Big Government has never had a better friend than Goldman Sachs.
In the ubiquitous echo chambers of the left, the embattled Goldman Sachs is being falsely characterized as both Republican-friendly and a symbol of free-market corruption.
Of course it’s pure nonsense that has been eagerly lapped up by those who want to believe the worst about Republicans, capitalism, and America itself. The Securities and Exchange Commission lawsuit against Goldman for securities fraud was filed just in time for the bank to bend over for a televised spanking in Congress.
But Goldman, which engages in the ritual of public self-flagellation from time to time on advice of counsel, is the best friend that Democrats and leftists ever had on Wall Street. Its alumni and enablers have pushed faddish, left-wing, pro-Big Government policies for as long as I’ve been a journalist.
Goldman’s business model is simple: the bigger and more stifling government gets, the more profit Goldman makes.
Why would a highly profitable company — it made a staggering $3.46 billion in the first quarter– —want more regulation unless it stood to benefit from such assaults on the marketplace?
Because laissez-faire is anathema to Goldman. The high-flying bank abhors free markets with a Mussolini-like zeal. Like Il Duce and his less thuggish imitators in the welfare wasteland of modern Europe, Goldman stands for centrally managed markets, provided that it gets to make the rules.
Goldman thrives on complexity and backroom dealing. It reaps huge profits from regulations that place its smaller, less politically nimble competitors at a disadvantage.
So it should surprise no one that Goldman favors increased regulation of the economy as a matter of policy, including President Obama’s Wall Street takeover bill which virtually mandates bank bailouts in perpetuity. Goldman CEO Lloyd Blankfein told reporters yesterday, “The biggest beneficiary of reform is Wall Street itself.”
Blankfein echoed one of his colleagues. “We’re not against regulation,” a Goldman official told the Politico last week. “We’re for regulation. We partner with regulators.”
As the Washington Examiner’s Timothy P. Carney noted, in a teleconference call for reporters last week Goldman officials affirmed no fewer than three times during the call that the company wants more federal control.
Regurgitating pious catch phrases and politically correct slogans, Goldman supports disastrous Big Government policies, including corporate bailouts, economy-killing carbon emission controls, and the financial affirmative action law known as the Community Reinvestment Act.
Through its charitable arms, the bank has lavished money on its liberal friends. Those of Goldman’s donations that can be said to have an ideological dimension go almost exclusively to causes on the left.
Here are just a few:
Wildlife Conservation Society ($36,770,562 since 2004 – $35 million of it in real estate); United Nations Association of the USA ($1,000,000 since 2002); Planned Parenthood ($650,200 since 2003); National Urban League ($250,000 since 2000); Brookings Institution ($175,000 since 2003); Urban Institute ($175,000 since 2001); William J. Clinton Foundation ($167,300 since 2007); People for the American Way ($166,667 in 2007); Center for American Progress ($105,000 in 2007); Tides Foundation ($50,000 in 2007); Jesse Jackson’s Citizenship Education Fund ($25,000 in 2007); and National Public Radio ($25,000 in 2007).
Despite periodically inviting a few Republicans along for the ride — fake conservatives such as the tree-hugging Bush Treasury Secretary Hank Paulson — Goldman is at home on the left side of the political spectrum.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?