Wall Street and the Rise of Obama

Cliff Kincaid has a very interesting article on Obama's close relationship with Goldman Sachs and their drive for a socialist style United States:

Goldman Sachs, a “full-service global investment banking and securities firm,” is “the leading underwriter of Chinese equity securities and M&A [merger and acquisition] advisor in China,” its website declares.

“Managing the U.S. relationship with China is an increasingly important part of the Treasury secretary’s job,” Bloomberg Markets says. “During the Fannie and Freddie crisis, Paulson used his credibility with Chinese leaders to reassure them that the U.S. mortgage companies weren’t in jeopardy.” Paulson is quoted as saying that “I clearly talked with the Chinese through this. They’ve worked with me enough that they knew I wouldn’t say it unless I believed it.”

Why was this necessary? Back on July 21, 2008, in an article headlined, “Trouble at Fannie Mae and Freddie Mac Stirs Concern Abroad,” The New York Times noted that China held $376 billion in securities issued by the quasi-governmental agencies, known as Government Sponsored Enterprises. In total, foreign investors held some $1.5 trillion in the housing giants, about one-fifth of their securities. China was the leading foreign investor.

On September 7, the U.S. Government, under Paulson’s direction, took control of Fannie Mae and Freddie Mac, putting the U.S. taxpayers on the hook for $5 trillion of their mortgages. This constituted, in effect, a bailout of the foreign investors.

About a week and a half later the demands came for more taxpayer money for Wall Street, and the national economic crisis was well underway.

Goldman Sachs has been large campaign contributors to Obama.If you read one article today:this should be it.For more on origins how socialism came to America.