I’m sitting here working and the idiot box is on in the background, and the talking heads keep talking about whether or not the economy has turned and using as evidence that Goldman Sachs and another Bank made a profit.
Has it not occurred to these people that the “profit” these guys made would be non-existent without the AIG bailout and all the money funneled to counterparties? I would love for things to turn around, but given the unemployment numbers, the sales numbers today, and all the other bad news, it just seems insane to think we have bottomed out, especially since we had to spend a trillion or so dollars bailing people out to record this illusory one billion dollar profit.
Am I missing something here? I think things are going to be catastrophic in the short term when the auto industry takes the inevitable big hits in the next few months.