Isn’t this a risky precedent to set? Why are these coal miners any more deserving of a eulogy from the President than say those who died on the oil rig in the Gulf of Mexico, or those who died in the tornadoes in Mississippi?
I don’t agree that all GS was doing was playing the bookie, or that they only realized what they’d done was a mistake in hindsight. They took out insurance on CDOs they didn’t even own (imagine taking out insurance on someone else’s car then profiting on it when they get in an accident) and re-packaged those CDOs into financial instruments which were then systemically disbursed. Then, to top it off, they made $13 billion in insurance when those CDOs went belly up while other financial institutions and investors crashed and burned around them.
Taken in the context of Goldman Sachs’ history, I don’t believe it’s possible to argue they were simply bookies. They knew what they were doing–they were in it for short-term profits, to get out before the melon hit the sidewalk, as RollingStone put it. That’s sleazy and, if not currently illegal, should be made so immediately. At the very least, GS and all those responsible should be stripped of their profits, because right now they’ve made off with billions of tax payer dollars, meanwhile the gulf between the rich and poor continues to grow. In the larger context, Mr. Zakaria, GS and other culpable firms are swindlers and robbers, not innocent victims of financial complexity.
Clicking on the title takes you to this article where Obama discusses his take on the controversial New Yorker cover that portrays him and his wife as fist-bumping, gun toting, flag burning, Osama bin Laden loving, African-American terrorists.
Now, having seen the cover, I could understand if Obama’s reaction was strong. He’s been somewhat overt in his appeal to the media to lay off his family. And this article certainly caricatures Michelle Obama pretty heavily. But Obama’s reaction was understanding of that point: It’s a caricaturization, a product and beneficiary of the First Amendment. He also calls out that he believes Americans have bigger problems to worry about at this time.
Despite these constitutionally astute observations – which, in themselves warrant press coverage – CNN chose to portray Obama’s reaction as far more outrageous than it really was. Maybe the answer here is the capitalistic neutralization of the media. Let them worry more about portraying the issues than increasing page views and ad sales.
