This video is a little old, but does a very good job of explaining how Goldman Sachs, a company that helped decimate the economy, benefits from giant socialist handouts from the government and continues to be one of the most powerful financial institutions in the world:
I’m currently reading Matt Taibbi’s new book ‘Griftopia’ and have been blown away at the scale fraud committed on Wall St, much of it done by Goldman Sachs. What becomes abundantly clear is that financial institutions no longer behave like ‘banks’ in the traditional sense of the word (ie, an institution that provides financial services – pensions, savings, wealth management, mortgages etc) but are now government protected casinos where the top players never lose no matter what they put their money on.
The system is enormously complex, so I won’t go into it now, but I’d highly recommend reading Taibbi’s book to better understand how it works.
I’ll be covering Wall St and Americas financial system more closely this year because I believe that without reforming the banking system, there’s little to no hope of a sustainable recovery.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.