Goldman Sachs Hating: More than Merely "Fashionable"

While I feel compelled to share this piece on "resisting the urge" to bash the Boys from Broad Street, it is certainly not because I agree with the opinion. In fact, I believe in The Goldman Conspiracy conspiracy - oh yes, kids, believe it or not, there is an entire group of misinformed individuals (most of whom are in one way or another in the pockets of the same interests they are defending) bemoaning the misguided nature of Goldman hating. Somehow, all of the GS critics have conspired at once to start picking at the coincidences and obvious connection between a Goldman resume and a position in the federal government. Government Sachs, anyone? Certainly that has been around since long before the 2nd quarter earnings explosion that Mark Gimein points to below as what kicked most of the hating off in the first place.

Listen, MG, I'm not sure why in the hell you feel compelled to come to Goldman's defense but this isn't some fashionable phase financial writers are going through just because we feel compelled to bond over our shared hate for Goldman Sachs. Trust me, I have better things to do with my time.

Sigh.

WaPo:

What began as an effort to keep the financial industry from repeating its mistakes has turned into, as at other points in history, an attack on the idea of trading profit. It is no longer enough that the banks should be reformed; the opportunity to make this kind of profit should be eliminated.

This now-fashionable line of attack is badly misguided. Goldman and J.P. Morgan are reaping great rewards as the last firms standing in a game in which everyone else has been cowed or crushed. Yes, they're able to do that partly because the government has kept the financial system afloat. (Would anyone really prefer that it had not?) But the essence of the outcry is that we must punish Goldman for having been right. This is a mistake.

There is no tin foil hat required to be a Goldman hater, and as the wave of enlightenment spreads across America (yes, even to the stupid lazy sheep who might care less if it weren't so painfully obvious), this will be more clear. For now, expect them to keep marching out asshat after asshat to convince us that this Goldman conspiracy is unfounded and asinine.

Read the rest of the article at Jr Deputy Accountant