The Left’s Favorite Bank -Goldman Sachs
Goldman’s business model is simple: the bigger and more stifling government gets, the more profit Goldman makes. Its alumni and enablers have pushed faddish, left-wing, pro-Big Government policies for as long as I’ve been a journalist.
By Matthew Vadum at American spectator
In the ubiquitous echo chambers of the left, the embattled Goldman Sachs is being falsely characterized as both Republican-friendly and a symbol of free-market corruption.
Of course it’s pure nonsense that has been eagerly lapped up by those who want to believe the worst about Republicans, capitalism, and America itself. The Securities and Exchange Commission lawsuit against Goldman for securities fraud was filed just in time for the bank to bend over for a televised spanking in Congress.
But Goldman, which engages in the ritual of public self-flagellation from time to time on advice of counsel, is the best friend that Democrats and leftists ever had on Wall Street. Its alumni and enablers have pushed faddish, left-wing, pro-Big Government policies for as long as I’ve been a journalist.
Goldman’s business model is simple: the bigger and more stifling government gets, the more profit Goldman makes.
Why would a highly profitable company — it made a staggering $3.46 billion in the first quarter– –want more regulation unless it stood to benefit from such assaults on the marketplace?
Because laissez-faire is anathema to Goldman. The high-flying bank abhors free markets with a Mussolini-like zeal. Like Il Duce and his less thuggish imitators in the welfare wasteland of modern Europe, Goldman stands for centrally managed markets, provided that it gets to make the rules.
Goldman thrives on complexity and backroom dealing. It reaps huge profits from regulations that place its smaller, less politically nimble competitors at a disadvantage.
So it should surprise no one that Goldman favors increased regulation of the economy as a matter of policy, including President Obama’s Wall Street takeover bill which virtually mandates bank bailouts in perpetuity. Goldman CEO Lloyd Blankfein told reporters yesterday, “The biggest beneficiary of reform is Wall Street itself.”
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