Wednesday, Nov 04, 2009
Heads they win tails we loose...
The Real News - youtube: How Goldman secretly bet on the U.S. housing crash
Goldman Sachs first securitized sub prime morgages, then sold them. during 2007 they sold off their exposure and took out a 20 billion dollar hedge with AIG that they would fall.
Heads they win, tails we loose...
Now there is a conspiracy theory I can agree with crunchy on
Posted by the number cruncher @ 01:46 PM (499 views) Add Comment
6 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. icarus said...
GS COULD have lost - if they hadn't been able to collect from AIG. Turns out the referee was playing for GS, hence the bailout of AIG, who were able to pay out GS with taxpayer money.
2. crunchy said...
That's put the cat amongst the pigeons, this thread should be burning.
Don't you care?........ No, does not matter where's the todays house price chart.
Blimey, it's gone up again!!
Please study the false fundamentals, it may give you a better idea of what is really going on.
TEAMWORK lol.
3. a saver said...
crunch maybe this stuff just doesn't surprise us anymore
4. crunchy said...
I would drop a helpful link in, but I know it would be ignored.
Has this just become a moaning site, where's the gusto and grit?
When do great minds like yours get to the bottom of anything.
The fool on the hill, crunchy?
5. crunchy said...
3. a saver
Is that not apathy? Sugar Ray was never suprised when he got hit, didn't stop him from being a chap.
He became a better boxer as a result.
6. drewster said...
Crunchy & the number cruncher,
This isn't a conspiracy theory; it's well-known fact. The story has featured in all the major newspapers. Here's a Guardian article from October 2007:
A single sentence in Goldman's financial statement has grabbed attention. It reveals that net revenues from mortgages were "significantly higher", continuing: "Significant losses in non-prime loans and securities were more than offset by gains on short mortgage positions."
In other words, Goldman Sachs suspected that a collapse in the sub-prime mortgage market was imminent and it bet billions of dollars that thousands of hard-up US homeowners would be thrown out on the street.
Apathy? No, just confusion. If you're protesting for/against fox-hunting, the Iraq war, or women's right to vote, then the argument is black & white. With the financial crisis, few people understand the problems let alone the solutions. Instead there's Fear, Uncertainty, Doubt. "If we don't bail out the banks, will we lose all our savings? Will the value of our houses fall? Will our pensions collapse? Will we lose our jobs? It must be right because other countries are doing the same." Nobody has yet offered a clear, coherent, and politically-acceptable solution. We can't protest if we don't know what we're protesting for or against.