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PAX, LUX ET VERITAS SINCE 1965
Post Goldman Sachs Resignation Letter
Created by John Eipper on 03/17/12 8:06 AM

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Goldman Sachs Resignation Letter (Bienvenido Macario, USA, 03/17/12 8:06 am)

What do WAISers, especially Gilbert Doctorow who mentioned "Wall Street's short-term thinking" in his 7 March post (see: http://waisworld.org/go.jsp?id=02a&objectType=post&o=68575&objectTypeId=62669&topicId=51) think about this latest development the US financial industry?

The Financial Reform Law included the Volcker Rule, but as expected, Congress has not considered how these laws would be implemented or how it will adversely affect the economy if implemented.

The economy could slow down in the months ahead, and the answer most people want is QE-3, which of course could not be implemented because no one could come up with the accounting and auditing guidelines.

"Let me tell you why. Not only QE2 but QE1 has not been spent. A trillion and a half dollars ($1.5 trillion)...have not been spent."

--Alan Greenspan, July 1, 2011

In lay terms, what Greenspan is saying is that stimulus failed because banks are not lending and consumers are not borrowing. CNN reports that Greenspan, who makes his living as a consultant these days, has been making the rounds espousing a rather bleak outlook on the US economy.

See below:

Explosive Goldman exit fuels Volcker rule push
By Alexandra Alper | Reuters

Thursday, March 15, 2012

http://news.yahoo.com/explosive-goldman-exit-fuels-volcker-rule-push-023433397.html

JE comments: I suspect by now that most WAISers have seen former Goldman executive Greg Smith's scathing letter of resignation, which he followed with a New York Times op-ed (14 March). In Smith's view, Wall Street learned no integrity, and certainly no humility, from the 2008 crisis:

http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=1&_r=1&ref=business

They're be renewed calls for some Banker Blood, but if there's one lesson we've learned over the last 4 years:  nothing will come of it.

Meanwhile, banking stocks have just come off one of their best weeks ever.


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