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As we enter into Day 2 of the Greg Smith inspired crisis, once again, for those who have faith it's often very helpful to look at one of the many bracelet reminders on their wrists.
It's no surprise that should be a natural topic title, as I've already covered various crises from the perspectives of Johnny Cash and Moses, always asking the same question, which in this case is, "What would Goldman Do?"
In general, it's my belief that if you follow the basic behavioral principles established by either Cash or Moses, you'd be on pretty good footing, as long as you were able to maintain your faith and keep your cool in the face of mounting stress.
Oh, and stay off that cocaine. It's a nasty drug. Not everything that Cash did may be right for your situation. Consult with a pharmacologist before initiating any new strategies.
On Tuesday, in the last hour of trading shares of Goldman Sachs soared about $7 as results of the Federal Reserve's "Stress Test" were released.
Released? Well, sort of.
Actually, it was Jamie Dimon, CEO of America's bank, JP Morgan Chase, heir to the Morgans and Rockefellers, who jumped the gun by two days and as result speculation flowed regarding every other major bank's stress test standing. They were all bid up quickly in the absence of corroborating data in a perfect example of investors exercsing their "FOMO."
My guess is that Jamie Dimon, though perhaps well regarded, isn't terribly well liked within the administrative circles of the Federal Reserve. There's probably some residual disagreement over who helped who when it came to the "rescue" of Bear Stearns. Dimon certainly has used JP Morgan's role in that transaction to his public relations credit, if not also to his bottom line credits.
I know that people pay lots of money for the opportunity to have lunch with Warren Buffet, but I think I'd rather donate the money to charity for the opportunity to spend a day doing a pub crawl with Ben Bernanke and finding out how he really feels about certain things.
I'd start by asking about Ron Paul and Jamie Dimon.