Of all the "Goldman is Evil" talk that I've heard, this is without a doubt, the most damning.
I don't really know what can be done, like the article said, Goldman ends up looking like a hero each time. On top of that, whenever stuff like this happens, articles come out about how great they are at making profits and how it comes from their brilliance in investing.
With respect to the "next bubble," I have to admit, I didn't realize that the carbon credits could really be traded by entities that don't product carbon (at least not to the degree that manufacturing does). Talk about a horrible idea. I still have some faith in markets to properly price things like stocks, etc... (though its dwindling) but having the markets trade carbon credits goes completely against their purpose. I don't necessarily even want carbon credits to be prices "properly", I may want them to be (eventually) unrealistically expensive. Maybe not, but market pries don't really correlate with what we want.
Anyway, thanks for posting this. I'm going to look for some articles which disagree, just for a balanced view, but this is great stuff.
Of all the "Goldman is Evil" talk that I've heard, this is without a doubt, the most damning.
I don't really know what can be done, like the article said, Goldman ends up looking like a hero each time. On top of that, whenever stuff like this happens, articles come out about how great they are at making profits and how it comes from their brilliance in investing.
With respect to the "next bubble," I have to admit, I didn't realize that the carbon credits could really be traded by entities that don't product carbon (at least not to the degree that manufacturing does). Talk about a horrible idea. I still have some faith in markets to properly price things like stocks, etc... (though its dwindling) but having the markets trade carbon credits goes completely against their purpose. I don't necessarily even want carbon credits to be prices "properly", I may want them to be (eventually) unrealistically expensive. Maybe not, but market pries don't really correlate with what we want.
Anyway, thanks for posting this. I'm going to look for some articles which disagree, just for a balanced view, but this is great stuff.