Dylan does an awesome job explaining the Goldman Sachs debacle. I was going to write something about this today, but I think Dylan's take is as good as it gets so I figured I would just let him do the talking.
The bottom line is Goldman Sachs is pure evil and needs to rot in hell as far as I am concerned. Wall Streets obsession around making money is going to destroy this country if these large banks are not stopped.
Lets hope the SEC charges are the beginning of the end for the pigmen!
Great job Dylan!:
Part 2
10 comments:
If there's anyone who DIDN'T think that Goldman wasn't involved in the financial crisis up to their eyeballs, raise their hands...
Anyone...? Anyone...?
Didn't think so.
great job Jeff
Ct
Yep.
Disgusting isn't it?
Dylan really explained this in a way that everyone can understand it.
Next week should be interesting.
Thanks anon! I try
Wonder if this is the govt's backdoor way of trying to solve TBTF? If the legislature wont step up and put together some legislation with some teeth in it, let the justice division (via the SEC) beat on them for a while?
As I see it, theres a decent chance neither parties hand is as stong as they think. Perhaps they enter into a consent decree whereby GS is broken up into component parts.
Actually, nevermind, I just realized this is a civil and not a criminal action against GS. A bit of a nothingburger in that case. Pity...
Anon
I would love to see GS broken up. It will be very interesting to watch to see how this case all develops.
I think this is just the beginning. I think this suit has legs and is just the beginning.
The one thing GS has in its favor is they have a lot of ex employees working for the goverment which gives them a lot of influence.
Anon 2
I think this could develop into a criminal case as they dig into it and see how bad the fraud was.
I am not holding my breath on that one though.
I am holding out hope this keeps going forward but I think the consensus is that it will go away soon. We shall see.
Jeff I don't want a government that has the power to break up financial companies. Where does that end? The bailouts and subsequent "reforms" have given MORE power to the complicit politicians and their buddy fraudsters, how is that an improvement? Instead of letting a market of deception-for-sale collapse on itself, we've subsidized it so that the federal government can get in on the action.
Dylan's analogy isn't quite accurate. If I buy a salvage-title car with an unknown history, online without actually inspecting it beforehand, is it not also my fault for showing no scrutiny whatsoever? Goldman is as credible as those spam e-mails about guaranteed income; the market will take care of them if allowed to operate unfettered simply. Look at Greece hiding their debt with GS, does that mean Greece is a victim too?
The real crime is in GS having their buddies in office handing over wheelbarrows full of taxpayer cash. What an enormous crock. I don't see how ANYONE could give even a modicum more trust to a government to oversee this industry when their intervention so far has been a complete fleecing of the people they represent. And what recourse do you have? You can't even vote with your dollars or feet anymore.
Steve
Nice rant.
I agree and good point around the gov and GS. Maybe they are all one and the same and giving either more power does nothing to solve the problem.
The problem for me is I don't know what the answer is other than to click the reset button on both of them.
We can do the latter by voting all of these clowns out of office in November. AS for GS, maybe the SEC will finally grow a set of balls and will take these criminals down.
The whole thing is utterly digusting like you said. We the taxpayer lose in the end. I share your frustration!
I am away this week. Should be back posting next week. Best of luck to all!
Post up tomorrow folks.
Too much news today and I would like to listen to the rest of the goldman testimony on CNBC.
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