The news from Europe, particularly from within the euro zone, seems all bad.
Interest rates on Italian government debt continue to rise. Attempts to put together a “rescue package” at the pan-European level repeatedly fall behind events. And the lack of leadership from Germany and France is palpable – where is the vision or the clarity of thought we would have had from Charles de Gaulle or Konrad Adenauer?
“Who in the room thinks that if Goldman Sachs hit a rock, a hypothetical rock — I’m not saying they have, I’m not saying they will — today, who here thinks they would be allowed to fail, like Lehman Brothers did, unimpeded by any government bailout, starting Monday morning? Can Goldman Sachs fail?”
“I’ve asked this question around the country and only one person has ever raised his hand. It was in New York. He had a big short position in Goldman stock. That’s New York.