Kick in the Sachs
I'm not sure I can say anything about the moral rectitude of these folks in front of Congress. I don't even think I care or can provide an intelligent answer as to whether or not their business dealings over the past several years are right or wrong or fair or whatever normative terminology some might want to apply to such stuff. I just watch with my damned, stupid mouth open when some Goldman Sack claims that the derivative (and what can only be described as their creative derivative gaming) market is the same thing as farmers trying to hedge against a loss for a year's work.
We want the farmer in that field. We need the farmer in that field. If there are a few bad breaks on prices or setbacks for their crop, he needs to know that within certain limits he can go back to work again...SO THERE IS MORE FUCKING FOOD! That is something that makes sense to me. (hope no one is mad that I made my theoretical farmer gender specific...regardless of my pronoun choice, know that reading about my gender specific theoretical farmer is still way better than listening to Ed Farmer on the radio)
What was being defended in the Senate hearings was a perversion of that.
It would be one thing if the only parties involved in these insurance scams...er, dealings, were lenders or investors in the mortgage firms and we want them to have some protection so they can help "grow" more houses in the future. Fine. But when billions are being won or lost by parties that don't seem to have a direct interest in the failure rate of these mortgages, and it's the volatility of these deals that led to the credit cramping of Oct 2008 and beyond...and there's no justification for it that I can see other than more people want to try and make billions by betting...
I just can't turn away. I think (without thinking I am any better, because my flaws are ugly and at least theirs have the potential to net them billions of dollars and/or a juicy lifestyle)...I think, "How can these people live like this? How can they defend their decrepitude? Maybe I should see if a midget is putting up a grill on another channel."
I don't know what all of this says about them or me. All I know is when these guys were testifying on tv, I couldn't turn away.

