- All pay homage to mighty Goldman Sachs...one of "Da Boyz".
- Now remember...they are a bank meaning they are taxpayer backed by FDIC (not to mention the TARP) and, oh yeah, they have connections in high places (ie, Treasury & Federal Reserve) who have stuffed money into them along the past two years. Now, banks aren't supposed to be taking big risks but these guys do since they are confident that they have you as their backstop if it goes bad for them...and the proof is below in the breakdown of their recent revenue results. Check out where they are making all their $$$ in the chart below.
- But, before you do...Remember, post 1929 Crash, the Glass Steagle Act was passed and prohibited banks from trading on behalf of themselves specifically because that practice led to "banks gone wild" and eventually to "banks gone bye-bye". That law was repealed during the Clinton Administration and "Easy Al" Greenspan's tenure as the Federal Reserve Chairman. And now we have the same setup with Bernanke holding rates even lower than Greenspan did for a long time and the banks are using leverage to the gills for trading.
- We haven't learned anything during our recent "crisis". It just demonstrates how capitalism is being abused....whatever they make they keep and whatever they lose...well, you keep! Pretty neat huh?
- What absolute bullshirt! Once again, this shows how we've just lived through the biggest scam in history. Bernie Maddoff? He's a piker! Goldman says, "Go big or stay at home."
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