Sir Lloyd Blankfein calls for More Controls?

Are you kidding? Mr. Blankfein, head of Goldman Sachs, was quoted in the Financial Times saying almost exactly (one word exception, key word of course) what I have been saying for some time. Here is the quote:

"All pools of capital that depend on the smooth functioning of the financial system and are large enough to be a burden on it in a crisis should be subject to some degree of regulation."

This completely blew me away. I read it like three times, then read the entire article over again. My statement used many times, though more harsh, read something like this:

In a world of over 6 billion people, having a couple trillion dollars of unregulated money leveraged 10 to one or greater doing everything they can on a global scale to earn 30% on their money with no allegiance to any nation, no regulatory authority to answer to and no rules on what they can or cannot buy, sell, create or destroy (not to mention being serviced and lent to by regulated entities) no longer serves the human race any useful purpose, period.

OK so it is a little different but if you just changed the word "some" in Blankfein's quote to "the same" and added the words "as other regulated financial institutions" to the end of the sentence you would have what I have been saying.

The idiots that run our financial world are almost there. Maybe some day they will "get it".

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