"The
very troubling relationship of this bank and the U.S. government, which has
been nicknamed “the Goldman government,” and the situation in Greece, demonstrate
the damage that this type of unregulated activity can cause."
On Wall Street, one is
reminded of Gordon Gekko (Michael Douglas), whose
motto was “Greed is good.” This is a cult phrase from the unbridled capitalism of
the 1980s, and one would have thought we would be more cautious and less
arrogant after the crisis of 2009. But that would be to forget Goldman Sachs, an
investment bank and manager of hedge funds that has placed its millionaire "alumnus"
in key positions throughout the global economy: the U.S. Treasury, the Obama Administration,
European central banks, the World Bank. And institutions that are meant to
regulate banks …
Both leech and vampire, in
recent months, Goldman has rebounded brilliantly with profits and bonuses after
having pocketed billions of dollars provided by the American taxpayer to extricate
it from a crisis that resulted from its own speculative investments. As former
Clinton Labor Secretary Robert Reich said: “Goldman’s resurgence should
send shivers down the backs of every hardworking American … Because Goldman's
high-risk business model hasn't changed one bit from what it was before the
implosion of Wall Street. Goldman is still wagering its capital and fueling
giant bets with lots of borrowed money.”
At the very least, the very troubling
relationship of this bank and the U.S. government, which has been nicknamed “the
Goldman government,” and the situation in Greece, demonstrate the damage that this type
of unregulated activity can cause.
Posted by WORLDMEETS.US
Surely, Greece was free not to
fall into Wall Street's trap of concealing its debts and maintaining its
deficits. It remains that what's good for Goldman Sachs is not good for
America and certainly isn't good for the rest of the world.
