This can't be good

Not only would record profits for Goldman look TERRIBLE on many levels, it is also hard to believe and even harder to know that they are not achieving them by taking on the type of systemic risks that nearly brought down the world financial system, oh, nine months ago.

Update: I take it back, I can think of at least one silver lining - if this signals higher profits in general for the financial sector, those could start to plug the massive holes in their balance sheets that everyone has more or less stopped worrying about of late.

2nd update: James Kwak at The Baseline Scenario draws out the optimistic and pessimistic interpretations.

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