Goldman Sachs Revenue Collapses. Profits “Unexpectedly” Miss By A Wide Margin. Layoffs Expected By Year End. Stock Falls To Post Crisis Lows.
It’s not the end of the world for Goldman Sachs….. ….yet. All in due time. Not that I haven’t said this was coming for Goldman Sachs over the last few years. (Sorry for that double negative.) Don’t expect this to be an aberration either. And don’t expect Goldman Sachs will be able to manipulate public policy to create a new source of revenue and income to stop the slide.
As I have said countless times, the dumb money is Wall Street. It always has been. Wall Street’s perceived brilliance has always been based on front-running the Federal Reserve, monopoly access to society’s capital at guaranteed below market rates through the Federal Reserve and legalized bribery of politicians that rig the rules to the game and guarantee their financial success (fascism).
Investment banking and financial manipulation as a business model are in serious trouble. I guess that “free market” Wall Street loves but is too afraid to compete in is starting to take its toll. Eh? Party on Garth!
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