Sensational profit

Goldman Sachs' profit margin would have been sensational even before the crisis and is all the more so now, writes the left-liberal daily Süddeutsche Zeitung: "This week's quarterly results are a glimpse of what the banking world of the future will look like: a small circle of globally operating banks is emerging strengthened from the crisis. … But even if some are doing better now, the banking sector is still far from recovery and will have to continue to rely on taxpayers' money for the foreseeable future. … The United States is at an advantage in this respect because it took a quicker and more aggressive approach to rescuing its banks than the Europeans. … The economy can only come out of the recession if it has stable and healthy banks. … It's not enough that Goldman Sachs or the Deutsche Bank are well managed. The system as a whole needs to be stable. Last winter the global economy was on the brink of the abyss. If this is forgotten too soon there is indeed a danger that the catastrophe will be repeated at some point."

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