The Customer Is Right

I could feel the frustration of the Goldman-Sachs executives as they testified before Congress. In an open and forthright manner they described the marketing stratagies they employed shortly prior to the recent unpleasantness. In the simplest terms Goldman had a lot of things it wanted to sell- let's optimistically call them "securities". The reason being, they were about to become worthless. The people who bought them didn't know this. Now, who's fault is that? If Goldman had told potential purchasers,who didn't ask, that these securities were about to become unsecurities they likely wouldn't have bought them. What kind of free market stratagy is that? Goldman had exactly one decision to make-who did it want holding this crap when it launched its assault on the fan. Free martket ideals support the Goldman position. The purchasers have the benefit of a valuable learning experience.Assuming that they might ever have the ability to invest again(not a foregone conclusion)they will have history to remember so that they are not condemned to repeat it. Hard to argue with the inherent fairness of that system.