How Investments and sketchy companies fucked us over

A response to Goldman Sach's article in the Time's online today
-Catch the full article here: http://READ.im/cfU

Michael Skorupski wrote:

Never mentioned was GS’s role, forcefully lobbied by Robert Rubin and Lawrence Summers of the Clinton administration, in the repealing of the Glass-Steagall act in 1999, enacted during the Great Depression to limit the financial power of ‘too-big-to-fail’ institutions by separating investment banks from commercial banks. As a result of their efforts, GS thus became ‘too-big-to-fail’, encouraging moral hazard and leveraging ever more risky investments, knowing that they would always be bailed out by the US taxpayer should their investments go sour. Nor was mentioned the curbing of predatory lending practices that had been on the agenda of most US state legislatures, only to be vetoed by Bush, acquiescing to GS lobbying – not difficult as Bush’s then Treasury Secretary Paulson was also an ex-GS CEO. The latter led to the sub-prime mess, and the former to the toxic waste of mortgage-backed securities. It is unbelievable that your writer had nothing to say about GS lobbying Congress and government, spending hundreds of millions in bribe money, which led us directly into the present economic crisis - getting worse by the month.
GS is making its nth fortune by engineering a massive transfer of wealth from the US and UK to China and emerging markets – borrowing at negative interest rates in the US and UK, and then investing in production and commodities in China and emerging markets. That’s where the bailout cash is flowing to, as that’s where are found the greatest returns. This money will never come back. The recipients can thank the US and UK taxpayer for being history’s greatest mugs. Future generations will look back and ask themselves what drugs were present generations on to allow government and the likes of GS, earning exorbitant commissions, to get away with such astronomical looting?