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Tuesday, April 27, 2010

Goldman Sachs Hearing ... Is ... Really Good ... (VIDEO)

"I don't vote. On Election Day, I stay home. I firmly believe that if you vote, you have no right to complain. Now, some people like to twist that around. They say, 'If you don't vote, you have no right to complain,' but where's the logic in that? If you vote, and you elect dishonest, incompetent politicians, and they get into office and screw everything up, you are responsible for what they have done. You voted them in. You caused the problem. You have no right to complain. I, on the other hand, who did not vote -- who did not even leave the house on Election Day -- am in no way responsible for that these politicians have done and have every right to complain about the mess that you created" - George Carlin (A man I usually found distasteful, but here, he was bang on)

So I decided to turn on some of this hearing being blasted about financial channels of Goldman Sachs (GS) execs in front of various members of Congress. A few traders I know were discussing it in the twitter stream this morning, so my curiosity was piqued.

This is what it reminds me of ...

(Video Included. If you're seeing this entry elsewhere and cannot play the video? Click this link to go to the exact video entry ...)

Doesn't make much sense? Yeah ... neither did the hearing. I never thought I'd say this, but I truly felt bad for executives of Goldman Sachs. The questions were just .... soooo bad. It was like watching a bunch of "sharks" being grilled by Lloyd Christmas from Dumb and Dumber.

It only took them about two or three hours to get to the real issue in this particular case. Although the fact was conveniently skirted that elected officials were the ones that started the housing bubble in the first place by thinking it was a "great" idea to put 'every American into a home, regardless of their income level'.

As I discussed in a recent podcast, there is plenty of blame for Goldman Sachs (GS) as one part of the financial institutions, and blame for what occurred in 2008. But to lay the fault of the entire economic crisis at the feet of Goldman Sachs (GS) ... is ... simplistic at best.

It seems that eloquent demagoguery is the only language in which the modern politician is conversant.

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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have over 13 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.


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