Listen, MG, I'm not sure why in the hell you feel compelled to come to Goldman's defense but this isn't some fashionable phase financial writers are going through just because we feel compelled to bond over our shared hate for Goldman Sachs. Trust me, I have better things to do with my time.
What began as an effort to keep the financial industry from repeating its mistakes has turned into, as at other points in history, an attack on the idea of trading profit. It is no longer enough that the banks should be reformed; the opportunity to make this kind of profit should be eliminated.
This now-fashionable line of attack is badly misguided. Goldman and J.P. Morgan are reaping great rewards as the last firms standing in a game in which everyone else has been cowed or crushed. Yes, they're able to do that partly because the government has kept the financial system afloat. (Would anyone really prefer that it had not?) But the essence of the outcry is that we must punish Goldman for having been right. This is a mistake.
There is no tin foil hat required to be a Goldman hater, and as the wave of enlightenment spreads across America (yes, even to the stupid lazy sheep who might care less if it weren't so painfully obvious), this will be more clear. For now, expect them to keep marching out asshat after asshat to convince us that this Goldman conspiracy is unfounded and asinine.
Read the rest of the article at Jr Deputy Accountant