Tuesday, July 14, 2009
Goldman profit soars on strong trading gains
Trading adds nothing to the real economy. You have incredibly smart people working at Goldman who merely speculate for a living: buy something then flip it for a profit.
The economy would be better served if people like these worked in more productive sectors--science, industry, health care, altnerative energy, etc.
Goldman might have failed if the Federal Government did not help it during the worst days of the financial crisis. Morgan Stanley certainly would have failed.
The fact that our leaders chose to sustain the non-bank intermediaries like Goldman is a testament Wall Street's power and influence.
We don't need them. They add too much volatility and risk to the financial system without any concomitant benefit.
All this country needs is a commercial banking system backed by the Gov't. We had that in teh past and it worked fine. Banks originated loans, serviced them and bankers made a little more than civil servants. People bought houses and cars and businesses were able to get money to expand and grow. Same as now, except without all the risk and speculation.
A nation's power has nothing to do with having a vast, unregulated. financial sector, yet we continue to think so. President Obama is more under the spell of Wall Street than Bush ever was and for that matter, Obama is probably the most pro-Wall Street president in recent memory. Odd, when you think he ran on a platform of helping the working class.
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2 comments:
So true, so true. But it is more than odd . . . there must be a reason that Obama has picked nothing but Goldman alumni and their symapathizers (such as Larry Summers) for his economic team. There are respected economists such as Joe Stiglitz, Jeffrey Sachs, Paul Krugman and even Robert Reich who are not in the pocket of Wall Street. They MUST be at the table. We desperately need a grass roots movement to raise public awareness of how America is being hijacked by Wall Street. Now is the moment. The outrage fomented by Goldman's unseemly profits in a time of global catastrophe is the catalyst. Michael Norman, please use your eloquence to mobilize support. You have a sacred responsibility to use your gift of clear, direct communication. You must act now. There is nothing less than our democracy at stake!
I'm trying...I'm trying. The problem is, resources. The other side is so well funded and they have the ability to spread or sustain their message and protet their interest. We need resources. If you know of anyone who can contribute to the cause that would be great. I could go see them and make a pitch.
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