No Need to Worry About Goldman Sachs During the Pandemic

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You may have lost your job thanks to COVID-19. Or maybe you’ve drained your savings. That’s a shame, but I have some good news to take the sting out of your misfortune: Wall Street is still doing fine. Goldman Sachs earned nearly $4 billion in its most recent quarter:

Goldman Sachs Group Inc.’s third-quarter profit nearly doubled, the latest confirmation that, even in a pandemic and a recession, Wall Street can still make money….Worries that the coronavirus would rival 2008 as a threat to the U.S. financial system have subsided for now. Banks’ trading fees have surged. Bond investors’ appetite has allowed companies that borrowed billions from banks in emergency loans this spring to pay them back. Big corporate bankruptcies have leveled off.

….Goldman has had a relatively easy crisis so far. Efforts by the Federal Reserve to support markets have allowed the firm to move loans off its books and reap fees by buying and selling securities.

In fairness to the Fed, they may have helped Goldman but they’ve also tried to help the rest of us by appealing to Congress to pass a coronavirus aid/stimulus package. Congress hasn’t done it yet, but that’s only because Republican dedication to screwing the working class outweighs even its own sense of self-preservation.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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