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News Link • Economy - Economics USA

In Praise of Looters: Harry Binswanger’s Defense of Goldman Sachs

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Harry Binswanger’s 2011 praise of Goldman Sachs at ignores the context that the US does not have a free market economy. The US is a mixed economy, whose financial sector is monopolized by banking cartels. Counter to Binswanger’s argument that, “since profit is the market value of the product minus the market value of factors used, profit represents the value created,” the corporate profits of Goldman Sachs are the result of lobbying, government insider favors, the infamous 2008 bailout of AIG. and their membership in the central bank’s monetary monopoly.  ...

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