Economic crisis: lessons learned?

[KrazyHorse]

at the article's claim that MS lost money last quarter because it didn't take risk.



Also, at any complaint about GS which only manages to garner 10 congresscritter signatures

[KrazyHorse]

(1 of which is Ron Paul, note)

[KrazyHorse]

The only other name I recognize from that list is Elijah Cummings (note that I am not a dedicated congressional observer). Elijah Cummings is the holder of the Howard County, MD Dem. pocket borough whose greatest achievement is his questioning of Mark McGwire about steroids.

[Japher]

Government Sachs doesn't need to play by the rules any more, everyone knows that.

[DanS]

As far as I know, GS has two years from the time that it decided to become a bank to decide whether it wants to stay a bank. If at the end of the period it wants to change back to an investment bank, it can do so. So it can take advantage of all of the government backing of a bank during these tough times and then reap the rewards of the looser regulation of an investment bank during the good times.

It seems like the worst thing that you can accuse GS of being is a bunch of savvy operators. They were the most prudent large financial organization on Wall Street when the Street was going to hell in a handbasket. Now it's time to field the resources it has been husbanding.

[Japher]

My problems with GS stem with the fact that I can't tell which regulations they are suppose to follow, when they are suppose to follow them, and who is conducting the oversight on them... it's all too dodgy for me. So, I stay away from it.

At least they aren't fudging jobs numbers like Obama. Futures are bouncing this morning, should be a good Friday. I also don't understand how a Jobless recovery can be a recovery.

[KrazyHorse]

Dan:

I'm not so sure GS is so happy with its decision to become a BHC, except in the context of the gov't holding a loaded gun to their head...

EDIT to include alternate one-line response: Arbitrage

[DanS]

Yeh, I don't think they originally wanted to be a bank. But being a bank temporarily doesn't appear to crimping their style.

GS is doing its best to live well and within the regulations. There's nothing wrong with that.

[KrazyHorse]

It wouldn't surprise me to see that some of the same people latching onto "GS is taking too many risks with taxpayer dollars" meme were also whining a couple of months ago that banks weren't lending enough of the TARP money out.

[DaShi]

They weren't! :wiglaf:

[Sava]

GS was BY FAR the most prudent large fincorp during the last couple of years

which isn't saying much

[KrazyHorse]

Possibly not; the point is NOT that they were evil or necessarily reckless; I think the point is simply that this **** is HARD, and sometimes people begin to think they understand stuff they don't

[Japher]

that makes sense

uh

[Sava]

Possibly not; the point is NOT that they were evil or necessarily reckless; I think the point is simply that this **** is HARD, and sometimes people begin to think they understand stuff they don't

since when does one need to be a Nobel Prize winning economist to know an evil scumbag

[KrazyHorse]

I have no idea what that's supposed to mean, twit