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Actually, it looks like they'll be able to discharge about $2.7B as "expenses". So effectively they'll only be paying around ~$2.3B for completely destroying th
by dguaraglia 11y ago
Actually, it looks like they'll be able to discharge about $2.7B as "expenses". So effectively they'll only be paying around ~$2.3B for completely destroying the American economy. I call that a bargain.
- harryh 11y agoGoldman Sachs completely destroyed the American economy?
- leoc 11y agoNot single-handedly, by any means.
- oldmanjay 11y agoOr at all, observationally.
- leoc 11y agoOh no. There's a lot of ruin (™ Adam Smith) in the US and global economies, but a great deal of damage has been and is being done and more is to come.
- dguaraglia 11y agoYou are right, we are so much better off by having bailed them out. We should do more of that.
- oldmanjay 11y ago"Better off" is impossible to judge. Your anger is causing you to use phrasing that isn't terribly productive in conversation.
- dougmany 11y agoYes. The economy you see now is wholly new and remarkably created by Al Gore.
- dguaraglia 11y agoLet me rephrase it: "Goldman Sacks took a central role in creating a crisis that, hadn't it been resolved by investing hundreds of billions of taxpayer dollars, would've tanked the global economy; it also made sure to be on the negotiating table from day 1, so that its interests took precedence over those of other companies (Bearn Sterns, Lehman Brothers) and the American public." So yeah, they might have not taken down the economy, but fuck me they got a sweet deal for being criminally irresponsible.
- riprowan 11y ago> hadn't it been resolved by investing hundreds of billions of taxpayer dollars, would've tanked the global economy First off, it was trillions AFAIK. Secondly, the impact of the bailout on the global economy is still playing out: http://www.tradingeconomics.com/united-states/money-supply-m0 http://www.tradingeconomics.com/united-states/money-supply-m... While I'm agreeing with you, I'd go further to say that the impact of socializing the fraudulent losses of these firms simply has yet to be felt.
- dguaraglia 11y agoI was trying to qualify my statement as much as possible so I wouldn't get accused of using hyperbole for effect. But yes, what you said.