davidl on January 8th, 2012

Two losers attempt to paint Mitt Romney as out of touch, Russell Goldman and Michael Falcone, ABC News: ROCHESTER, N.H. — Mitt Romney attempted his own version of an “I-feel-your-pain” moment at a campaign event in New Hampshire on Sunday, telling a crowd that like so many Americans he too has worried about getting fired. […]

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davidl on May 3rd, 2011

Usama bin Laden passes, the speech the President should have given, in total: “Nothing personal, just business.   Bravo Zulu gentlemen.” Bin Laden wasn’t the problem.  His passing will not the solution. Bin Laden round-up, Aaron Worthing, Patterico’s Pontifications. Joy in the City, scenes of unabashed happiness in the streets of New York City, from […]

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Eric Florack on May 3rd, 2010

Welcome one and all to the most intense nightly read on the web…. The BitsBlog Nightly Ramble. IT’S THE BOMB, BRO: The big news of last evening, of course, was the incendiary device on four wheels parked in the middle of New York’s Times Square. The news stations certainly covered it well enough, but there […]

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Brian Nygaard on April 27th, 2010

Crisis On Wall StreetWhen Senator Levin says “Goldman made a lot of money by betting against the mortgage market” what do we think he might have meant?  Knowing some of the political philosophy of the esteemed senator from Michigan, it is obvious that his inference was that Goldman was acting in a fashion that was either illegal or immoral.  How could any American institution bet against motherhood, apple pie or the American dream of universal home ownership?  And certainly the notion of ”making a lot of money” is of dubious quality on its face.  The Senator is literally screaming “These people are the enemy of the state, and they need to be leashed, or chained, or imprisoned, or tortured…all for the good of the system of the people.”

It is always amusing when a single statement contains such a large number of fallacies.  Let us count the ways.

First, Goldman was acting in their role as an investment broker.  Everything they do is essentially either a bet for or against something…or the facilitating of someone else doing the same thing.  More technically, they are simply acting as brokers, and not as agents. Agents represent a buyer or seller.  Brokers facilitate the transaction. This is the “market mechanism” and it is what guides the whole system of the effective allocation of resources.  It is fundamental to our material progress.  As significantly, if people […]

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Eric Florack on April 19th, 2010

Live and in living color, (where available) it’s the most intense nightly read anywhere on the net today… The BitsBlog Nightly Ramble. GOLDMAN-SACHS CHOSEN TO BE THE SCAPE-GOAT: I note by way of the WSJ a story you’ve all noted over the weekend: Goldman Sachs Group Inc.—one of the few Wall Street titans to thrive […]

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Eric Florack on May 19th, 2008

My irony meter is melting. Kos is screaming about hate being directed at him. Amazing proof of what I’ve said in these spaces for years now; It’s not that you hate someone, but whom you hate that they object to. Think about it; What he’s complaining about is that someone’s using Kos-like tactics on Kos […]

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