Goldman's Image Crisis

Video: Short clip on Goldman Sachs, includes comments from Spitzer, Whalen -- Jan. 12

Comments

[James Street]

All ruling classes think that they are entitled to power. In our European past, it was called the Divine Right of Kings. In slightly less civilized societies such as the Aztec civilization, the ruling class was also supported by a priestly class. The model was less sophisticated but the principle was the same: we rule because we are meant to rule.

Today our scientific priests call the principle inherited talent and intelligence. It's our form of divine right. But it is clear from every study ever done on the subject that people who work on Wall Street or work in prestigious law firms and other pinnacles of power, come from privileged backgrounds.

There have been five big revolutions in modern history, starting with the English revolution led by Oliver Cromwell. The American revolutionaries always held up the English revolution and Oliver Cromwell as their model. Our revolution, which came 150 years after the English, was the second great revolution. The French revolutionaries held up the American revolution as their model and Napoleon said that if the circumstances in France had been similar to those in America he would have followed George Washington's example and stepped down from power. But he was encircled by Kings who wanted to crush the French revolution.

The English barely defeated Napoleon and then went on to dominate world politics and economics for a century. America steadily increased in power and pulled ahead of Britain a hundred years later.

In the twentieth century we had the Russian and Chinese revolutions.

Russia gave America a good battle in the Cold War and then took a break to reorganize its political and economic structure.

China, still communist and revolutionary, is poised to surpass Japan's GDP within a few years. The Russian economy is moving forward also.

The American ruling class is similar to the ruling classes that existed in England, France, Russia and China before their revolutions.

They are holding onto and consolidating privilege by, among other things, dismantling the public education system, controlling Congress with corporate lobbyists and consolidating their dynastic power system.

Goldman Sachs is just another player in this complex process.

[RecoverylessRecovery]

"...Goldman Sachs is just another player in this complex process."

... in a game that really only has a HANDFUL of players.

[DailyBail]

"...Goldman Sachs is just another player in this complex process."

... in a game that really only has a HANDFUL of players.

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always good to point out that lehman and bear stearns are gone...well done Mr. Paulson...you helped goldman immensely in your work as treasury secretary...