"You want the truth? You can't handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who's gonna do it? You? You, Middle Class Consumer?
"Goldman Sachs has a greater responsibility than you can possibly fathom. You weep for Lehman and you curse derivatives. You have that luxury. You have the luxury of not knowing what we know: that Lehman's death, while tragic, probably saved the financial system. And that Goldman's existence, while grotesque and incomprehensible to you, saves pension funds. You don't want the truth. Because deep down, in places you don't talk about at parties, you want us to fill that investment gap. You need us to fill that gap.
"We use words like credit default swaps, collateralized debt obligation, and securitization? We use these words as the backbone of a life spent investing in something. You use 'em as a punchline. We have neither the time nor the inclination to explain ourselves to a commoner who rises and sleeps under the blanket of the very credit we provide, and then questions the manner in which we provide it! We'd rather you just said thank you and paid your taxes on time. Otherwise, we suggest you get an account and start trading. Either way, we don't give a damn what you think you're entitled to!"
courtesy: CalculatedRisk
Amen.
I particularly found John McCain's comparison of Goldman Sachs with a Regional Bank to be quite jaw-dropping. And this man was running for President with Phil "Commodity Futures Modernization Act of 2000" Enron-Gramm as his economic advisor???
You've got be kidding me.
Great political "theater" for sure!
Posted by: Michael | Tuesday, April 27, 2010 at 03:26 PM
Word has it that Hochberg has thrown in the towel on the "Triangle", and that if 1170 SPX remains intact, we are simply working on "C" of an expanded flat.
Sounds like EWI is cautious about another leg up.
Any truth to that Yelnick?
Posted by: Michael | Tuesday, April 27, 2010 at 04:42 PM
Michael, I will post on Hochberg shortly.
Posted by: yelnick | Tuesday, April 27, 2010 at 04:51 PM
today was an eventful selloff. as much as I'd like to see more downside, the bias is now bullish
Posted by: Biased | Tuesday, April 27, 2010 at 04:54 PM
well hardly a peep on this board given the way this market traded today. I'm just looking to break even with my current position at this point, unfortunately i decided to front run what could have been a profitable sell signal. While i'm completely open to the idea of going long when i get a quality buy signal - a long term top here would truly be sweet, the bullphoric contagion has even infected Tim Knight. When he does a post on buying and holding for the long term, well I love his blog but that is the stuff long term tops are made out of. (Not that he is actually bullish of course).
Posted by: OracleLurker | Tuesday, April 27, 2010 at 06:01 PM
It's great to hear from you and see what you've been up to. This blog makes me realize the energy of words and pictures. Keep coming up with ideas.
Posted by: New Jordans | Monday, May 10, 2010 at 08:23 PM