Thursday, April 29, 2010

Goldman hearings as mass distraction

Well, sorry to repeat myself, but this is how I basically put it earlier today on Twitter:

"“To detached observers, it’s obvious Goldman $GS hearings are a public spectacle designed to draw attn to fin reg. + pandering to US voters.”"

Thanks to BMB for quoting me, and more importantly, for adding his own two cents. I really couldn't summarize the game plan any better than he does.

Obviously, I'm not the only one who thinks the timing or circumstances of Goldman Sach's hearing in Congress are a little staged or convenient.

And it's not that the SEC doesn't have a case against Goldman; that's
for the legal system to decide. It's just that we're getting the broad strokes of information on this case in the midst of a circus sideshow, with politicians lashing out at the investment bankers in a blatant effort to appeal to their economically-strained voter base.

I could go on about the timing and merits of the case, and the shameless grandstanding of our elected officials during this latest public spectacle. Instead, we'll post some relevant videos here to lend a bit of added perspective on the Goldman fiasco, and some of the bigger problems our nation currently faces.

Mark Mobius discusses the Goldman hearing (at 8:20) on Bloomberg.

Marc Faber feels the case against Goldman Sachs is "purely for show, to appease the public" (Bloomberg video) and (CNBC video).

Goldman hearings are an argument to short Treasuries, and a distraction from problems at Fannie Mae and Freddie Mac, says Charles Ortel.

Peter Schiff talks with Tech Ticker about the "real crisis" the US is facing, how we got into this mess, and why our Senators have "some nerve" slamming Goldman for running with the policies and incentives they helped create (you'll hear Peter's take on the proposed financial industry regulations as well).

We're sure you're already loaded to the gills with media commentary on these hearings and the case against Goldman Sachs, so we'll just offer up these interviews in the interest of highlighting some of the more detached, and contrary, bigger-picture views on this subject. Hope you get something out of them.