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Wall Street is celebrating the one year anniversary of its self inflicted implosion of greed and the crisis which for the time being seems to have averted apocalyptic consequences has done little to change the arrogant and unchecked greed that underlines the machinations of America’s major financial institutions. Although capitalism has been the cornerstone of American economic development and strength, till the last couple of decades it was related to strength in the manufacturing of superior goods, increased productivity and advanced technologies. With promises of a new economy emerging with the overwhelming growth of the internet the American dream was expended to encompass all citizens, regardless of their educations and or work ethic. The American dream for a better way of life included everyone.
Truth be told the last decade or two has seen the consolidation of money and power into the hands of a few as money was created by the central reserve banking system to be lent often without merit to the masses to let them realize the dream of homeownership. The major financial institutions became rich and solidified their places as the major economic players of the twenty first century. They now also wielded unprecedented political clout as major political donations found their ways into all party hands. Meanwhile executives with strong ties to these financial institutions were quietly placed in the corridors of powers in Washington. One need only to look at the who’s who in the economic circles of the USA government executive and the magnitude of the number of Goldman Sachs alumni currently employed in key American financial and economic portfolios is mind boggling and disturbing.
Therefore it is no surprise that in recent weeks not one but two Goldman Sachs executives have recently suggested their firm is “doing God’s work.” That first quote comes from CEO Lloyd Blankfein himself. He told The Sunday Times, "We help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. It’s a virtuous cycle." Meanwhile a few weeks ago while visiting London’s St. Paul’s Cathedral Brian Griffiths of Goldman Sachs International declared that, “the injunction of Jesus to love others as ourselves is an endorsement of self-interest”. In other words we have to tolerate the inequality between the Wall Street rich and common man poor as a way to achieving greater prosperity and opportunity for all.
Whether these pronouncements are just part of a marketing campaign designed to soft cell the outrageous bonuses coming the way of Wall Street executives or just further evidence of the disconnect from reality that has occurred in the lofty minds of American financial elite is hard to tell. With the cost of all the bailouts measuring in trillions of dollars and rising and the realization that it will take several generations of American taxpayers to foot this gargantuan bill one has to wonder when the next Boston tea party will erupt. Once not long ago a group of common minded peoples encircled a great walled city trumpeting their concerns and the mighty walls of Jericho tumbled down. With cracks appearing everywhere in the American economy and more financial disasters waiting in the wings as many more residential and now commercial mortgages are due to renew it would seem Wall Street will not escape its inevitable date with destiny and then maybe Wall Street executives will be invoking the name of the Lord in earnest.