Government Sachs and Its Latest Propaganda Campaign
by Robert Wenzel
Economic Policy Journal
Wednesday, September 29, 2010
The latest attempt by Goldman Sachs to prove they are good people, and that their raping of America did not happen, is through a new print ad being run in WSJ that shows they are in bed with government on clean energy.
These guys are so intertwined with government that it appears that they don’t even understand anymore what free markets and entrepreneurship are all about. Their new act signals that they will continue to rape Americans, but in politically correct ways.
CNBC’s John Carney does the smackdown:
The message seems to be an attempt to show that Goldman’s investment banking activities make positive contributions to businesses, communities, the environment and jobs growth. Goldman, in short, is trying to show how it is playing a role at improving the lives of Americans rather than simply increasing its bottom line.
Not everyone is likely to be convinced. Those who believe that clean or green energy is likely to be the location of the next financial bubble will find it ironic that Goldman is trying to burnish its image by touting investment in windmills. When T. Boone Pickens, for instance, began promoting energy independence many thought it was a cynical attempt to boost the fortunes of his Clean Energy Fuels Corp
The key here is that most of these windmill projects are not profitable. Both Pickens and Goldman want what I have called “bailouts in advance’, i.e., they rape tax payers by taking government money and creating projects that would never develop in a free market, and, of course, they build in nice profit margins for themselves in what are ultimately losing businesses. Translation: A sophisticated scam.