Today, the New York Times ran the Op-Ed "Why I am leaving Goldman Sachs" by Greg Smith a 12 year employee. In the exposé, Greg relates how Goldman Sachs refers to their clients as "Muppets"... a handy pejorative I suppose if you look at your clients as brainless puppets. Large clients who are herded into big yielding profits for Goldman Sachs are referred to as "Elephants" to be hunted down.
Note to Canadian buyers of pumped up real estate: Do your due diligence. As you can see from the graphic above, great real estate bubbles have an end date (Dubai and Ireland are only 2 of many examples) and that's usually when enough participants in the party on the way up start getting the "vision".
For a better understanding of the sheer callousness of sellers at the peak read the 2 page Op-Ed from the New York Times "Why I am leaving Goldman Sachs" by Greg Smith "... the environment now (at Goldman Sachs) is as toxic and destructive as I have ever seen it."
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'