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A+ article. I have nothing but sympathy for anyone who thinks that the banks are in any better position, based on their financial reality, and not the pipe dream relaxation of accounting rules congress allowed them, than they were last November.

lmao!

We need to dump credit cards as a nation, but of course, there's way too many people living off of them for that to be likely. Indentured financial slavery.

I find it amusing that people think there's going to be inflation given how fugly this economy is and how much fuglier it's getting.

If we have any inflation, it won't be until there is The Greater Depression, 35%+ Unemployment, and people dressed in wooden barrels. At that point, 1/2% of America will have 98% of the fiat. Until then, deflation city.

"The United States averted a financial catastrophe but sustainable recovery depends on redirecting the economy away from consumption, a top White House economic adviser said Friday.... Sound like the financial catastrophe was merely postponed unless we redirect the economy away from...

For as allegedly bright as Goldman is, they sure can't seem to contain the news explosion over their seemingly select good fortune and intimate government affiliations. That doesn't seem to be such a bright achievement (or, lack thereof, to be more precise).

http://www.elitetrader.com/vb/showthread.php?s=&postid=2505413#post2505413

Truer words were never spoken. The best job in the world is one where you can literally lose 100% of another person's money, still be entitled to a fee, and they have no recourse. ...assuming one has no conscience. 'Ya all down with OPM?

I'll echo the (IMO appropriate) populist rage. To the extent a great proportion of tax dollars (170+ billion) given to AIG were really designed to benefit the likes of Goldman, as AIG would never have been able to pay their counterparties on CDS bets without such sums, Goldman was an...

While South Korea, Japan, China and other nations spend on R&D on how to design and build the best 'stuff' in the world, we and the U.K. rot away while the self-interested design and build financial products that won't be wanted or needed very soon - a few profit immensely, short term, at the...

http://norris.blogs.nytimes.com/2009/07/16/a-great-time-to-be-a-banker/ A Great Time to Be A Banker July 16, 2009, 12:38 pm The earnings announcements by Goldman Sachs and JPMorgan Chase — along with the impending bankruptcy of CIT — show this is a great time to be a banker. If...

Thanks. It's exactly at times like this when the danger is the greatest. Pabst talked about how he wouldn't be surprised to see the market crash, or make an intermediate term high; how can rational investors make sensible and comfortable moves given such lack of clarity? This doesn't just...

This typical bear market is so textbook. It's not like we're seeing things we have not seen in almost a century, and it's not as if we're seeing things no one would have predicted as near as just two years ago (Lehman, AIG, General Motors...I could go on ad infinitum, but why bother when...

This economy is far worse than any year you cited, in terms of job loss, wage deflation (in real terms), and an overall structural change that is more significant (and adverse) than anytime since the aftermath of WWII. We are bleeding jobs, consumption, and businesses at the most rapid clip...

You're such a drama queen, and I'm sorry you are having a heavy flow day, Zhifaga. Is there anything I can get you? A pamprin? Some kotex? Do you really believe there aren't people who made out well from the real estate boom and who knew when to say when? Do you honestly think the...

The Lehman family and Jimmy Cayne lost most of their wealth because Goldman owns American Politicians; it's a simple as that. Goldman has reestablished the battlefield, reduced competitors, and now hogs a much larger piece of the pie, whether it be trading, floating corporate or muni bonds...

I just watched this for the third time. There's a lot of food for thought GB is presenting, regardless of my opinion of his past rants. Everyone should watch this video. It presents some motives and angles (possible) that I hadn't thought of before, and that I wouldn't entirely dismiss...

I hope things get much worse. Unfortunately (or fortunately, if you want positive change), I think they will. I love my country, and think that's what it will take in order for people to realize the system is corrupt and do something about it - they have to feel max pain; the sheeple, before...

I have no doubt AC was packed full of people when you were there, as you say. The busiest time for the casinos, at least in LV, according to a concierge I spoke with, is Memorial Day Weekend - we got stuck there after an ICSC convention because of a very bad string of bad luck with Northwest...