I glanced at the NY Times story about Goldman having played an important role in letting Greece amass more debt than it can handle and Simon Johnson makes the case against Goldman very clear:
We now learn – from Der Spiegel last week and today’s NYT – that Goldman Sachs has not only helped or encouraged some European governments to hide a large part of their debts, but it also endeavored to do so for Greece as recently as last November. These actions are fundamentally destabilizing to the global financial system, as they undermine: the eurozone area; all attempts to bring greater transparency to government accounting; and the most basic principles that underlie well-functioning markets. When the data are all lies, the outcomes are all bad – see the subprime mortgage crisis for further detail.
A single rogue trader can bring down a bank – remember the case of Barings. But a single rogue bank can bring down the world’s financial system.
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You need to read this:
http://www.nytimes.com/2009/01/23/business/worldbusiness/23sweden.html
And you need to know this:
http://en.wikipedia.org/wiki/Human_Poverty_Index#For_selected_OECD_countries_.28HPI-2.29
Sweden has the least poverty, huge welfare system, and a nationalized bank.
Sweden is also more sustainable than America.
http://en.wikipedia.org/wiki/Failed_States_Index#Sustainable
Not just Goldman Sachs. The Depository Trust & Clearing Corporation should also be state-owned.
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