And that someone is Fareed Zakaria, in columns published in the Washington Post (“Cool the Goldman Rage”) and in the Post-owned Newsweek. Zakaria is unimpressed by the SEC’s fraud case against Goldman Sachs; he likens the firm’s mortgage securities bonds to someone placing a bet against the New York Yankees.
Then he writes:
But the rage surrounding the Goldman case can cloud our perspective and distort public policy. We’re going through a familiar part of America’s boom-and-bust cycle. Having been mesmerized during the go-go years, having unduly lionized and feted industries, firms, and people as they rode the wave, we now want to throw these people to the wolves.
Hold on a second. Who is the “we” that “lionized and feted industries, firms, and people as they rode the wave”? How many people spent the last decade shouting, “Let’s hear it for Wall Street, everyone!” Talk about a clouded perspective.