July 21, 2013

Today’s New York Times front page story about Goldman Sachs manipulating the supply and price of aluminum took me back to 1980 when the Hunt Brothers (Lamar, Bunker & Herbert) cornered the silver market by accumulating 60 million ounces only to watch the price drop from $50/oz to $10/oz in a two month period. My former acquaintance, Barefoot Sanders (See my 7/14/13 post “What Texans Can Teach Us”) served as federal judge at their trial.

One can only hope that the same ignominious downfall awaits the gluttonous SOBs running Goldman and JPMorgan. Unfortunately, today all the smart people work for the banks leaving only morons and incompetents in charge of the US Government and its regulators.

Why is it so hard for Congress to see the benefit in re-instating a current-day Glass Steagall Act? Maybe Goldman Sachs owns them – you think? Let’s hear it for Senator Elizabeth Warren before we all end up sere and without hope.