More Shine Is Off The Dime - Goldman Sachs Partners Receive Bailouts After Making Personal Leveraged Bad Bets
We talked of impending doom associated with Goldman Sachs' perceived brilliance while the world was partying. Any time society values employment playing with other people's money more than economic production, the world is in a very interesting place.
The harsh lesson learned by allowing all troubled banks to leave the system would definitely teach society and those involved to never again embrace such foolishness. But, the problem is so systemic that unfortunately, allowing these monstrous monopolies/oligopolies to fail willy-nilly would destroy everyone's way of life. So, instead we are presented the beast of burden of bailouts by government. That means we are left with a corrupt banking system that now has the political wherewithal to attempt to keep the scam going at society's expense. Something that surely would not happen were they left to their own devices of failure.
This bailout for partners (owners) in Goldman (at the post title link) while many in society are left with no access to capital highlights a very serious shortcoming of our current financial system - access to capital has class, gender and racial bias in the U.S. and is a major driver for social disparity, perpetuation of many social stereotypes and often limited economic opportunity for society's most capable individuals. In other words, many who have achieved economic success didn't necessarily achieve their standing primarily because of merit but rather do so via access to capital. I wrote a paper on this some years ago and maybe I'll post a link to it some time in the future. We'll have to see how events unfold because it's based on many social dynamics that some might find controversial and are often hard-wired into society's psyche. But, as time goes on there might be a greater acceptance to reality. Regardless, the fundamental conclusion is that U.S. must adopt a democratization of access to capital to achieve its full economic potential. How the world would change constructively and instantly were that the case.
Anyway, I want to know is if these Goldman loans are somehow tied to TARP funds or Goldman gaining access to capital as a bank holding company.
The harsh lesson learned by allowing all troubled banks to leave the system would definitely teach society and those involved to never again embrace such foolishness. But, the problem is so systemic that unfortunately, allowing these monstrous monopolies/oligopolies to fail willy-nilly would destroy everyone's way of life. So, instead we are presented the beast of burden of bailouts by government. That means we are left with a corrupt banking system that now has the political wherewithal to attempt to keep the scam going at society's expense. Something that surely would not happen were they left to their own devices of failure.
This bailout for partners (owners) in Goldman (at the post title link) while many in society are left with no access to capital highlights a very serious shortcoming of our current financial system - access to capital has class, gender and racial bias in the U.S. and is a major driver for social disparity, perpetuation of many social stereotypes and often limited economic opportunity for society's most capable individuals. In other words, many who have achieved economic success didn't necessarily achieve their standing primarily because of merit but rather do so via access to capital. I wrote a paper on this some years ago and maybe I'll post a link to it some time in the future. We'll have to see how events unfold because it's based on many social dynamics that some might find controversial and are often hard-wired into society's psyche. But, as time goes on there might be a greater acceptance to reality. Regardless, the fundamental conclusion is that U.S. must adopt a democratization of access to capital to achieve its full economic potential. How the world would change constructively and instantly were that the case.
Anyway, I want to know is if these Goldman loans are somehow tied to TARP funds or Goldman gaining access to capital as a bank holding company.
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