By Ben Cohen
Any time powerful entities are challenged, the first line of response is dismissal. If the charges look like they might stick, the next stage is to throw mud. And if that doesn’t work, they throw even more mud.
Goldman Sachs, the financial institution largely responsible for the massive economic meltdown, has had its hands full with the recent piece ‘The Great American Bubble Machine‘ in Rolling Stone Magazine by Matt Taibbi. Taibbi essentially chronicled the company’s role in blowing a multi trillion dollar hole in the economy via a mixture of reckless speculation, stock manipulation and astonishing greed. His research was top notch, and Taibbi went into great detail, naming names, and explaining the complex financial jargon the company used to disguise the fact that it was buying and selling junk.
It was a mind blowing piece of journalism as it laid out in basic terms how Goldman Sachs stole money from middle class investors and funneled it upward to the Wall St elite. Taibbi also warned that they are planning to do the same again in the new cap and trade economy, cataloging a history of deceit and theft to build a devastating picture of the financial juggernaut as a giant fraud machine.
Goldman Sachs hit back, but interestingly, they didn’t point to specifics and stuck to broad generalizations about Taibbi and his ‘lack of understanding‘ of all things financial. The official Goldman Sachs response was as follows:
“Your questions are couched in such a way that presupposes the
conclusions and suggests the people you spoke with have an agenda or do
not fully understand the issues.”
Other than that, they haven’t refuted a single fact.
Taibbi’s piece has gained acceptance by many people with a moderate understanding of the murky world of finance, even if they don’t agree with him politically. Time Magazine basically agreed with Taibbi’s analysis, complaining only that it was too focused on Sachs (yes, that apparently passes as legitimate criticism in the MSM), and many others haven’t come out to denounce it.
Those left defending the corporate giant have now been reduced to name calling, with people going as far as accusing Taibbi of being anti semitic.
This is a tactic extreme Right Wing Jews use to alienate anyone mildly critical of Israel, and broadly speaking, it works. If you are regarded as an anti semite in the American Media, essentially, your career is over. Throwing the accusation around is like accusing someone of rape – they’ll never really recover from it.
Luckily, the link between Taibbi’s superb piece and hatred towards Jews is so completely ridiculous, no one is taking it seriously. However, the Rolling Stones piece has only been out a week or so, and Goldman Sachs and Co. have a limitless amount of time and resources (thanks to the tax payer) to chuck crap at it. Get ready for more of this nonsense, as it’s probably only just begun.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.