Goldman Sachs is a crony capitalist organization. That can be said with certainty.
We bet he would be.
Think of Goldman Sachs as a political compass. If Goldman is the north star of crony capitalism one should always move to the south as far away from these guys as possible. Electing any of the bank’s officially endorsed candidates (and we don’t have any candidates yet) is just not smart. It’s asking for trouble.
Well here’s a shock. Lloyd “my company should have died in 2008 but was bailed out by the taxpayers” Blankfein doesn’t think there’s a place for free markets. I wonder why?
There was a time when people in the West looked at the developing world and dismissed the corruption exhibited there as a disease of lesser economies. Nigeria, Belarus, Egypt, Brazil, all were (and are) chock full of insider dealing and bribery. In the West however we held ourselves to a higher standard. We had “clean” economies.
Obama knows in the end who butters his bread. Obama loves him some corporations and he gave a nod to a few last night. But in the State of the Union Address the president failed to mention many of the other companies which have shown him favor and which his administration has smiled upon.
Getting the government to create regs in favor of one’s business, to the detriment of one’s competition, or both, is hugely destructive to the economy. Such cronyism may (and perhaps in the long run may not) benefit one firm, but overall society loses. Products tend to be more expensive and they tend not to be as good as they would be in a free market, or free price system. Once the regulators have been captured (and they nearly always are) we lose.
We’ve discussed this before. Why are the behemoths of Wall Street paying bonuses to executives who do tours in Washington?
Could it be that the banks see it akin to serving in the National Guard or something, that these executives are helping their fellow man and so deserve a little something extra?
No. More likely they are paying these guys extra money because the banks know that having representatives at the very highest levels of government is very profitable and a good form of insurance.
Goldman and the Fed are very close. Let’s just say they vacation together. Share a beach house in the Hamptons.
Well I think we can guess with this video where Hillary thinks she needs to do some work.
I mean the video speaks to me as a dude. See, Hilary’s down to earth. She’s not the conniving, social climbing, callous, self aggrandizing crony capitalist who gets paid $300,000 per speech who takes piles of money from Goldman Sachs and the rest of Wall Street that I thought she was. The below video shows me this.
This article pertains to gold and platinum. Investigators are looking into other metals. I will be very interested to see what they find around silver.