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Goldman Sachs: Responsible for America’s Decline?

July 3, 2009

Matt Taibbi reports on Goldman Sachs atRolling Stone.

The article is an interesting Op Ed, taking a rather belligerent stance against the investment giant. And I quote:

If America is circling the drain, Goldman Sachs has found a way to be that drain — an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

See what I mean? Oh, it gets better. Read it, if you think I’m lying.

Taibbi is probably right in most of his article’s assertions. Goldman Sachs is a ginormous entity in America’s capitalist economy and has been since the 1920s. And, the firm was directly involved in the housing crisis. Although, Taibbi’s take on it is a little less than pretty:

By now almost everyone knows that for decades mortgage dealers insisted that home buyers be able to produce a down payment of 10 percent or more, show a steady income and good credit rating, and possess a real first and last name. Then, at the dawn of the new millennium, they suddenly threw all that shit out the window and started writing mortgages on the backs of napkins to cocktail waitresses and ex-cons carrying five bucks and a Snickers bar.

Still, it would be wise for all of us to become more aware of what the banks and corporations are doing and be smart in our investments. That is, if we have anything left to invest!

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