Columnist and Fox News Channel anchor Terry Kenan weighs in on the Goldman Sachs second-quarter earnings story with a provocative thesis: What's good for Goldman Sachs right now is bad for America.

The gist: Goldman's earnings right now are being powered by trading, mainly for its customers. And perhaps the biggest boom market right now is Treasuries. The supply of U.S. government debt is exploding right now and all those bonds have to be traded. Markets have to be made. With Lehman Brothers and Bear Stearns out of the way, Goldman Sachs is in a really strong position.

She writes: "To put it bluntly, Goldman Sachs is a play on the bankrupting of America--the more we borrow, the more they make. That's their business and it's all perfectly legal, but the American public should know this side of the Goldman profit miracle." She adds: "Sure, someone has to trade and sell all that government wampum, and Goldman is as good a firm to do it as any. But come on guys, it isn't brain surgery."  

For more:
- here's the column

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