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Let's Talk About How Goldman Makes Money; 1 in 6 in USA Unemployed or Underemployed
- Thread starter ByLoSellHi
- Start date
Quote from ivanbaj:
Good post!
I am scared shitless that this crisis can bring a situation where people expect that regulations can:
1. Remove the fluctuation out of the markets and bring a steady growth up
2. Punish capitalists who make too much and benefit from the market fluctuations
3. Put the government in charge of capital spending and planning
4. Increase people security for health care, pension, education, food supply, housing etc... Just make life secure.
If this happens in the USA (happened?). We are screwed. Unless there are other major economies that could continue with a free market capitalism. But who? Europe, Japan or China? It is damn scary.
Yes regulation could bring that but for a limited time and after that you will be royally screwed. What happened in the last few years will not even compare. Going to the grocery store and seeing people lined up for a mile to by the single item available for sale is what I am talking about.
Do not seek security from government regulations. Life is random and unsecure no one can fix that. Learn to deal with it and you will be happy.
America is not a free market. If it were the Fed and Congress would have let bad business go bust. Free markets have never been give a chance to work. Too much government interference from both parties. Our political leaders are just at fault as the big banks that got bailed out.
Goldman converted to a bank holding company overnight, just so they could get TARP funds and free money at the discount window.
Goldman is the welfare queen of wall street.
Technically, I would have to agree with you. Goldies, strictly speaking, operates within the confines of law, as it exists now, which means that it's really all the government's fault. Since the govt, theoretically, is elected by the US taxpayer, the latter gets exactly what he/she paid for.Quote from fhl:
And then he has to hint around at this idiotic reasoning that GS is private during the good times and socialist during the bad times. Did he not notice that GS and wall street give up half of their profits for decades while gov't shared in NONE of the losses? Only a freakin moron would go on about this capitalist during good times and socialist during the bad times.
However, you're completely wrong about GS not being 'private during the good times and socialist during the bad times'. Of course, they are. The govt backstopped them and the fact the backstop didn't get called is completely irrelevant. Otherwise, what do those $28bn of FDIC-guaranteed bonds that Goldies issued between Nov and Apr represent?
Again it's the govt's fault that they didn't extract their proper 'pound of flesh' as payment for the insurance and the banks' use of the 'lender of last resort' facilities.
Or alternatively muster the force of public opinion to make sure the system changes and Goldies et al fall off their high perch. I think I'll join the crowd and try to do that instead.Quote from ivanbaj:
Very good option to fight randomness and insecurity. Get in, or create one, or die trying, or die waiting for someone else to take care of you.
What the f*ck just get it over now, you are screwed no matter what.
Quote from asiaprop:
But a company that currently maintains a full oil tanker fleet to circumvent the technicalities of how oil futures currently trade
is something no other bank does (correct me if I am wrong).
It's called oil contango and all the other IBs (well now regular banks since they had to be saved) do this as well as several NYC boutiques. It's not exactly complicated, just takes capital to secure tankers.
GS did (almost) everything right yet everyone seems to hate GS, why?
They were bankrupt back in fall 2008 year ago but got saved by taxpayer money thanks to Henry Paulson. How exactly is that doing almost everything right?
Yeah, I do envy that, where is my TARP money? Where is my discount window? Where is the Fed & US Treasury backing my liabilities? Why exactly are my taxes being signed away to save parasites like Goldman and then allow them to pay even more record bonuses?
I could tear apart the rest of your post, but I just don't have the time. Continue being in awe of Goldman while they rob the country. They are utter scumbags whose advantage is cronyism. If that is what you inspire to be, well good luck to you.
As for Goldman having the brightest people, not at all true. Try doing business with them. They do have the biggest scumbags who try at any corner to try to screw you, but the brightest, lol, I think those are only at the top levels. JP Morgan does the same, so does Morgan Stanley (John Mack anyone?). But they are a little quieter about it. Goldman is just out of control.
Quote from Martinghoul:
Or alternatively muster the force of public opinion to make sure the system changes and Goldies et al fall off their high perch. I think I'll join the crowd and try to do that instead.
I admire your belief in organized public opinion. I wish I had one. Are you afraid that the public can come for you one day?
Interesting dilemma. What is better?
1. Society where there are no public rules what so ever. You need to defend yourself and no one will help you.
2. Society where the public takes complete care of you but it can come for you one day and you can't defend yourself against that.
I know this is too extreme. Just bored. I know the answer is in the middle, far far from these extreme edges. Good luck with bringing GS down. Count me in. Letâs get the f*ckers.
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).
That doesn't seem to be such a bright achievement (or, lack thereof, to be more precise).
Quote from ByLoSellHi:
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).
Arrogance.
Just look at how most of the masses react. They actually think it's ok. Some of even praise them for it, like asiaprop.
a) London is more "old boy club" style than any other city in the world, not sure if you care so much what you do in London
b) you refer to GS as a zombie company? Are you kidding me? Or are you suddenly jumping topics?
b) you refer to GS as a zombie company? Are you kidding me? Or are you suddenly jumping topics?
Quote from Cygnus Atratus:
Naaah, l am in London, could not care less what happens in USA, just an observer. Also got no problems with Jews, as a black dude have even date 3 Jewish girls. In fact in my younger days even used RediPlus. I enjoy interacting with sharp people, but do not like Old Boys Club style capitalism, especially after what happened. Actually my favourite research is from Danske Bank and Goldman Sachs.
P.S. Question, do Bull Markets start with 100% rallies in Zombie Companies ?