John Kenneth Galbraith titled a chapter in his The Great Crash 1929: "In Goldman Sachs We Trust." Today, in the "new economy" ABC News reported that Goldman Sachs handed out over $16 billion in year-end bonuses—the largest profit in Wall Street history. ABC News says, "...[S]ome of the company's bigwigs are likely to get as much as $100 million."
Once again we seem to be putting our trust in Goldman Sachs. It might be a good time to reread Galbraith's classic, or get Maury Klein's Rainbow's End and ponder just why it is that it won't happen again. It won't, will it? It can't, if only because we have "wise central bankers." Well, maybe. Check back here in ten years to see how wise the US FED proves to have been, and how foolish some of the rest of us feel by then. Or?
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