“Don’t purchase items you cant afford and save for a rainy day”. If the American consumer followed that simple saying Goldman or any other investment bank would not have been in a position to gain from last years economic collapse nor any other time in history. It’s much easier to point the finger at a multibillion dollar corporation than it is to the U.S citizen. It all boils down to responsibility and the U.S. consumer has none. Todays society has grown into a greedy I want what they have culture. It has been stated that Goldman is way too involved within our government. Had it not been Goldman taking on these positions it would have been another (bank, financial institution etc) doing so and we’d blame them instead. Blame the government for a lack of regulation but it all stems from the average citizen. Stop purchasing material things that one can not afford and there will be no credit card debt, there will be no mortgage backed securities being sold by Goldman or the next investment bank with triple A rating on subprime loans. There will be no one to purchase the IPO that was priced at $100. No one forced people into purchasing homes with no money down or buying into an overpriced IPO. There really is an easy fix to this whole mess and it begins with each person looking into the mirror and understanding their financial situation and not emulating the neighbors, chances are they don’t have any money either.
'Disclosure: No positions'