What can I say? This was coming. No one wanted to be seen as being in bed with Wall Street in the election year – neither Republicans nor Democrats. I think there’s a reasonable chance that it was politically timed. I don’t see anything wrong with this because in this day and age everything is politically motivated. And if we put politics aside – majority of the country, regardless of party affiliation, sees Wall Street as the culprit and it is reasonable to expect some sort of big trial coming up soon. So this might as well be it.
Predictably today everybody is in panic mode. I think it’s a great buying opportunity. If somebody expected some sort of a correction – this is it. It’s a one day bad news that is not based on fundamentals and everybody will forget that it happened a month from now. This trial will stretch over months, perhaps years and in the meantime it’s hard to imagine market staying down for too long. Many economic indicators that came up in recent weeks carry positive news and it’s not going to change just because Goldman is being sued.