Nowhere but America can a company post billions in net profits and yet be grossly disappointed in the results.
Case in point: the recent Goldman Sachs 4th Quarter 2010 results. The headlines are depressing...
Goldman Sachs posts steep quarterly profit drop
Goldman profits plunge 52%!!
Oh, doom and gloom! Que terrible! It's not until you read the article that you see that, well, total boo-hoo, the company had a NET PROFIT of $2.39 BILLION in the 4th Quarter of 2010!! That is profit AFTER ALL SALARIES AND EXPENSES!! Oh, the shame! Annual profits for the bank were only $8.35 BILLION. ONLY!!!!
Oh, what "disappointing results."
And so, the markets tank. The financials tank, because Goldman suffered such a HUGE DROP in profits.
How many companies would die for results like Goldman's? But here, in America, it's just not enough unless every single quarter is better than the one before. America is so hung up on short-term results, it's disgraceful. No amount of profit is EVER enough in this country, and it's just sickening.
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