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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Monday, July 20, 2009

The Joy of Sachs (Goldman, that is)

Editors note: Many people think Krugman is wrong about his solutions to this crisis but he is able to see a wolf amongst the sheep and for someone that has the President's ear, it's a start.

The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it’s preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?

First, it tells us that Goldman is very good at what it does. Unfortunately, what it does is bad for America.

Second, it shows that Wall Street’s bad habits — above all, the system of compensation that helped cause the financial crisis — have not gone away.

Third, it shows that by rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.


Read the rest here.


Anonymous said...

Thanks for this site. It has become one of my frequent daily reads.
Keep up the good work

Anonymous said...

Well, he had my ears until he said "You can argue that such rescues are necessary if we’re to avoid a replay of the Great Depression. In fact, I agree."

During my lunch break, I heard somebody on CNBC talking smack about Goldman.

I hope this momentum picks up.

Keep up the good work sir.

Gary Anderson said...

I am wondering if Goldman thinks that the only possible way to keep America out of deflation is to create bubble after bubble. Problem is, these bubbles always crash and people get hurt. Why not let Americans save, pay less for gas, pay less for housing and actually prosper. That would make America stronger for the long term. Goldman is literally jumping us from one bubble to another. Is that all the American economy has left?

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