Bad Suits and Profit
The Goldman -Sachs execs got a chance to explain their "risk management framework" and the concept of selling short to Congress yesterday. The Congressmen displayed the required outrage that Markets aren't more ethical but the gamblers refused to apologize for doing what everyone knows they do. I like how one analyst put it: If a guy wants you to sell him an ugly suit you sell him an ugly suit. Why should they bow and scrape for zealously practicing their religion?
This whole elaborate theatre assumes an American public either ignorant or naive. These companies exists to make profit because that is the only reason to exist.It is the highest good and the only justification necessary for anything. Telling these guys they were supposed to have other considerations is like telling a dog not to sniff another dogs butt. That's what they do.In a capitalist democracy there are no obligations to anything other than the God of Profit.
And Congress is a partner to the whole scheme. They would all sell the man the suit and all keep their noses in each others asses. The interesting thing is the tone the various commentators take when they explain it is all just a giant casino. Some sort of snicker while others try to keep it somewhat serious but the curtain of mystical complexity has been lifted to expose a bunch of WISE GUYS. In an unfortunate timing sequence, Senate Republicans are blocking the Dodd reform bill because they want to get government off our backs. The "ecstatic escape of unreason", as Fritz Stern calls it, has now replaced baseball as the national pastime.You can still get a $35,000 dollar a night room at the Four Seasons in NY.
In the background the stock market is reacting to Greece and Portugals recent downgrade.Those industrious, Marshall Planned Germans don't want to bail out their slothful Union comrades but will. Greeks will march and strike with a new credit card.
Good thing there is always that Constitutional ambiguity possibly allowing for secession ( from the website Texas Secede).Chris Hedges discusses modern secession movements as a positive aspect of all this revived libertarianism and posits that this might be a more logical way to organize ourselves. Vermont, maybe. Texas? scary thought.