Comments on: On The ‘Everyone Was Doing It’ Excuse

By: More about “Government Sachs” (they own America; we just live here) « Fabius Maximus

Fri, 31 Jul 2009 12:01:53 +0000

[...] On The ‘Everyone Was Doing It’ Excuse, 7 July 2009 — Excerpt: It’s been interesting, to say the least, watching the public reaction to my Rolling Stone piece last week. [...]

By: chloemuir

chloemuir — Tue, 21 Jul 2009 16:46:40 +0000

Love your response to the criticism. I agree, it would have been insane to expect anything less than guns-a-blazing after you took a bite out of such a major firm but using an anti-semetic argument to discredit such a well-researched, brutally honest, and intelligent piece… Really? That’s absurd.

I guess all I have to say is I actually bought a magazine with The Jonas Brothers on the cover for the sake of reading yet another illuminating piece on the financial crisis; hopefully that counts for something.

By: The Beast Must Die « Tethered Swimming

The Beast Must Die « Tethered Swimming — Thu, 16 Jul 2009 21:38:06 +0000

[...] the nearly two months since the article was first published Taibbi has all but gone to war, rebutting silly counter charges all while mirthfully pointing out that no one from Goldman or any of its apologists has even so [...]

By: maryloucarter

maryloucarter — Thu, 16 Jul 2009 01:01:30 +0000

Oh, wah! Didn’t any of these people learn in childhood about the answer to the Everybody’s Doing It excuse? It started out, “If everybody jumped off a bridge, would you?” Hmmm. Maybe you aren’t hearing from, uh, grown-up adult people here, eh? Congratulations on yet another good piece, Mr.Taibbi.

By: Judging Goldman - The Opinionator Blog - NYTimes.com

Judging Goldman - The Opinionator Blog - NYTimes.com — Wed, 15 Jul 2009 22:18:44 +0000

[...] responding to many of the responses at his blog at True/Slant. In particular, he writes, “I’ve been shocked by how many grown adult people seem to have swallowed this argument, that the argument against [...]

By: kenoshakid

kenoshakid — Wed, 15 Jul 2009 19:44:03 +0000

The problem with the article is that it completely mis-characterizes Goldman employees and investment banks in general. You make them out to be incredibly brilliant, evil geniuses that hatch sophisticated, long-term schemes to inflate bubbles, wreck the economy, and get away scot-free and laugh all the way to the bank. In fact, they wrecked the economy because they are dumb.

These guys don’t think long-term. They are working for bonuses, which are based on the current year’s profits. They see a market going up, they assume it will keep going up forever, and they find ways to dump as much money as possible into the market (this is where they are actually talented: in turning $1 into $1000). while the bubble’s inflating, the profits and bonuses are massive. Of course it’s not sustainable, and when the bubble pops they get taken to the cleaners. They don’t get off without a scrape like the article seems to imply; the losses are staggering. three of the big 5 investment banks don’t even exist anymore. Goldman’s still standing because they were actually less involved in mortgage-backed securities than the others.

The important point is, none of this is planned. maybe some bankers know the bubble isn’t sustainable, but that’s not part of the equation; only short-term profits matter. They are not evil and sophisticated, just stupid.

By: cgwalt

cgwalt — Tue, 14 Jul 2009 04:39:14 +0000

I’ve learned more about banking in general, and douchebaggery in finance than I thought possible from your brilliant articles.
Keep up the good hard work.

By: Wes

Wes — Sun, 12 Jul 2009 21:48:48 +0000

I may be below everyone to read it, but go check out Megan McArdle’s blog on the atlantic.com. It was written on the 10th, and has the “everyone was doing it” concept all over it.

By: When a music magazine takes on Goldman Sachs « sans serif

When a music magazine takes on Goldman Sachs « sans serif — Sun, 12 Jul 2009 07:45:19 +0000

[...] There have been even wild accusations of “anti-Semitism” in Taibbi’s piece (he is Arab-American) against “the most prototypically Jewish firm around.” [...]

By: zetadeg

zetadeg — Sun, 12 Jul 2009 06:07:21 +0000

Dude Matt you are a rad writer. But, I have to disagree with your conclusion in “bubblemakers,” I don’t think it is good to know the person screwin you over without your consent. If we are all being f’d over and there is nothing we can do, what is the point? Drink vodka, be broken hearted, and scream an explicative when anyone says the byword “democracy.” Maybe, I am missing the point I didn’t read too indepth. I didn’t want to be seen in Borders with a magazine with the jonas brothers on the front. Dude, I think you need to get religion, like Peter Tosh sings, “Downpressor man, Where you gonna run to
Oh along that day.” Other than that I hold no hope for justice in our lifetimes… Make that a double on the rocks….