Paranoid Politics In Griftopia By Matt Taibbi

1010 Words3 Pages

Ryan Lubell
Monday, April 21, 2014
Paranoid Politics
Paranoia can best be defined as the mental process of thinking that one is in harm’s way for little to no reason at all. Matt Taibbi, is an American author and journalist for the Rolling Stone, who wrote the book “Griftopia”. This book discusses the financial crisis that America has been undergoing the past few decades and states factual evidence describing many conspiracy theories involved with the financial decline of America’s economy. Taibbi discusses in great detail, the housing bubble, Obamacare, and many other political issues, but in the end it always ties back to Wall Street and the one percent of America that owns 40% of America’s wealth. Due to extensive research and evidence shown throughout the book “Griftopia”, I agree with Matt Taibbi paranoid point of view and do no think he is being overly paranoid about America’s financial crisis.
Matt Taibbi, born on March 2, 1970, is an esteemed journalist and novelist who reports on media, sports, finance, and politics mainly for the Rolling Stone and Men’s Journal. Taibbi grew up in Boston, Massachusetts and graduated from Bard College in 1992. Mike Taibbi, Matt Taibbis' father, is an NBC television reporter and was the main motivation for Matt in his early years. Taibbi spent his early years of his career free-lancing, where he started The eXile with Mark Ames, and later branched out to write for magazines like Playboy, New York Press, The Nation and later on Rolling Stone. Matt Taibbi has always been interested in political issues, even covered the 2008 presidential campaign for Real Time with Bill Maher and has discusses politics on many different occasions on the MSNBC’s The Rachel Maddow Show. Taibbi also discusses p...

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...o turn their securities back into AIG and demand billions of dollars. AIG was faced with a problem and they had to start asking subsidiary insurance companies to liquidate their pension and insurance holdings so they could cover their losses. If this happened those customers would have received a fraction of the money due to them and would ensure a global crisis. Of all the people complaining about AIG, Goldman-Sachs was doing it the most frequently and the loudest. An audit of AIG showed that they had no liquidity to pay off the bulk of what they owed so the Federal government issued a bail out of $80 billion which later elevated to $200 billion. Goldman-Sachs received the largest percentage of that $200 billion and would have torched the entire country in order to get that money that felt they deserved; and the housing-market bubble was just at the beginning of it.

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