Michael Lewis on Goldman Sachs's continuing political influence

Michael Lewis on Goldman Sachs: his friend, a European central banker, is astounded at the extent to which Goldman Sachs has enjoyed, and continues to enjoy, disproportionate political influence, and how little that has changed with the change in Presidential administrations.

Elsewhere on the web, commentators marvel at the nimbleness with which Goldman Sachs moves from selling to buying, especially in comparison to the "lemmings" who kept on buying collateralized mortgage debt obligations. I suppose that Goldman Sachs is quite happy that all those lemmings piled in; otherwise, they couldn't have divested themselves so timely of such brilliantly conceived financial innovations as Goldman Sachs Alternative Mortgage Products.

I suspect that, like all other phenomena, Goldman Sachs's dominant political influence is going to end someday; it's just a matter of when.