The Most Prized Jobs In The Most Prized Company In The Most Prized Industry Are Based On Mental Masturbation According To Goldman Sachs Employee
If ever there was a universal truth uttered by anyone this cycle, it was uttered by the Goldman Sachs employee who should be learning the ins and outs of wearing soap on a rope instead of making millions of dollars by bilking society courtesy of a captured federal government and taxpayer bailouts.
Continuing to talk about himself in the third person, he wrote, “Standing in the middle of all these complex, highly levered, exotic trades he created without necessarily understanding all the implications of those monstruosities!!! Anyway, not feeling too guilty about this. ...”
In an e-mail to his girlfriend, he called his “Frankenstein” creation “a product of pure intellectual masturbation, the type of thing which you invent telling yourself: ‘Well, what if we created a “thing,” which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?’ ”
In another e-mail to her, he blithely joked that he was selling toxic bonds “to widows and orphans that I ran into at the airport.” At least the Fabulous Fab had the good manners to cloak his feelings of fabulousness in front of the committee and put on an earnest mask. Luckily for Goldman, greed may trump ethics. The firm’s stock closed higher Tuesday. Wholesale olive oil closed higher as well.
This is why we as a society have had to backstop tens of trillions of dollars. This is why we seek to give more power to the completely incompetent Federal Reserve. This is what our government leadership told us was necessary to save so that we could have a vibrant economy and recovery. This is what the Goldman Sachs CEO and our former Treasury Secretary created. These are the jobs of the future our brilliant Wall Street leaders and Washington politicians have chosen for our society while giving away the greatest industrial powerhouse the world has ever seen.
The market punishes stupidity mercilessly. Or put another way, there is a reason a flightless bird with the brain the size of a pea, the Dodo bird, went extinct once predators were introduced to its ecosystem. That the Dodo birds in the United States government and 0n Wall Street believe they need to save this system and continue to lobby against reform while politicians squabble about how much to reform this stupidity, is stupidity in itself. Effectively a form of double stupidity. Stupidity squared. Is there such a thing as double jeopardy stupidity? As we have said repeatedly, bring back Glass Steagall. Ban the merger of banks and investment banks. Ban all co-mingling of financial services. Ban any kind of bank trading in any market be that the bank holding company or the actual bank. We don't need to give our banks the ability to even trade as a hedge. There is no hedge against stupidity. An economy based on sound fundamentals of a self-determined people is the best hedge for a sound banking system.
A long time ago we wrote on here that whenever a society held banking up as the most prized jobs, that was a sign of a completely brainwashed belief system. Banking is a bureaucratic function. A possibly noble job but still a bureaucratic job. Nature soon finds a way to rid itself of stupidity. ie, Natural selection, survival of the fittest, evolution or whatnot. It would be nice to see our government attempt to proactively transform out economy in order to mitigate the next crisis and create economic opportunity but it really doesn't matter what our lobbyist-bribed government does or doesn't do. Just like the Dodo bird, nature will take care of similar Dodos running our economy, our political apparatus and Wall Street.
Continuing to talk about himself in the third person, he wrote, “Standing in the middle of all these complex, highly levered, exotic trades he created without necessarily understanding all the implications of those monstruosities!!! Anyway, not feeling too guilty about this. ...”
In an e-mail to his girlfriend, he called his “Frankenstein” creation “a product of pure intellectual masturbation, the type of thing which you invent telling yourself: ‘Well, what if we created a “thing,” which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price?’ ”
In another e-mail to her, he blithely joked that he was selling toxic bonds “to widows and orphans that I ran into at the airport.” At least the Fabulous Fab had the good manners to cloak his feelings of fabulousness in front of the committee and put on an earnest mask. Luckily for Goldman, greed may trump ethics. The firm’s stock closed higher Tuesday. Wholesale olive oil closed higher as well.
This is why we as a society have had to backstop tens of trillions of dollars. This is why we seek to give more power to the completely incompetent Federal Reserve. This is what our government leadership told us was necessary to save so that we could have a vibrant economy and recovery. This is what the Goldman Sachs CEO and our former Treasury Secretary created. These are the jobs of the future our brilliant Wall Street leaders and Washington politicians have chosen for our society while giving away the greatest industrial powerhouse the world has ever seen.
The market punishes stupidity mercilessly. Or put another way, there is a reason a flightless bird with the brain the size of a pea, the Dodo bird, went extinct once predators were introduced to its ecosystem. That the Dodo birds in the United States government and 0n Wall Street believe they need to save this system and continue to lobby against reform while politicians squabble about how much to reform this stupidity, is stupidity in itself. Effectively a form of double stupidity. Stupidity squared. Is there such a thing as double jeopardy stupidity? As we have said repeatedly, bring back Glass Steagall. Ban the merger of banks and investment banks. Ban all co-mingling of financial services. Ban any kind of bank trading in any market be that the bank holding company or the actual bank. We don't need to give our banks the ability to even trade as a hedge. There is no hedge against stupidity. An economy based on sound fundamentals of a self-determined people is the best hedge for a sound banking system.
A long time ago we wrote on here that whenever a society held banking up as the most prized jobs, that was a sign of a completely brainwashed belief system. Banking is a bureaucratic function. A possibly noble job but still a bureaucratic job. Nature soon finds a way to rid itself of stupidity. ie, Natural selection, survival of the fittest, evolution or whatnot. It would be nice to see our government attempt to proactively transform out economy in order to mitigate the next crisis and create economic opportunity but it really doesn't matter what our lobbyist-bribed government does or doesn't do. Just like the Dodo bird, nature will take care of similar Dodos running our economy, our political apparatus and Wall Street.
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