I agree with you that not just one company is responsible, and that it isn't helpful to look for a scapegoat, but if you enjoy such an expansive, dominating monopoly on so much trading on wall street, and the thing sinks, people have a right to ask questions, don't you think?
i also found this editorial interesting.....
http://www.news.com.au/business/stor...50-462,00.html
Quote:
Unfortunately for Mr Taibbi - whose gifts of prose cannot be underestimated - his entire thesis was large on colour and sparse on new facts.
Thanks to reporters at The Wall Street Journal, New York Times and the New York Post, we already knew Goldman Sachs alumni had positions in governments and influential bodies around the world.
We also knew that the firm was the biggest contributor to Barack Obama's presidential run and that key members of its management and board were at the sides of Hank Paulson (another alum) and Timothy Geithner (another alum) throughout the financial crisis.
We also knew that Goldman Sachs profited more than any other bank during the sub-prime mortgage mess and that it sold out of its positions before the downturn hit hard.
We also knew that the company had been part of talks about whether to keep its competitor Lehman Brothers afloat.
Unlike Mr Taibbi, we knew all of this - and didn't think it amounted to sinister conspiracy. Instead we thought this is what the biggest guy on The Street does.
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So basically its a non story because all the economic trainspotters understood it, but who cares if none of pensioners looking at eating ketchup packet soup in their twilight years understand it.
Its also a non story because they dominate wall street, and so of course they have so much clout in the government, federal reserve, imf, and every major global. What should we expect, right?
Its also a non story because of course they would profit massively while the rest of the economy tanks. They're just smarter than everyone else, that's why they've gotten where they are. Insider trading based on knowing the real values beyond what has been presented through accounting and trading scams, its completely absurd to harp on.
sorry, i just don't get it.