One of the problems with the attached article is that it implies that the reason Goldman pulled the things it did and does is because the Federal Reserve, the regulator, wasn’t and isn’t strong enough to curtail Goldman’s power.
The Fed is plenty strong. Far too strong in fact. What the author doesn’t appear to get is that in this instance we don’t have a case of “regulatory capture” per se. The Fed doesn’t cow tow to Goldman Sachs. The Fed and Goldman, and JP Morgan etc., are partners and always have been.
As the market continues up – and may continue to go up – voices like Faber’s increasingly sound like the voices which warned of the impending housing bubble crash circa 2006-2007.
The Swiss people may vote to once again partially back their currency with gold. This is a fantastically good idea. I know I will find a way to own at least a few Swiss francs if that happens.
Just a little window into the state of affairs currently.
On the one hand the security people are doing their jobs and the videographer does appear to wander onto private property. (Though it is not marked and he immediately retreats back to the public sidewalk.) The rent-a-cops would probably lose their jobs if they didn’t confront the kid. On the other hand it’s pretty creepy that a mere camera elicits this kind of response. The intimidation methods employed are also pretty suspect. At one point one of the security guards reaches into his breast pocket clearly trying to give the impression that he is reaching for a weapon. (Whether he was is not clear.) That is not OK.
Remember, this is just a kid with an iPhone.
It is also interesting to note that once security realizes the kid is well versed in his rights their tone changes considerably.
We keep going down this path and the results just keep disappointing. There’s more smoke. There’re more mirrors. But there’s less and less high quality economic activity.
In the attached article Glenn Reynolds examines the new, increasingly stratified America.
I do most of the grocery shopping for the Sorrentino household and I’ve seen this for quite a while. (Years really.) We wrote about it a while back.