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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: smh	5/4/2013 3:58:35 PM
	14 Recommendations Read Replies (1) of 48092

No apology here if this is a repeat post. It should be repeated. I wish more credible, mainstreamers would speak out like this. This is Dr. Jeffery Sachs, speaking at a Philadelphia Fed conference on April 17, 2013. I transcribed these final comments from his appearance myself, so I have taken the liberty of highlighting the parts I like the best. “I believe we have a crisis of values… that is extremely deep… because the regulations and uh... the legal structures need reform. I meet a lot of these people on wall street on a regular basis right now. I’m going to put it very bluntly. I regard the moral environment as pathological and I'm talking about the human interactions that I have. I have not see anything like this… uh... not felt it so palpably. These people are out to make billions of dollars and nothing should stop them from that. They have no responsibility to pay taxes they have no responsibility to their clients. They have no responsibility to people… counterparties in transactions. They are tough, greedy, aggressive and feel absolutely out of control…in a quite literal sense… and they have gamed the system to a remarkable extent… and they have a docile president, a docile white house… uh... and a docile regulatory system that absolutely can't find its voice. It's terrified of these companies. If you look at the campaign contributions, which I happen to do yesterday for another purpose, the financial markets are the number one campaign contributors in the US system now. We have a corrupt politics to the core… I'm afraid to say. uh... and uh... no party is……….both parties are up to their necks in this. This has nothing to do with democrats or republicans. It really doesn't have anything to do with the right wing or left wing, by the way. The corruption is uh... as far as I can see everywhere… but what it's led to is this sense of impunity that is stunning and you feel it on the individual level right now and it’s very very unhealthy. I have waited for four years, five years now, to see one figure on wall street speak in a moral language… and I have not seen it once. And that is shocking to me… and if they won't… I've waited for a judge… for our president… for somebody… and it hasn't happened… and, by the way, it's not going to happen anytime soon, it seems.” Here is the entire appearance. Poor quality, except for Sachs' audio. http://www.youtube.com/watch?feature=player_detailpage&v=hCCr-uiqtAY Here is a report on the Sachs appearance. http://www.nypost.com/p/news/business/wall_st_criminal_behavior_Rg3GqOXPwjJqrYFWV0tyEJ I figured he would pay a price for his audacity, but apparently not based on this followup interview. He volunteers that his remarks were not prepared. This made them even more real and powerful... and he was talking to the Fed. blogs.wsj.com

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