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Goldman Sachs is amazing. I follow articles about them since a few years and I must say, the ingenuity with which they act is inspiring, scary, terrifying... A

by emanuer 15y ago

Goldman Sachs is amazing. I follow articles about them since a few years and I must say, the ingenuity with which they act is inspiring, scary, terrifying... Another evil master piece of them may have been the food market. http://www.foreignpolicy.com/articles/2011/04/27/how_goldman_sachs_created_the_food_crisis?page=full http://www.foreignpolicy.com/articles/2011/04/27/how_goldman... The same dynamics behind the foot price bubble may cause the current surge in gas-prices http://news.ycombinator.com/item?id=2315894 http://news.ycombinator.com/item?id=2315894 Also the Author of the article (Taibbi) wrote a book about the bubble: http://www.amazon.com/Griftopia-Machines-Vampire-Breaking-America/dp/0385529953 http://www.amazon.com/Griftopia-Machines-Vampire-Breaking-Am... All the information I have is obviously very biased towards blaming Goldman Sachs, yet if their involvement in the extreme price hikes in foot, oil, housing markets is only half as bad as it seems, they are the single biggest source for the worlds macroeconomic problems. This is very disturbing to me, as I see myself as a strong advocate of the free market hypothesis. I guess if Goldman's involvement turned out to be as bad as I fear, it can be explained by them finding holes in the regulation where they were the only dominant player. They were able to act (as in the foot market) with no one challenging their doings. No regulation, no competition meaning they were able to game the system as they pleased. Somehow I hope all this information about Goldman's involvement is correct, because it would give clear directions on how to fix the macroeconomic problems the world (not just America) faces. It would clearly show how to adjust the legal system, enforcement.

jimbokun 15y ago
"This is very disturbing to me, as I see myself as a strong advocate of the free market hypothesis." I always thought the free market hypothesis assumed the free and open flow of accurate information. Goldman simply lied and conned billions out of their customers and the United States tax payers. They are a criminal enterprise whose ring leaders must be put behind bars if the rule of law means anything. Free enterprise has nothing to do with it.
- djnliung 15y ago
  The point is that the "free flow of accurate information" is a fantasy and it seems that liars are rewarded by the market, increasingly so in markets with less regulation. If "simply" lying is all it takes to steal billions (and not be punished for it), then the free market is stunningly ill equipped to deal with reality and is just a charade to allow a few wealthy people to rob the rest of society.
  - jimbokun 15y ago
    The legal system is supposed to deal with the "simply lying" part. Ever notice how over the top SEC filings are in detailing every single thing that could possibly go wrong? That is because corporations can be sued for keeping information from their shareholders, and they want to play it safe. So yes, a free market without a legal system to punish frauds and cons is stunningly ill equipped, indeed.

by emanuer 15y ago

jimbokun 15y ago

"This is very disturbing to me, as I see myself as a strong advocate of the free market hypothesis." I always thought the free market hypothesis assumed the free and open flow of accurate information. Goldman simply lied and conned billions out of their customers and the United States tax payers. They are a criminal enterprise whose ring leaders must be put behind bars if the rule of law means anything. Free enterprise has nothing to do with it.

djnliung 15y ago
The point is that the "free flow of accurate information" is a fantasy and it seems that liars are rewarded by the market, increasingly so in markets with less regulation. If "simply" lying is all it takes to steal billions (and not be punished for it), then the free market is stunningly ill equipped to deal with reality and is just a charade to allow a few wealthy people to rob the rest of society.
- jimbokun 15y ago
  The legal system is supposed to deal with the "simply lying" part. Ever notice how over the top SEC filings are in detailing every single thing that could possibly go wrong? That is because corporations can be sued for keeping information from their shareholders, and they want to play it safe. So yes, a free market without a legal system to punish frauds and cons is stunningly ill equipped, indeed.