No Need to Worry About Goldman Sachs During the Pandemic

Mateusz Slodkowski/SOPA Images via ZUMA

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

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.

MOTHER JONES NEEDS YOUR HELP

Straight to the point: Donations have been concerningly slow for our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, over the next few weeks so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

MOTHER JONES NEEDS YOUR HELP

Straight to the point: Donations have been concerningly slow for our hugely important First $500,000 fundraising campaign. We urgently need your help, and a lot of help, over the next few weeks so we can pay for the one-of-a-kind journalism you get from us.

Learn more in “Less Dreading, More Doing,” where we lay out this wild moment and how we can keep charging hard for you. And please help if you can: $5, $50, or $500—every gift from every person truly matters right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate