Articles and Posts by William-quirk:
How To Succeed in Banking Without Really Trying(12)
The Bush-Obama financial-rescue plan is premised on saving the big banks that caused the trouble. The theory is that we need to help Wall Street to help Main Street.
Failure on Many Levels(32)
Goldman Sachs buys and sells securities for customers and also trades for its own book. It’s the world’s biggest derivatives dealer. CEO Lloyd Blankfein told a British magazine in late 2009 that they were “doing God’s work.” Now we know what that entails.
How Do You Make $100 Million Per Day?(6)
How do you make $100 million per day? Goldman Sachs did it—and still does it. It even brags about it. Goldman’s net revenues for 2009 were over $45 billion. Most of this—$34.37 billion—came from trading. During the second and third quarters of 2009, Goldman made over $100 million per day on 82 out of 130 trading days. It lost money on only three days during the same period.
According to The New Yorker (September 27), “America did not plunge into an economic abyss” because of the government’s “bold stroke” guaranteeing money-market funds and flipping Goldman Sachs into a bank holding company. “The reprieve bought enough time for the reemergence of reason over unbridled fear.”
Bailing Out the Bucket Shops(7)
Both the Bush and Obama administrations decided they would not let the bankrupt go bankrupt. Natural forces, if allowed to work, would quickly put the weak to sleep, leaving stronger firms to pick up the business. The problem with the decision to intervene is that, once made, there is no reasonable way of stopping.
Just One More Thing(0)
Alexander Hamilton said debt is a blessing: It oils the wheels of business and enhances national power. Jefferson said debt is a curse: It binds future generations without their consent, striking at the very heart of the Republic—the consent of the governed.
The Fourth Choice: Ending the Reign of Activist Judges(0)
If you are looking for a reason to vote for Ralph Nader, the way both parties are handling the “gay marriage” issue should give you lots of data. John Kerry, when asked his opinion of “gay marriage,” looks like a dog getting a bath, as Chris Hitchens puts it.