Today on CNBC’s squawk box, a venue known more for it’s major media style of liberal ‘impartiality’ than it’s recognition of financial reality, Joe Kernan said what so many of us were thinking yesterday about the Goldman Sachs hearing.
To paraphrase, he said that CNBC’s least informed viewer apparently knows more about how the markets work than the most informed member of that congressional committee. He expressed his annoyance and disgust at the politicians involved in a way that made it clear that like me, he was screaming at his television yesterday at the way the truth was being twisted.
Personally I was aghast at the whole thing. I don’t think much of the character of politicians in general. If they were decent honest people then it seems to me they would make their way in the world in basically decent and honest ways. But instead they’ve chosen to go into politics. And although they would have you believe they’re doing it out of a desire for selfless public service, the reality is, the vast majority of them have done it because lying to people and stealing from the public are the only skills they possess.
But even by that cynical standard yesterday’s hearings were a travesty… very likely the worst display I’ve ever witnessed. Reality was twisted to the breaking point, and both political parties showed themselves at their worst. Rather than an effort to expose the truth, the whole thing was an effort to hide it. It was a fishing expedition for sound bites that could be used later to damage Goldman’s reputation and make their employees sound unscrupulous, even though it’s clear that in this case they did nothing wrong.
I have a friend in the office who says that we don’t have to worry about them coming for us next because they need us. At the end of the day they have to have people to manage risk, no matter what story they tell to the mob. This strikes me as terribly short sighted. If the average American is so under informed (or mis-informed) that they’re persuaded by a shameless display like that hearing yesterday… then I think they probably believe that they can get by without a modern financial services sector. And if they feel that way, and they empower their regulators to make speculation illegal (as they seem prepared to do) then there will be no saving our modern economy.
Anyway… I was so worked up about the whole display that I couldn’t write anything about it, but then Joe Kernan went off. He said at least a few of the things that I was saying, and it calmed me down enough to be able to say something. Thanks Joe… it’s nice to know that the entire world hasn’t gone done the rabbit hole.
For those of you in financial services who are reading this, you should remember how much this political sham looks like the French revolution. You can cheer today because they’re guillotining people you don’t like, but as sure as the sunrise they will be coming after us tomorrow. I know a few people at Goldman, but I don’t really have any idea what they do. In this case though, I think it’s abundantly clear that they did nothing wrong. And if you can guillotine people who did nothing wrong for no reason than their unpopularity, then there is no reason we won’t be next.
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