I have studied many philosophers and many cats. The wisdom of cats is infinitely superior.
This is not the first time I’ve put this upcoming viddy on this website. It is however, the first time I’ve led off with it. THE CAT CAME BACK.
This is a great cartoon.
More fun with Goldman Sachs today. Apparently in light of the SEC lawsuit here in the states, the EU has decided to jump in and investigate Goldman as well. Apparently Germany’s Angela Merkel is asking for particulars in the SEC case, and Gordon Brown has asked for the Financial Services Authority, England’s equivalent to the SEC to begin an investigation of its own into Goldman’s business practices.
Goldman is already under investigation by the EU for what it did to hide problems with a swap deal it made with Greece that may have helped Greece cook the books and make things look better than they were…until their entire economy exploded.
Now, I understand that it takes two to tango, that anything done by Goldman had willing partners on the other end trying to make a buck or thirty five billion on it. Goldman had no end of willing partners to work with to make all their deals, shady and otherwise. But it is because they had a proven track record, that they had success, and they had done well for a great many people that they were given the chance to burn people’s money.
Which they then went out and did. If they helped mangle the Greek economy, it was with the very major help of the Greek govt, who clearly have the lions share of the blame for their current crisis. And the people who invested in Paulson on these synthetic CDO’s weren’t walking in blind. But what Goldman did was betray the trust their customers placed in them by taking too large a risk, too many risks, and too many bad risks that they should have known better than to make.
But those things said, they are just as much to blame in each case here, should the charges being leveled against them turn out to be true. I dislike Goldman because they are as dangerous as government run amuck, without the controls that we the people can put on government, which makes them, especially because of their size, perhaps more dangerous than out of control government. They, and their ilk, MUST be reigned in, lest they take what little we have and squander that as well.
When there was room on the ledge outside of the pots and boxes for a cat, the cat was there — in sunny weather — stretched at full length, asleep and blissful, with her furry belly to the sun and a paw curved over her nose. Then that house was complete, and its contentment and peace were made manifest to the world by this symbol, whose testimony is infallible. A home without a cat—and a well-fed, well-petted, and properly revered cat—may be a perfect home, perhaps, but how can it prove title?
Mark Twain, The Tragedy of Pudd’nhead Wilson
In a story related to the Goldman One above, Former President Clinton said he got bad advice on derivative regulation when he was in office on the “This Week” program on ABC. He said that Larry Summers and Robert Rubin gave him bad advice when they said that they didn’t need transparency because derivatives were expensive and sophisticated and only a handful of people would use them.
He says that he now sees where he went wrong, and says it was a mistake to not try to put through some kind of derivative regulation. But with that he says that even if he had, the Republicans in charge of the congress would have stopped him. In this he is correct, seeing that this was in fact the era of Phil Gramm and Enron, and there was very much an “anything goes” mentality on the subject of regulation.
No one wanted to regulate back then Mr. President, and in truth you are right to blame yourself. But it is at least good to see that you understand the breadth and depth of your mistake. He does however add that Dubya let the SEC go and was just too lax. The financial crisis would have been less of an issue otherwise, with better stricter enforcement, No?