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
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