Goldman Sachs will announce earnings today and the bottom line is said to exceed $ 2 billion. That is super good news!!! If the government would remove its stranglehold on Citi and BAC, we could, potentially, see a real recovery in the financial sector. The Obama plan seems to go in the opposite direction and has effectively dried up US credit markets for all but the well heeled. But, markets have a way of doing an end run around excessive government interference. Maybe that can happen here.
The significance of the Goldman news is that maybe....just maybe...the free markets can survive the Obama attacks and the economy can regain its step. Contrary to the conversation emanating from the White House, the past 30 years were among the best, economically, in our history. Americans got used to prosperity. They could get used to it again, if the Obama crowd would lay off.
Watch for the Obama crowd and their Congressional allies to attack Goldman Sachs as an example of greed and corruption, as this plays out. Seeing people succeed through hard work and effort seems to grate on Obama and his allies.