For the past few weeks, as you know, I’ve been telling you Paul Krugman is on fire. He has been hitting the nail on the head, and dishing out all he can serve. His latest op-ed is brilliant:
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.
I suggest you educate yourself and read the entire article. In the mean time, Goldman Sachs will continue to be Goldman Sachs… but hopefully not for long.
