It's Showtime for Goldman's Gucci Gulch Garrison!

It's showtime for Goldman's Gucci gulch garrison as the spotlights in our national three ring circus under the domes shift from the Honorable Mr. Toyoda's so sorries to Goldman Sachs explaining to all just how wonderful it is to deal in derivatives and credit default swaps!

Apparently having moved much of Greece's debt off the books and out of sight of the entire EU over ten years ago, they've been called to the hill to explain just why selling credit default swaps on this very same Greece's financial future to anyone and pocketing whatever premiums the market bear is a good thing for our economic stability.  See NPR story

Given that these credit default swaps are a form of insurance against  certain events of company, or in this case the government of Greece, that pay the holder the face amount under certain conditions, such as  defaulting on their debts, or even just having  credit rating  fall to a certain point, isn't it a sweet deal that Goldman's dealt?

Cool huh?  They help to hide the true debts of Greece for years through their derivative deals, then sell the hell out of default swaps for whatever they can get, to whom ever has the money, regardless of any insurable interest.

Now, that's a whole lot like helping someone to pile oily rags to the ceiling in the hidden places under the stairs and out of site of the inspectors, then selling fire insurance policies to anyone with the premium for whatever stated amount they wanted to buy, on when it all goes up in smoke.

Three questions come immediately to mind:

First, what kind of reserves have been set aside to pay the claims on these default swaps?

Second, who's going to pay the claims?

Three, who stands to gain by Greece's troubles?

You gotta know those congressional halls are ringing with the sound of those tap dancing Gucci s!

Step right up and watch those amazing lobbying dollars hard work at work ladies and gentleman.  Watch while we see the just how much of our Government  Goldman's money can buy?

Yes sir, step right up,  Hurry!  Hurry!  The show's about to begin.

Popcorn, peanuts anyone?

R. D. Taylor, At Large....