Duncan’s Economic Blog

Anger: Found

Posted in Uncategorized by duncanseconomicblog on July 24, 2009

I asked where the anger had gone?

Charlie found it.

Taken altogether, what all of this means is that Goldman’s profit announcement is a giant “fuck you” to the rest of the country. It is a statement of supreme privilege, an announcement that it feels no shame in taking subsidies and funneling them directly into their pockets, and moreover feels no fear of any public response. It knows that it’s untouchable and it’s not going to change its behavior for anyone. And it doesn’t matter who knows it.

There are going to be some people who say that some of this stuff isn’t government subsidy so much as ordinary government contracting. After all, do we criticize Boeing for making airplanes or Electric Boat for making submarines during a war? If we don’t do that, then why should we be pissed about Goldman making a profit underwriting TARP repayment stock issuances, or Treasuries?

2 Responses

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  1. donpaskini said, on July 24, 2009 at 10:17 am

    I thought Sadly No had the best example of anger and outrage:

    http://www.sadlyno.com/archives/21002.html

  2. Paul said, on July 24, 2009 at 11:57 am

    Ooh, is this a competition?

    I can do really angry. I’m in. What’s the prize?


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