Betting Against Goldman is Like Betting Against the House

That was the title of an article by Brett Arends in today's Wall Street Journal. His comments were directed toward investors and the recent SEC action against Goldman Sachs.

I couldn't have said it better myself!

Mr. Arends states in part:

.... someone betting against the Wall Street banks is also taking a big, big risk.  ...Betting against Wall Street is like betting against the house. These guys are well connected.

Wall Street is the number two source of campaign funding for politicians across the board, according to the Center for Responsive Politics, a non-profit that tracks money and politics. The only industry more important: Lawyers.

Since 1990, investment firms and their staff have given a staggering $683 million to federal election campaigns. While Democrats have done better in recent elections, this industry is not partisan: Over two decades the donations have split 51% to Democrats, 48% to Republicans. The GOP got a majority of the money from 1996 through 2004.

Here is a link; a subscription may be required:

WSJ-Arends-on-Betting-Against-the-House

I'm Not the Only Cynic - Congress and the Fed Work for the Banks

Here's and interesting summary of the recent financial disaster, explained clearly and naming some of the players. And yes, we were all a part of it.

The video was created April 7, 2010. There are two versions. The First is the "Long" version of about 13 minutes. The Second a shorter version, of 7 minutes. Watching these videos, you can see the source of some of the current congressional interest in politicizing the Fed. Unfortunately for us, the taxpayers and citizens of the U.S., the solutions proposed would simply pass the baton to the President and to Congress. And, given all the evidence of the financial crises, in these matters our Congress, which was also complicit, cannot be trusted either!

Visit msnbc.com for breaking news, world news, and news about the economy

Sorry for the gap

I'm back.

I'll begin posting here on a regular basis. Lot's has happened and I wanted a breather to see how the economy and so on would stabilize. It was like a "data storm" out there and I came to the conclusion that I and just about everyone was in info overload.

Now that things have stabilized, and the volleys have returned to the normal political polarization, I think it is time to begin some analysis of events.

Health care, the economy, our politicians, my home state of Illinois, all will be discussed here.

Have a great day and I'll be posting in a day or two.

Norm

Looking Back on Fannie and Freddie and How We Got Here