The Obama Administration, once again, is in need of a villain to serve as a political piñata, and it is now clear that Goldman Sachs has been selected to fill the villain void.
Careful observers will note that Team Obama is never content to argue the potential benefits of their increasingly dodgy legislation (e.g. Stimulus, Healthcare, Cap and Trade). Obama is no fool; he understands that his wealth redistribution schemes, his desire to grow government, to provide new kickbacks to Unions, and to crush small business growth are so antithetical to most Americans that passage and support require that a villain be found that can be blamed for any and all possible evils.

Already, we have seem Team Obama single out CEOs of automotive manufacturing corporations, financial industries, drug manufacturers, and health insurance companies for special, public floggings. So, it should come as no surprise that, once again, President Obama has found a convenient, new villain, Goldman Sachs, to be publicly flogged and abused, to help drive support for the President’s complicated, new, financial regulations and bank oversight legislation.
Cynical minds must wonder at the timeliness of the SEC’s charges of fraud levied against Goldman Sachs . Consider the exhaustion of Congress after the recent healthcare reform struggle. As a result, the legislation for financial reform, among other proposed reforms, had been lagging and moving lethargically in the Senate. With another election cycle approaching, legislators were finding it hard to rally interest in, yet another, bloated piece of legislation which did little to address the Wall Street abuses that initially caused the interest in the financial reform.
All 41 GOP senators were united, voicing strong language against a useless, toothless piece of legislation, and their objections began to garner support. Even Obama apologist, Paul Krugman, weighed in, saying that no reform was better than the lame legislation currently being considered.
But then, just as Financial reform was crawling on its belly, going off to die, the “crisis” with Goldman Sachs suddenly occurred. How remarkably convenient! Suddenly, the financial reform legislation has new life, and a pitchfork campaign to further demonize Goldman Sachs is in full gear.
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