) and $1352 per year. And this is only fuel and only one vehicle in my household (my other vehicle is an 8 cylinder pick-up truck). The cost of food has gone up as the delivery trucks use fuel and the power plant uses fuel and the stores use the power coming from the power plant. Get where I'm going? Just the fuel prices trickle down to many sectors of consumer goods.

Inflation is here and it will get worse. Prepare for it.

Got Cash?

DAVID STOCKMAN: You'd Be A Fool To Hold Anything But Cash Now

For those that do not know David Stockman, he was an architect of one of the biggest tax cuts in U.S. history.

Here is some text from the article linked above. (emphasis added)

Q: Why are you so down on the U.S. economy?
 A: It's become super-saturated with debt.
Typically the private and public sectors would borrow $1.50 or $1.60 each year for every $1 of GDP growth. That was the golden constant. It had been at that ratio for 100 years save for some minor squiggles during the bottom of the Depression. By the time we got to the mid-'90s, we were borrowing $3 for every $1 of GDP growth. And by the time we got to the peak in 2006 or 2007, we were actually taking on $6 of new debt to grind out $1 of new GDP.
People were taking $25,000, $50,000 out of their home for the fourth refinancing. That's what was keeping the economy going, creating jobs in restaurants, creating jobs in retail, creating jobs as gardeners, creating jobs as Pilates instructors that were not supportable with organic earnings and income.
It wasn't sustainable. It wasn't real consumption or real income. It was bubble economics.
So even the 1.6 percent (annual GDP growth in the past decade) is overstating what's really going on in our economy.

Q: How fast can the U.S. economy grow?
 A: People would say the standard is 3, 3.5 percent. I don't even know if we could grow at 1 or 2 percent. When you have to stop borrowing at these tremendous rates, the rate of GDP expansion stops as well.

Q: How does it end?
 A: At some point confidence is lost, and people don't want to own the (Treasury) paper. I mean why in the world, when the inflation rate has been 2.5 percent for the last 15 years, would you want to own a five-year note today at 80 basis points (0.8 percent)?
If the central banks ever stop buying, or actually begin to reduce their totally bloated, abnormal, freakishly large balance sheets, all of these speculators are going to sell their bonds in a heartbeat.
That's what happened in Greece.
Here's the heart of the matter. The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds. Everything (it does) is designed to keep this rickety structure from unwinding. If you had a (former Fed Chairman) Paul Volcker running the Fed today 7/8— utterly fearless and independent and willing to scare the hell out of the market any day of the week — you wouldn't have half, you wouldn't have 95 percent, of the speculative positions today.

Q: You sound as if we're facing a financial crisis like the one that followed the collapse of Lehman Brothers in 2008.
 A: Oh, far worse than Lehman. When the real margin call in the great beyond arrives, the carnage will be unimaginable.

Q: How do investors protect themselves? What about the stock market?
 A: I wouldn't touch the stock market with a 100-foot pole. It's a dangerous place. It's not safe for men, women or children.

Q: Do you own any shares?
 A: No.

Q: But the stock market is trading cheap by some measures. It's valued at 12.5 times expected earnings this year. The typical multiple is 15 times.
 A: The typical multiple is based on a historic period when the economy could grow at a standard rate. The idea that you can capitalize this market at a rate that was safe to capitalize it in 1990 or 1970 or 1955 is a large mistake. It's a Wall Street sales pitch.

Q: Are you in short-term Treasurys?
 A: I'm just in short-term, yeah. Call it cash. I have some gold. I'm not going to take any risk
.
Q: Municipal bonds?
 A: No.

Q: No munis, no stocks. Wow. You're not making any money.
 A: Capital preservation is what your first, second and third priority ought to be in a system that is so jerry-built, so fragile, so exposed to major breakdown that it's not worth what you think you might be able to earn over six months or two years or three years if they can keep the bailing wire and bubble gum holding the system together, OK? It's not worth it.

Q: Give me your prescription to fix the economy.
 A: We have to eat our broccoli for a good period of time. And that means our taxes are going to go up on everybody, not just the rich. It means that we have to stop subsidizing debt by getting a sane set of people back in charge of the Fed, getting interest rates back to some kind of level that reflects the risk of holding debt over time. I think the federal funds rate ought to be 3 percent or 4 percent. (It is zero to 0.25 percent.) I mean, that's normal in an economy with inflation at 2 percent or 3 percent.

Q: Are you hopeful?
 A: No. 

Nuff said? 

Precious Metals Update

There are reports that Silver could bounce to $70 within 90 days. I don't know if this is true or not, but I am still bullish on Precious Metals and still invest in silver. With the U.S. Debt near $16 trillion, I feel there is only limited time before interest rates will increase and we will tumble. When interest rates climb, so does the debt payments the U.S. has to pay. This will be a tipping point. Prepare now.

White House Revolving Door With Goldman Sachs

Well, as we head deeper into the election you are starting to hear Obama rail against Wall Street. Has anyone looked into any ties between Obama and Wall Street? It seems like I've heard over the last few years that there were several of his "people" that work in the White House also worked at Goldman Sachs. I started looking into this connection and found an article written by "fflambeau" at firedoglake.com. I have linked to his article which is titled A List of Goldman Sachs People in the Obama Government: Names Attached to the Giant Squid’s Tentacles.

http://my.firedoglake.com/fflambeau/2010/04/27/a-list-of-goldman-sachs-people-in-the-obama-government-names-attached-to-the-giant-squids-tentacles/

Here is some text from the article.

Let’s start with The President...

OBAMA, BARACK.
Although to my knowledge he has never directly worked for Goldman, he has taken boatloads of their money (an investment repaid many times) and he calls Robert Rubin, the former head of Goldman Sachs "my friend Bob". (See the video clip of then Senator Barack Obama’s address to the Goldman-Rubin funded Hamilton Project in a link below where he uses these words and calls for cuts in entitlements and more NAFTA-type agreements).
Jesse Unruh, the late California politician and political thinker, once called "money the mother’s milk of politics." Certainly, Obama sucked at the teats of Goldman Sachs more than any other politician in recent times. It began for him as little-known Senator from Illinois with a razor- thin resume whose ambitions outshine his accomplishments. Obama’s eloquent, heavily prepped address to the Democratic National Convention caught not only the eyes of the Democratic top brass, but that of the big bankers. As early as the Spring of 2006, Senator Barack Obama was intimately involved with Bob Rubin and Goldman Sachs through his involvement with the Hamilton Project.
Fittingly, Senator Obama was chosen by Rubin and the Hamilton Project to give the inaugural address of the Hamilton Project in April, 2006. An excellent, seminal discussion of the Hamilton Project by Dr. Kirk James Murphy, M.D., can be found here. A video clip of then Senator Barack Obama speaking at the inauguration of the Hamilton Project in April, 2006 can be found here and here (with an excellent discussion) and here. Here Obama heaps lavish praise on Robert Rubin ("my friend Bob") and on the Hamilton Project while setting out its (and his subsequent administration’s agenda) of cuts in entitlements, the need for more NAFTA-type free trade pacts and a pro-big corporation government. In 2006 then, Obama was a Goldie and articulating its desires and policies.
Little wonder then, that Goldman and Rubin heavily funded Obama as a Senator (his biggest campaign contributor) and as a presidential candidate. Goldman Sachs employees (and they were not the floor cleaners) contributed $994,795 to Obama’s presidential bid, almost four times the amount they gave to his Republican opponent, according to OpenSecrets. Over Obama’s entire career, Goldman has been his second biggest contributor, according to OpenSecrets, giving him more than $1,051,000. Goldman not only wanted Obama to win, they paid lots of money to insure that their man would occupy the White House. Again, as William Black noted:

"The highest return on assets is always a political contribution."

Goldman’s 30 pieces of silver investment in Obama reaped them billions of dollars in returns as the TARP bailouts and the subsequent news about Goldman Sachs has shown. So although Obama may never have "worked for" Goldman in the traditional sense, he’s one of Robert Rubin’s boys and on Goldman’s books.
University of Minnesota political scientist Prof. Lawrence Jacobs, described the giant squid’s attachment to the Obama administration:

"almost everything that the White House has done has been haunted by the personnel and the money of Goldman . . . as well as the suspicion that the White House, particularly early on, was pulling its punches out of deference to Goldman and its war chest."

BIDEN, JOE.
Is it any wonder that between his service as "Senator Credit Card", his efforts to limit busing for desegregation, and his five draft deferments at the height of the Vietnam War that Joe Biden is attached to one of Goldman’s tentacles? Goldman has been a major campaign contributor to Biden and according to OpenSecrets, Biden in 2007 alone took almost $25,000 from the Robert Rubin related Citigroup (Rubin was its head as well as being a former head of Goldman).
And guess who was the keynote speaker at the Hamilton Project 2010 kickoff event a few days ago (April 20th, 2010) Tuesday morning at the Renaissance Mayflower Hotel? That’s right: Vice President Joe Biden spoke at Goldman Sachs/Robert Rubin’s Rosemary’s Baby. You can see some pics of Biden at the Hamilton Project event along with who else–Robert Rubin–here.
As described by the Huffington Post:

          “Biden was speaking at the relaunch of the Hamilton Project, a think tank founded by

            ultimate Wall Street Democrat Robert Rubin to publicly despair about the deficit and 

            other things bankers worry about the most.”

Note too that in his address Biden paid tribute to Obama’s bipartisan deficit commission, something that the Hamilton Project and Robert Rubin (and Goldman) have been pushing for years because it really means cuts in entitlements (again, have a look at Sen. Obama’s 2006 speech at the Hamilton Project where he calls for entitlement cuts).

ALTMAN, ROGER.
Interestingly, the man who introduced Joe Biden at the Hamilton Project’s relaunch (described above) was none other than Roger Altman, who is connected to the Hamilton Project.
Altman may not hold down a desk job in the Obama administration–he’s too big a fish for that just as is Robert Rubin–but he is one of those power brokers with all encompassing contacts within the Democratic Party. Altman is a Hamilton Project member, according to Dan Frumkin’s excellent article in the Huffington Post, as well as having served as Assistant Secretary of the Treasury under none other than Mr. Goldman Sachs, Robert Rubin. He is now now Chairman of Evercore Partners, which the Hamilton Project program described as "the most active investment banking boutique in the world." (and the Obama administration is trying to sell itself as one that is getting tough on big banks and Goldman?).
Like so many of the Goldman people, Altman has a touch of scandal/criminality about him. According to Wikipedia, Altman was forced from his position as Assistant Treasury Secretary because of a records keeping scandal.
Altman is a co-author, along with Robert Rubin, of the Hamilton Project’s "From Recession to Recovery to Renewal: An Economic Strategy to Achieve Broadly Shared Growth." Some of Altman’s ties to the Goldman-Rubin funded Hamilton Project can be seen here.

BRAINARD, LAEL.
Brainard is the United States Under Secretary of the Treasury for International Affairs in the administration of President Barack Obama. She is an associate and protege of Mr. Goldman Sachs, Robert Rubin. She has written numerous articles and bookson the joys of outsourcing work overseas.
Brainard also worked at Brookings which has embedded within in Goldman Sachs and Robert Rubin’s Hamilton Project. Goldman was clever in doing this because they hid a conservative thinking, pro business group like a Trojan Horse in what is generally perceived as a liberal think tank.
Like Timothy Geithner, who is her boss, Brainard is a brainy person who had trouble with income tax rules and regulations, thus joining quite a lengthy list of Goldies who ape the law. The Washington Post reported that:

          “Brainard’s nomination was held up by Republican concerns over allegations that 

           she failed to pay property taxes on time. (What is it with Treasury and tax problems?)”

BUFFETT, WARREN.
Speaking of big fish, Warren doesn’t need to work for the US government or for Goldman. But he’s invested billions in Goldman expecting even greater returns. Obama has also admitted in the debates to "pal’in around" with the Sage of Omaha and Buffett is one of Obama’s fundraisers and economic advisers.
For more on Buffett see this written by Michael Winship at Truthout:

          “On Friday, Susan Pulliam reported on the front page of The Wall Street Journal 

            that, "A Goldman Sachs Group Inc. director tipped off a hedge-fund billionaire 

            about a $5 billion investment in Goldman by Warren Buffett’s Berkshire 

           Hathaway Inc. before a public announcement of the deal at the height of the 

          2008 financial crisis, a person close to the situation says."

                        As the Journal notes, the Buffett deal came at a key point in the

                       Wall Street collapse, restoring confidence in the markets and lifting 

                       Goldman’s stock from a 40 percent slide to a 45 percent surge. 

                       The hedge-fund billionaire in question is Raj Rajaratnam, whose 

                      Galleon Group currently is embroiled in one of the biggest insider

                       trading scandals in history: 21, including Rajaratnam, have been 

                       charged; 11 already have pled guilty.” (emphasis added)

CLINTON, HILLARY.
Although Barack Obama was the overwhelming favorite of Goldman Sachs to be president in 2008, for he could serve as their Trojan Horse, they were smart enough to hedge their bets, so to speak and back Hillary too. According to the Washington Examiner, Goldman Sachs in 2008 alone gave:

          “($415,595.63 inflation adjusted), which was itself almost three times as much as

           Bush received as well.” 

And of course, it was Hillary’s hubby Bill Clinton who chose ex-Goldman chief Robert Rubin to serve in his White House. Bill, Hillary and Bob Rubin are Washington, D.C. kissing cousins.

CRAIG, GREGORY.
Another example of the revolving door between Goldman Sachs and Obama’s administration. Craig served as Obama’s White House Counsel and after resigning, has taken on a position as Goldman Sach’s chief lawyer in defending against its SEC suit. A former Goldie, Robert Hormats, sits at the top of SEC’s enforcement group too. What a hoot!
Note that Craig is a lawyer and lawyer’s rules of professional responsibility prohibit not only direct conflicts of interest but anything that hints at a conflict of interest.
Here is doubtlessly why Goldman wanted Craig as its top lawyer in the SEC complaint:

          “Greg Craig, Obama’s first White House counsel, has joined Goldman, we learned

           this week. He may not have too much pull in the West Wing, which drove him out 

           for hewing too close to Obama’s campaign promises, but as a former insider he 

           will provide valuable intelligence to the world’s largest investment bank.” 

Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Is-Goldman-Obamas-Enron-No-its-worse-91613449.html#ixzz0mHKfS3hl

DONILON, THOMAS.
Thomas Donilon is Deputy National Security Adviser to Barack Obama (despite having a career that is mostly involved with domestic politics). Donilon was a lawyer at O’Melveny and Myers and made almost $4 million representing meltdown clients including Penny Pritzker (of Chicago) and Goldman. This from Michelle Malkin’s article RealClearPolitics. More information is available on Donilon over at Whorunsgov.com.

DUDLEY, BILL.
Joined Goldman in 1986; partner and managing director until 2007. Federal Reserve Bank of New York President since January 2009 (replacing none other than Timothy Geithner, his Goldman compadre). This all from the Wall Street Journal.

ELMENDORF, DOUGLAS.
Elmendorf became Obama’s Director of the Congressional Budget Office in January 2009. Elmendorf previously was the Director of the Hamilton Project; it’s third.
Note too that the first 3 Directors of the Hamilton Project ALL serve in the Obama administration. While other journalists/writers have explored the links between Goldman Sachs and Obama, few have looked at the connection between the Hamilton Project and the Obama administration. Note again that the Hamilton Project was funded by Robert Rubin and Goldman Sachs. Note too that the current director of the Hamilton Project, its 4th since its founding in 2006, is Michael Greenstone. How long will it be before Greenstone goes to the Obama administration, making it a perfect 4 for 4 for Directors of the Goldman funded Hamilton Project? To show that there is a revolving door between the Obama Administration and Goldman/Rubin/Hamilton Project, Greenstone served as of Obama’s chief economic advisers.

EMANUEL, RAHM.
Rahm, of course, is Obama’s Chief of Staff, the very first person Obama selected to be in his administration. Rahm has lengthy and fruitful ties to Goldman, and vice versa. Rahm took in about $75,000 from Goldman Sachs as a Congressman and was on a $3,000 a month retainer from Goldman while he worked as Bill Clinton’s chief fund raiser.
Timothy Carney has explored some of the links between Emanuel and Goldman Sachs:

          “…one of Barack Obama’s top sources of funds in this past election, Goldman 

           has always had some particularly strong allies within government. Emanuel is 

           one such ally. An interesting early chapter in the Goldman-Emanuel relationship 

           took place in the setting of Bill Clinton’s campaign for the White House in 1992. 

          Clinton hired Emanuel as his chief fundraiser. At the same time, however, Emanuel 

           was on the payroll of Goldman Sachs, receiving $3,000 per month from the firm to

         “introduce us to people,” in the words of one Goldman partner at the time. This is 

           certainly a noteworthy relationship, but it’s one that has almost entirely escaped 

           scrutiny. Corporations and partnerships are and were at the time prohibited by

           law from contributing to federal candidates out of the corporate coffers. So, 

           while Rahm tapped Goldman employees personally for six figures in gifts to 

           Clinton’s candidacy—more than any other firm—Goldman, as a company, was

           helping keep Clinton’s top fundraiser well-fed.

         …In his four terms in Congress, Emanuel has raised $74,750 from Goldman, 

             making the firm his number four source of funds. Goldman has helped Emanuel. 

            How has Emanuel helped Goldman? The most obvious answer, as mentioned in 

            this column two weeks ago, is in Emanuel’s lead role in shepherding the “$700 billion” 

            bailout—first proposed by former a Goldman CEO, Bush Treasury Secretary 

           Henry Paulson—through the skeptical House. Of course, back in the Clinton days, 

           Goldman benefited from NAFTA and the bailout of the Mexican currency, 

           with Emanuel pushing NAFTA through Congress, and Rubin hammering out 

           the peso bailout.”

McClatchey newspaper’s Greg Gordon, in his article entitled, "Goldman’s White House Connections Raise Eyebrows" also noted how Rahm and Goldman worked together to make money:
          

          “One White House insider who knows something about how Wall Street does 

            business is chief of staff Emanuel, who earned millions of dollars in investment 

            banking after he left the Clinton White House. His work for the Chicago-based 

            financial services firm Wasserstein Perella & Co. intersected with Goldman in 

           at least one deal. In 1999, Emanuel was a key player representing Unicom Corp., 

           the parent of Commonwealth Edison, in forging its merger with Peco Energy Co. 

           to create utility giant Exelon Corp. Goldman was also advising Unicom. The White House

           declined immediate comment on that connection.” 

So how real is the Obama/Democratic party’s supposed new toughness on big banks when the administration’s point guard was on the Goldman payroll and become a multi-millionaire through big banks and Wall St. deals?

FARRELL, DIANA.
Diana Farrell is Deputy Director of the National Economic Council (since January, 2009) in the administration of President Barack Obama. She formerly worked for two years at Goldman Sachs in New York according to Whorunsgov.com.
In 2003, Farrell was the author of a paper, "Perspective on Outsourcing" in which she argued that sending American jobs overseas might be "as beneficial to the U.S. as to the destination country, probably more so." In a book titled “The Economists’ Voice: Top Economists Take on Today’s Problems,” Farrell wrote a chapter titled “U.S. Offshoring: Small Steps to make it Win-Win.” Her chapter, published in 2008, centered on offshoring.
In the Obama administration, Farrell works with a coven of Goldies including Timothy Geithner and Larry Summers, who is her boss.

FRIEDMAN, STEPHEN.
Chairman of Obama’s Foreign Intelligence Advisory Board.
According to Wikipedia, Friedman worked for much of his career with Goldman Sachs, holding numerous executive roles. He served as the company’s co-chief operating officer from 1987 to 1990, was the company’s co-chairman from 1990 to 1992, and the sole chairman from 1992 to 1994; he still serves on the company board.
Friedman was another Goldie involved in controversy, as many of the Goldies have been in government service, involving his former employer. His actions, like other affiliated with Goldman, show scant respect for rules, regulations or laws.
Wikipedia notes:
Wikipedia notes:
          

             “On May 7, 2009 Friedman resigned as Chairman of the Federal Reserve 

               Bank of New York in response to criticism of his December 2008 purchase 

               of $3 million of stock in Goldman Sachs. Friedman, who remains a member 

               of Goldman Sachs’ board, came into violation of Federal Reserve policy 

               when Goldman was converted to a bank holding company in September 2008, 

               thereby placing it under the regulatory authority of the New York Fed. Friedman

               requested a waiver from this violation when the conversion occurred, which 

              was granted roughly two and a half months later.”

FROHMAN, MICHAEL.
Robert Rubin’s Chief of Staff while Rubin served as Secretary of the Treasury and an Obama “head hunter” according to “Rubin Proteges Change Their Tune as They Join Obama’s Team” in the New York Times.


FURMAN, JASON.
Furman served as the second Director of the Hamilton Project after Peter Orszag’s departure for the Obama administration and he in turn left the Hamilton Project in June 2008 to direct economic policy for the Obama Presidential Campaign.

FUDGE, ANNE.
Obama just appointed Fudge to his budget deficit reduction committee. Fudge has been the pr craftsman for some of America’s largest corporations. She sits, according to the Washington Post, as a Trustee of the Brookings Institution within which the Hamilton Project is embedded.

GALLOGLY, MARK.
Gallogly sits on the Hamilton Project’s advisory council. He is also, according to Wikipedia, currently a member of President Barack Obama’s President’s Economic Recovery Advisory Board.

GEITHNER, TIMOTHY.
He’s one of the most documented of all people within the Obama administration while serving as Obama’s Secretary of the Treasury. He was named head of the New York Fed by none other George W. Bush, again perhaps underscoring Gore Vidal’s observation that American is run by one corporate party and it has two wings: Republican and Democratic.
While at the head of the New York Fed, Geithner prior to the crisis not only failed to see storm clouds on the horizon, he also in 2008 ordered the bailed out AIG not to disclose its sweetheart payments to big banks including, you guessed it, Goldman Sachs. Geithner also worked with W’s Treasury Secretary Paulson to fashion the TARP agreements whereby billions were handed out to Wall St.
Geithner is a protoge of both Robert Rubin and Larry Summers.
Like other Goldies, Geithner has had trouble with rules, tax regulations and various. Recall that he had trouble at his confirmation hearings over his tax returns. Whorunsgov sums them up:

          “At the end of the Clinton administration, Geithner moved to the International 

            Monetary Fund, where he was director of policy development. That period led to 

           a blot on his personal record. The IMF, unlike most employers, does not pay the 

           employer match on Social Security and Medicare taxes. Geithner was responsible

           for paying those taxes himself. He did not to do so until he was audited in 2005, 

          and even then only paid the back taxes for 2003 and 2004. He did not pay the back 

          taxes for 2001 and 2002 until after Obama tapped him to be Treasury secretary at 

          the end of 2008.” 

Many of Geithner’s actions profited Goldman Sachs directly or indirectly, such as Geithner’s decision to deny Goldman’s competitor the same treatment he gave Goldman. As Time magazine noted:

          “[Geithner]Would not grant Lehman Brothers the right to become a bank-holding 

            company — a status given to both Morgan Stanley and Goldman Sachs just 

            days after Lehman filed for bankruptcy.”

Lehman Brothers collapsed, leaving Goldman Sachs with fewer competitors and a greater market share.

GENSLER, GARY.
Gensler was a Goldman Sachs partner who is Obama’s Commodity Futures Trading Commission head. Gensler is the guy who as a former Treasury official exempted the $58 trillion credit default market from oversight. Those financial instrumentals played a key role in the global economic downturn and led to billions of dollars in profits for banks like Goldman Sachs.

GREENSTONE, MICHAEL.
Greenstone is the 4th Director of the Hamilton Project. Just as attorney Craig went from advising Obama to defending Goldman Sachs against the SEC complaint, Greenstone has used the revolving door to go from went an economic adviser position to Obama to one of the Goldman Sachs outlets, in this case its think tank embedded in the Brookings Institution and funded by Goldman and Robert Rubin. All 3 previous Directors of the Hamilton Project work in the Obama administration.

HAMILTON PROJECT, THE.
The pro-corporatist think group funded by Goldman Sachs and Robert Rubin and cleverly hidden in the Brookings Institution as their Rosemary’s Baby/Trojan Horse. Espouses cutbacks in entitlements, strict budgetary thinking applied to all social programs (but not the defense department); outsourcing of American jobs overseas; more NAFTA-type agreements. Three of the first 4 Directors of the Hamilton Project serve in the Obama Administration. The fourth went from an economic adviser to Obama to the Hamilton Project.
It might also help to recall that the name "Hamilton Project" is significant. Recall that Alexander Hamilton, after whom the institute was named, had as his most famous dictum that "the people are a great beast." Hamilton espoused a powerful state bank and centralized government and presidency.
Note too that Sen. Barack Obama was the inaugural speaker at the Hamilton Project and lavished praise on "my friend Bob [Rubin]" and called for cuts in entitlements (Social Security) and more NAFTA agreements. This is the same guy who lied to the electorate, then, in union states like Ohio and Pennsylvania during the Democratic primaries when he said "NAFTA needs rethinking." He is firmly and totally behind NAFTA and has done no "rethinking" of it while President and with his party in firm control of Congress.
For more information, see the reading listed below on this subject and the Project’s web site.

HORMATS, ROBERT.
The top economics official at Obama’s State Department, Hormats spent the prior 27 years at Goldman Sachs, including as the Vice Chairman of Goldman’s international arm.
Hormat’s appointment to the Obama administration led Glenn Greenwald to this observation:

          “A Goldman executive as COO of the SEC’s enforcement division. This is all 

            consistent with the observation of Desmond Lachman — previously chief 

           emerging market strategist at Salomon Smith Barney and IMF deputy director — 

           regarding "Goldman Sachs’s seeming lock on high-level U.S. Treasury jobs," 

           which he cited as but one of the many "parallels between U.S. policymaking and 

           what we see in emerging markets."

Imagine how this will play out. The SEC has lodged a complaint against Goldman Sachs. Goldman’s former Vice President in charge of Business Intelligence sits in the SEC’s enforcement division while Obama’s former top lawyer, White House Counsel Gregory Craig, has gone to defend Goldman Sachs!

KASHKARI, NEEL.
Former Vice President of Goldman Sachs in San Francisco where he where he led Goldman’s Information Technology Security Investment Banking practice. Kashkari served under Treasury Secretary Paulson and was kept on by Obama after his inauguration for a limited period to work on TARP oversight.

KORNBLUH, KAREN.
Sometimes called "Obama’s brain", she serves as Obama’s Ambassador to the OECD. Kornbluh was Deputy Chief of Staff to Mr. Goldman Sachs, Robert Rubin.

LEW, JACOB (AKA "JACK") J.
Lew is the United States Deputy Secretary of State for Management and Resources. According to Wikipedia, Lew sits on the Brookings-Rubin funded Hamilton Project Advisory Board. He also served with Robert Rubin in Bill Clinton’s cabinet as Director of OMB.
Like many affiliates of the Hamilton Project, along with Barack Obama, Lew believes that fiscal discipline needs to be applied to Social Security (not much talk about runaway costs in the military budget). According to the New York Times, Lew has testified that:

          “Fiscal discipline is essential to protect Social Security and strengthen Medicare,

            so that both will be there in the years ahead. Reducing the accumulated federal 

           debt will help us to protect these important programs.” (Congressional testimony 

            in March 2000.)  

Also like Robert Rubin, Lew has worked with Citicorp. The New York Times reported (same link as above) that:

           “As executive vice president of New York University, he tangled with a union 

             representing graduate students who help teach courses.” 

LIPTON, DAVID A.

According to Paul Krugman, Lipton is at now at Obama’s National Economic Council and the National Security Council. Lipton worked with Larry Summers and Timothy Geithner, again according to Krugman, on the US response to the Asian financial crisis of the 1990′s. MergeFoundations reports that Lipton worked closely with Robert Rubin:

“[he] advised and assisted Secretary Rubin on many key aspects of international economic policy.”

MINDICH, ERIC.
Eric Mindich, while not officially serving in the Obama administration, is a strong Obama supporter with extensive ties to the President, according to a Ben Smith/Politico article. Mindich is a hedge fund manager and sits on the Advisory Council of the Hamilton Project and has worked at Goldman Sachs. In fact, he was the youngest ever partner with Goldman Sachs at the age of 27.
According to Wikipedia:

          “Prior to forming Eton Park in 2004, Mindich spent 15 years at Goldman Sachs 

            in two main roles: leading the firm’s equities risk arbitrage business and managing

          the firm’s equities division. He joined the firm in 1988 in the equities arbitrage 

          department and ran that department from 1992 until 2000.[1] In 1994, at age 27, 

          he became the youngest partner ever in the history of Goldman Sachs.[1] In 2000, 

          he became co-chief operating officer of the equities division and in 2002 became 

          co-head of the equities division and a member of the Goldman Sachs Management

          Committee. In 2003, Mindich joined the Executive Office as senior strategy officer 

          and chair of the Firmwide Strategy Committee.

Another website, Operational Due Diligence at Checkfundmanager, indicates the following about Mindich:

         "In March of 2009, Eton Park’s [hedge fund founded by him] assets under 

           management were estimated to be around $13 billion.

An article from April of 2009 lists Mr. Mindich among the “inner circle” of economic advisors to Lawrence H. Summers, who is the current chief economic adviser to President Barack Obama. Mr. Mindich is also listed in another article as being a top level Democrat fundraiser.

…Eric Mindich, founder of Eton Park fund, reportedly supports Barack Obama’s presidential candidacy (2007).

…A February 2005 article rattles off a number of impressive credentials for Eric Mindich, including launching the largest hedge fund in history, graduating summa cum laude from Harvard, becoming the youngest ever partner at Goldman Sachs, and being endorsed by former Secretary of the Treasury Robert Rubin.”

ORSZAG, PETER.
Obama’s Budget Director was the founding director of the Hamilton Project, funded by Goldman Sachs and Robert Rubin. Furthermore, Wikipedia indicates that Robert Rubin, Goldman’s ex-head, was one of Orszag’s mentors.
A BBC article notes Orsag’s commitment to Hamilton Project ideals like cutting the budget (mostly by cutting entitlements) and his ties to Goldman Sachs:

          “Mr. Obama has signaled his determination to keep the budget deficit in check 

            by appointing Peter Orszag, the head of the Congressional Budget Office (CBO), 

            to head the Office of Management and Budget (OMB). It is the OMB, rather 

            than the Treasury, that allocates government spending and estimates the size 

           of future budget deficits. His appointment could help ease the new president’s 

           relations with Congress. Peter Orszag is well-known as a fiscal conservative, 

          who is concerned to keep spending and tax cuts in check. He was one of the first 

          directors of the Hamilton Project, a Brookings think tank initiative backed by Robert Rubin…”

The BBC failed to point out that Goldman Sachs also contributed to funding the Hamilton Project, and he was not "one of the first directors of the Hamilton Project" he was its first Director.

PATTERSON, MARK.
Former lobbyist for Goldman Sachs who serves under Timothy Geithner as his top deputy and overseer of TARP bailout funds, $10 billion of which went to Goldman.

RATTNER, STEVE.
Ratner is the shady billionaire financier who Obama appointed as his “car czar” and who resigned after it was revealed that his company, the Quadrangle Group, was apparently involved in “pay to play” for a billion dollars or so of New York State pension funds, and was under possible indictment by the New York AG and the SEC, also sits on the Advisory Council of the Goldman funded Hamilton Project.
Rattner is yet another Goldie-Hamilton Project person in trouble with the law. He was the main financial supporter of Harold Ford’s aborted New York Senate run and speculation was that Rattner wanted a Senator to help protect him.

REISCHAUER, ROBERT D.
He was a member of the Medicare Payment Advisory Commission from 2000-2009 and was its vice chair from 2001-2008. He too sits on the Hamilton Project’s advisory board.
From this excellent discussion at "Meet Robert Rubin" here’s more information on Reischauer and his extensive links to Robert Rubin:

          “Robert Reischauer, another policy insider who penned a memo in 2009 with 

            fellow Brookings Institution elites calling for Obama to take "action to stem 

          the growth of Social Security and Medicare," were recently nominated by Obama 

           to be Social Security Trustees. (The Blahous pick he apparently owed to 

           Senator Mitch McConnell.) Reischauer has close ties to economic wrecking ball 

         Robert Rubin—the Goldman Sachs chairman who became Clinton Treasury Secretary

       and pushed through radical deregulatory banking laws, then went to Citigroup 

           to score $120 million for driving his company into the ground. Rubin and 

    Reischauer knew each other at both the Harvard Corporation and the Clinton White House,

           where Reischauer was director of CBO. Reischauer is on the advisory board of 

         Rubin’s Hamilton Project, and the two most recent CBO directors have

             come straight from Hamilton.” 

NOTE: since writing this, it appears the above (and the quote below on Alice Rivkin) comes word for word from an Alternet article by Matthew Skomarovsky found here.

RIVLIN, ALICE.
Obama just named in March Alice Rivlin to his so called deficit reduction commission. Have a look at her background and you’ll see why and that Obama has stacked that commission with people who want cuts in entitlements.
Again, an excellent summary of her Goldman-Brookings (read Hamilton Project) Obama connections:

             “One of Reischauer’s co-signers of the Brookings memo, Alice Rivlin, is another 

            fox Obama has put in charge of the Social Security henhouse. Former Vice Chair 

      of the Federal Reserve under Greenspan at the peak of the tech bubble, and also

              a Hamilton Project board member, Rivlin will likely make another great 

          Wall Street ally on the commission. In 2004 Rivlin co-authored (with Obama’s 

     current Office of Management and Budget Director Peter Orszag, among others) a 138-page

            Brookings report titled "Restoring Fiscal Sanity" advocating $47 billion in 

               entitlement cuts, including an "increase in the retirement age under Social Security" 

           and "more accurate inflation adjustments to Social Security benefits."

Wikipedia also says of her:

“She is currently on the board of directors of the New York Stock Exchange.”

Wikipedia also notes that she has extensive Brookings Institution connections (within which the Hamilton Project is now embedded) including from 1957–66, 1969–75, 1983–93, and 1999 to the present.
Rivlin is a frequent speaker at the Hamilton Project as shown by this page at the Hamilton Project’s web site; you can see videos of her talks and the subjects of her papers here.

RUBIN, JAMES.
Son of Robert Rubin (see next entry). Served as a headhunter for Obama per the New York Times article, "Rubin Proteges Change Their Tune as They Join Obama’s Team".

RUBIN, ROBERT.
Mr. Goldman Sachs and co-funder, along with Goldman, of the Hamilton Project. Served as the 70th U.S. Sect. of the Treasury under Bill Clinton and spent 26 years at Goldman Sachs becoming its Co-Chairman from 1990-1992. He also served as Chairman of Citigroup. Along with Goldman Sachs, Rubin funded the Hamilton Project embedded in the Brookings Institution. In other words, he embedded within what is perceived as a liberal think tank a Trojan Horse that espouses cutbacks in entitlements (but not Defense budgets), more NAFTA like agreements, outsourcing of jobs overseas and strict budget consciousness applied to health care. Rubin used the same tactic with Barack Obama: choosing an essentially ambitious yet cautious conservative and turning him into a Trojan Horse for his causes and those of Goldman’s/the Hamilton Project’s. Rubin is the de facto President of the United States and he and the Hamilton Project tell Obama and his administration what to do. Obama gets to ride on Air Force One.
According to a recent Politico article:
 

           “Behind the scenes, Rubin still wields enormous influence in Barack Obama’s 

           Washington, chatting regularly with a legion of former employees who dominate 

          the ranks of the young administration’s policy team. He speaks regularly to 

           Treasury Secretary Timothy Geithner, who once worked for Rubin at Treasury.”

SPERLING, GENE.
Prior to advising Timothy Geithner on bailouts, Sperling was paid the paltry sum of $887,727 by Goldman Sachs for one year of consulting work. Sperling, another acolyte of Robert Rubin’s raked in even more that year, according to William Grieder at the Nation:

           “[he was paid in addition] $480,051 as a director of the Philadelphia Stock Exchange, 

                plus $250,000 for his quarterly briefings to two hedge funds, plus the speaking gigs 

        [$158,000] (including an appearance before the Stanford Group in Houston subsequently 

                 charged with running a Ponzi scheme). Meantime, his day job at the Council on 

                      Foreign Relations paid $116,653. A busy, busy wonk.”

 STORCH, ADAM.
Storch worked for Goldman Sachs for 5 years reaching the position of Vice President in the Business Intelligence Group. He is Obama’s Managing Executive of the Security and Exchange Commission’s Division of Enforcement.

SUMMERS, LARRY.
It didn’t take Larry Summers long to land a big time job after he crashed and burned as Harvard’s President. He sits at Obama’s right hand as Obama’s chief economic adviser and head of the National Economic Counsel. Summers’s boss at Goldman was non other than Robert Rubin, former co-Chairman of Goldman and also former head of Citicorp.
Summers has reaped nearly $2.8 million in speaking fees to banks and institutions he is now supposed to be helping to regulate and oversee.
Goldman Sachs paid him $135,000 for a single speech he gave in April, 2008, a very good investment repaid many times to Goldman.

CONCLUSION.
Although a lot of work and research was put into this list, I am sure I missed many people. But it gives the most comprehensive look ever published at how extensive the Goldman Sachs ties are in the Obama administration and the revolving door between the two (See attorney Craig’s description above).
It also shines light on a subject that has virtually received no mainstream media attention: the importance of the Hamilton Project (funded by Robert Rubin and Goldman Sachs) as the policy voice for their pro-corporate interests. While Matt Taibbi has dissected Goldman, no journalist has looked at the Hamilton Project (Taibbi misses it too) despite the fact that all three of its first directors serve now in the Obama administration. Its current director, its fourth, worked as an economic adviser to Obama Administration and at MIT. It formulate the pro-big business that Goldman wants and spreads it through academia and the Obama administration.
Robert Rubin and Goldman Sachs cleverly disguished their Rosemary’s baby, the Hamilton Project, within the essentially liberal Brookings Institution. Lots of journalists (including the BBC) have been misled by this, thinking that if it comes out of Brookings, it must be liberal or even progressive. Discussing Peter Orszag, the BBC made this blunder:

“He was one of the first directors of the Hamilton Project, a Brookings think tank initiative backed by Robert Rubin which aimed to combine fiscal responsibility with progressive politics.” (emphasis added)

Not so! The clear message from the Hamilton Project is this:

1) entitlements must be cut, including Social Security;
2) more jobs must be outsourced overseas;
3) more NAFTA-type agreements must be drafted and entered into;
4) strict budgetary policies must be applied to entitlements and especially health care "reform" (whereas the defense department is skirted). 

One only has to look at the Hamilton Project, at Obama’s speech to that group in April 2006, and the numerous articles and books that they have peddled to see that their outlook is overwhelmingly corporatist and pro-big business. It is then, anti-progressive not liberal and certainly not progressive.

RECOMMENDED FURTHER READING:
1. Greg Gordon (McClatchy Newspapers), "Goldman’s White House Connections Raise Eyebrows" April 21, 2010.
2. Fflambeau, "With the Obama Administration Infested With Goldman Sachs People, How Real is the Obama/Democratic Attack on Big Banks" FDL Diary, April 21, 2010.
3. "More Investigations of Goldman Sachs, A Double-Edge Swords for Obama and Democrats"
4. "Meet Robert Rubin" at MyOpera/Personal Finance Blog
5. Paul Street’s article showing that Obama held corporatist ideas long before elected and his indebtedness to the interests of big business.
6. Matthew Skomarovsky, "Obama Packs Debt Commission with Social Security Looters", March 28, 2010 at Alternet.

ESSENTIAL READING ON THE HAMILTON PROJECT AND ITS TIES TO THE OBAMA ADMINISTRATION:
1. Kirk James Murphy, M.D. "The Hamilton Project: Same Corporatist Whine In New DLC Vessels." THE seminal article on the Hamilton Project which also features a video clip of then Senator Barack Obama talking about "my friend, Bob [Rubin]" and espousing cuts in entitlements and the "need" for more free trade pacts like NAFTA.
2. Fflambeau, "Obama’s ‘Smoking Gun’: His Hamilton Project Speech Shows His Links to Goldman, Entitlement Cuts, Part 1.
3. Fflambeau, "Obama’s ‘Smoking Gun’: His Hamilton Project Speech Shows His Links to Goldman, Entitlement Cuts, Part 2".
4. Another source for Obama’s Hamilton Project speech of April 2006. Contains video clip.
5. James Kirk Murphy, M.D., "Remember the Hamilton Project?" Dr. Murph’s latest look at the Hamilton Project.
6. David Sirota, "Wall Street Democrats Unveil Plan to Undermine Progessives", April 5, 2006.