Never thought I would hear those words muttered live on CNBC. What a statement! For those who were not watching, this comment came after a discussion about their business model no longer being feasible going forward. Didn't catch the guys name but he was comparing the Goldman model to that of a large hedge fund. No one outside of the bank actually knows how many bad assets they are hiding.
So what happens when Johnny taxpayer screws up at work and the company is looking to shed some jobs? What happens to the two-income household that is paying 1/2 their monthly income towards their house purchase - and suddenly money gets tight? So what happens when Suzie taxpayer spends incessantly and suddenly realizes that she has no savings for emergencies? What do all these people have in common - - responsibility to quickly adjust their lifestyle or perish! Now these same yokels manage hedge funds, banking companies, auto-makers etc. in the same or worse fashion and what do they need to do? Lobby government officials with a few million so they can rack up a few more BILLION in bilking all of us out of our well-being and livelihoods. Double-standard - yeah, ya think?!? If we can do it they can do it with the money we entrust them with and it is about time we held public servants to the same fire.