Goldman Double Dip

That thud in the market yesterday was the result of investors running from the SEC charging Goldman with what amounts to fraud charges. Not sure why they are running, nothing dramatic will happen. Mark my words. It will amount to an easily payable fine, a public wrist slap, and a stern warning, oh the horror. Its enough to make a grown investment firm run to mommy. You can't bite the hand that owns you.

The DOW dropped 125.91 points, and not only that but first quarter reports failed to adequately impress with profits not meeting the highest of expectations.

Recall that McClatchy has already done an outstanding job of pointing out Goldman's little oopsy. Basically Goldman played customers for suckers, peddling known bad mortgage product as if it were top line gonja instead of parsley mixed with nutmeg. Then in a move designed by top financial experts, Goldman bet that the mortgages would fail. Its the double dip of the Century. Simply outstanding, Richard Nixon would be proud, flashing peace signs and internally grinning from abscess to bad hip.

Unfortunately there are no take backs in financial meltdowns and massive recessions that ultimately cost the lower 90% everything from house, to your underemployed job, to your net worth and ultimate retirement. That would be you, ingrate. So just buck up, take one for the team, and get back out there all chippy and fresh.

Reuters: Market slides on Goldman charges, earnings

...as fraud charges against Goldman Sachs and disappointing earnings sent investors running for cover.


"It's going to take a while for the markets to digest this (Goldman charges) as investors weed out what it could mean for Goldman and if other banks could be hit with something similar..."


U.S. housing starts rose more than expected in March while permits to build new homes scaled a 17-month high, according to a government report.