05.19.11
China to be Wall Street’s next victim? Hmmm
From Taibbi:
A lot of people aren’t aware of the role Wall Street investment banks had in moving American jobs overseas. Most of the major bailout recipients, in fact, helped finance the wholesale export of the American manufacturing sector by lending money to the Chinese to build the sophisticated industrial infrastructure it needed to take full advantage of its inexhaustible supply of cheap pseudo-slave labor. This has been one of Bernie Sanders’s pet peeves for years, that we not only provide financial assistance to companies who lay off American workers, we even spend taxpayer money to help finance the disappearance of American jobs.
The Rolling Stone jourmalist quotes a Forbes article in which the writer asks, “What’s the next Goldman lemon trade?”
China is the answer. Goldman pumped up dodgy Chinese manufacturing assets and now it may be getting ready to dump them.
Maybe. Won’t help make things any better here. It would, however, maim big American companies that outsourced industrialization to those assets.