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Let 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,
by dguaraglia 11y ago
Let 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.