Saturday, July 18, 2009

The Joy Of Sachs


From the New York Times:

The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it’s preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?

First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America.

Second, it shows that Wall Street’s bad habits — above all, the system of compensation that helped cause the financial crisis — have not gone away.

Third, it shows that by rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.



Go read the whole thing.

2 comments:

Obama Nation said...

Well yeah, if they had let the bad companies fail, instead of rewarding bad behavior, another crisis would have been unlikely. New businesses would have learned not to continue the old practices.

Pastorius said...

Like I said, butt sex.