Sunday, October 18, 2009

Still waiting on more good news

http://finance.yahoo.com/news/Investors-waiting-for-more-apf-3313352767.html?x=0&sec=topStories&pos=3&asset=&ccode=

Last week Goldman Sachs, the company that runs the world, blew earnings estimates away.  Even the giant catastrophe known as Citigroup came out above expectations.  But what happened?  An irrational reaction to good news.  What more can the market expect from these people?  Goldman beat estimates by over 30%.  That should have sent the stock over $200, instead it was down for the day.

The only reasonable news for why it was down was in regard to their promises to reward their employees.  Yes, they pay their workers when they do good.  Maybe that's why they've continued to be the best in the world for over 150 years.  Success is no reason to frown, in a turbulent market they did better than all the rest and no longer owe our taxpayers the money they were forced to take.

So why should Goldman be looked down upon?  I know that their average bonus is expected to be over $700,000 this year, but they've earned it.  They aren't using taxpayer dollars and in fact they'll be paying a big chunk of the taxes that sustain the people that sit around and whine about how much money Goldman's employees are making.  On top of all this, you know who Obama's biggest donor was?  Goldman Sach's, somebody seems to have forgotten where the money tree is.

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