Thursday, July 30, 2009

The counter to Rolling Stone's article on Goldman Sachs

I just read a very witty response to the Rolling Stone article on Goldman by Michael Lewis (via Bloomberg).

There was one quote that I found particularly interesting:
"The bozos at Merrill Lynch, the dimwits at Citigroup, the nimrods at Lehman Brothers, the louts at Bear Stearns, even that momentarily useful lunatic Joe Cassano at AIG -- all of these people took risks that no non-Goldman person should ever take"

Now probably Michael Lewis is right. Maybe Goldman Sachs is just much better than all of its competition and they should be richly rewarded for their performance. In fact, they're probably so good that I'd be willing to award them victory. It's time that they're crowned king of their industry and now we'll break them up and let competition flourish again. It's time for all those idiots who are running the other companies to fail & die and let the smart folk over at GS run everything, but at separate companies. Thus letting the capitalist enterprise work by having competition create the efficiencies.

Obviously this is an impossibility in this world, but something amusing to speculate. We thrive on an ideal that the free market creates the best value and most efficiencies; but we fail to recognize that in a competitive arena, companies will drive towards one victor and to that victor, they are awarded the coveted Monopoly status. Which effectively ends our free market.

So go take your spoils and your monopolistic position over your idiot enemies. I'm not going to stop you, and really, no one will.

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