11–20 of 62 posts
Earlier quoted context omitted.
The joke is no longer amusing. Everyone is attacking GS, from utterly clueless uneducated morons to utterly devious dumb politicians with a private agenda. By attacking GS in such a gratuitous manner, one reminds others of such tragicomedy.
From below: "They didn't have a single trading day in which they made less than $ 25 million" Anyone who makes more than 25M per day can take a little heckling, if you ask me.
Earlier quoted context omitted.
From below: "They didn't have a single trading day in which they made less than $ 25 million" Anyone who makes more than 25M per day can take a little heckling, if you ask me.
[deleted]
Well... you're hired!
Earlier quoted context omitted.
Note the visual indication of what's known as a "joke".
The joke is no longer amusing. Everyone is attacking GS, from utterly clueless uneducated morons to utterly devious dumb politicians with a private agenda. By attacking GS in such a gratuitous manner, one reminds others of such tragicomedy.
These aren't sarcastic rhetorical questions, I really want to know. From where I'm standing, it seems that Wall Street is deeply corrupt, and Goldman's success comes from their unparalleled ability to turn that to their advantage. Reasonable and more knowledgeable people may disagree, and many do (eg, Warren Buffet). But I'm puzzled by those who get angry at the suggestion that Goldman in particular and Wall Street in general are anything less than paragons of virtue.
Surely this is a legitimate topic for discussion. If these guys screw up we all suffer, and there are a lot of people suffering acutely right now. I'm wrong, fine. I'm willing to be educated. But I don't appreciate being dismissed as a moron.
My underlying question would be: Are they a symptom of a systemic flaw (basically a parasite) or does their role in the financial ecosystem somehow justify that kind of profits?
Earlier quoted context omitted.
Note the visual indication of what's known as a "joke".
The joke is no longer amusing. Everyone is attacking GS, from utterly clueless uneducated morons to utterly devious dumb politicians with a private agenda. By attacking GS in such a gratuitous manner, one reminds others of such tragicomedy.
Earlier quoted context omitted.
The joke is no longer amusing. Everyone is attacking GS, from utterly clueless uneducated morons to utterly devious dumb politicians with a private agenda. By attacking GS in such a gratuitous manner, one reminds others of such tragicomedy.
So everyone who criticizes Goldman is stupid? Is that by definition, or is there an intelligent critique out there that hasn't yet been made? What, if anything, would cause you to criticize Goldman? What, if anything would cause you to laugh at Goldman? These aren't sarcastic rhetorical questions, I really want to know. From where I'm standing, it seems that Wall Street is deeply corrupt, and Goldman's success comes…
I am not against intelligent critique of GS, the government, whatever. In fact, such critique is required to ensure the proper functioning of the system, closing the feedback loop and providing the required checks. What I am against is Pavlovian unintelligent critique, and one sees a lot of that when the topic is Wall Street. And even though a lot of HN'ers are deeply knowledgeable about Finance, the majority is clearly clueless. This is HN, after all, not NucPhyn.
I am no GS'er, nor am I their useful idiot. They are merely maximizing their utility through whatever means necessary. The one difference between me and you guys is that I don't claim that I am a saint who would be uncapable of doing what GS is doing if I were on their shoes. It's easy to be full of virtue when one does not have the chance to do any evil. Business is hard, but the players in the financial market are voluntary participants. If GS has an information edge and rapes everyone else on a regular basis, maybe the prey should leave the market. It's a winner-take-all scenario, whether we like it or not.
Change the regulation, they will find a new way of gaming the system. Increase taxes, and they will find a loophole. The only way of taming these hyper-motivated people is by eliminating all economic freedom, and I oppose that on ideological grounds. So, I am happier to have a market where GS pillages their counterparties than to have the alternative scenarios. No one said that the best of all worlds was ever attainable. It sucks. One could try to change human nature, but we all know how that worked in the past...
What value does GS provide in return for those $25MM? My underlying question would be: Are they a symptom of a systemic flaw (basically a parasite) or does their role in the financial ecosystem somehow justify that kind of profits?