Goldman executives cheered housing market's decline, newly released e-mails show

AWESOME post OP!

Very well researched! I knew obama was in bed with goldman sachs, but to this extent I did not know. I would be very speculative of this mans intentions when he speaks of "economic reform".

THANKS OP!! S&F

One has to wonder when these bastards will finally be brought into the streets and beaten like they deserve to be.

I think we need a good ole fashion American hanging. Build the gallows right in front of the stock exchange over a couple of days. Give them time to do what is right and jump out a window. Then, interrupt dancing with the stars and televise what happens when you ruin people lives on purpose.

who is paying for the crisis in the end???? WE are !...the 1000ends of billions dollars will be payed by the hard working humans of all nations..
and the banks??? they R.O.T.F.L at us...

Truly though., what can be done?
I have a hard enough time trying to get my wife to look at things like these, she just says "I don't wanna know about it". as if keeping her head buried in the sand will make it better.
These atrocities (i have no better word for them) bother me Extremely.
What can we do? the house is on fire and noone is waking up.
We have little pockets here and there, militias and tea partiers but how will we get evey oar in the boat rowing in the same direction?
It almost seems hopeless at times.

reply to post by g146541

Value theory encompasses a range of approaches to understanding how, why, and to what degree humans should value things, whether the thing is a person, idea, object, or anything else.
Today much of value theory is scientifically empirical, recording what people do value and attempting to understand why they value it in the context of psychology, sociology, and economics.

In psychology, value theory refers to the study of the manner in which human beings develop, assert and believe in certain values, and act or fail to act on them.

Attempts are made to explain experimentally why human beings prefer or choose some things over others, how personal behavior may be guided (or fail to be guided) by certain values and judgments, and how values emerge at different stages of human development (see e.g. the work by Lawrence Kohlberg and Kohlberg's stages of moral development.)
en.wikipedia.org...

This is the problem
We are all distracted

Paulson was allowed to sell his stocks in GS prior to being appointed as the Treasury Secretary for Bush without having to paying ANY taxes. This is due to the "supposed" conflict of interest if he owned stocks with them and became the Secretary.

Now, we have Geithner as Secretary and he was formerly the head of the New York branch of the Federal Reserve AND a former member of GS.

Everyone of these people at the head of the government are criminals, traitors and some of the most evil people known for the last 1000 years.

Think Madoff was bad?

These people have destroyed the economy of the world to implement their next evolution in control. Health care? Global warming? War against terror? Non enforcement of our DAMN borders?

Do I need to go on?

You know it, I know it, and anyone with an IQ over 50 knows it.

Let us see if ANY damn Repub or Dem has the gall to say their side was NOT in on it.

Do you people still want a powerful and controlling government?

edit to add-I call for ALL members to add this thread to their signature.

When are we going to start and call for both parties and the banker thieves to be stopped?

[edit on 4/25/2010 by endisnighe]

reply to post by g146541


i have come to this conclusion! when your wife can no longer serve dinner for your family, when pretty much everyone you know is homeless, when america, and pretty much all english speaking countries have had enough, then and only then will anything be done! i call your wife and several family members i know the= osterich approach. in which just duck and hide and it will be all better soon, but it will not this time around.

thanks op for the post another huge dose of reality, not sure if i can take all this truth syrum in one day

A lot of people are faulting Goldman Sachs for the wrong reason. Namely that they profited over their shorting of the housing market. Without the ability to make bets against the market it would be impossible to hedge your trading account in difficult markets. It is absolutely critical for market liquidity to allow short trading. Also it is a communist mentality that plays the politics of envy card, so that folks hate anyone who makes money.

What's slimy about Goldman Sachs is that they deliberately lied to their customers and sold toxic debt packaged as quality debt. They did this to create a short position for Paulson and themselves.

However the government plays the primary role in creating this mess. They created the liberal and lax lending rules so that the leftists (starting with Clinton. Bush and Obama) could bribe their constituents with easy money. They also resisted any attempt to regulate it. Obama will continue to attempt to buy votes until the country is bankrupt and everyone needs government services.

reply to post by ModernAcademia


Well this is a easy one...this is what you get when you allow corps to sponsor the government members...

reply to post by SevenThunders

What's slimy about Goldman Sachs is that they deliberately lied to their customers and sold toxic debt packaged as quality debt. They did this to create a short position for Paulson and themselves.

Exactly, I don't have a problem with shorting or any of that. What I do have a problem with is gaming the market like they have done, and then being in cahoots with people in order to make a profit off of their own deceit.

The sad part about it is that it is highly illegal and highly unethical, but the game will continue and if they need to they will sacrifice a lower level person just to get the heat off of them.

The only way any "action" will be taken is if the people take "action" in their own hands. Every one should make it their own war to take to Goldman. Anyone who lost money in their madness should make it a point to find out who the top exe's are and go head hunting. These people should not be able to sleep in this country without fear of waking up to shadows over them.

[edit on 2010 by tsloan]

Goldman releases internal paper trail

By Henny Sender in New York

Published: April 25 2010 19:49 | Last updated: April 25 2010 19:49

Goldman Sachs released internal documents over the weekend that it said demonstrated that its subprime mortgage trading reflected prudent risk management rather than speculation.

Days before Lloyd Blankfein, chief executive, is due to appear before the Senate, the embattled bank said it did not “consistently or significantly short” the market for subprime mortgage securities, and any negative positions it had were intended to counterbalance long exposures.
www.ft.com...

The material, consisting largely of internal e-mail traffic, is meant to refute allegations by a Senate investigation committee, which claimed on Saturday that Goldman had made big profits betting against the mortgage market, which subsequently crashed.

The Securities and Exchange Commission has also alleged that Goldman fraudulently failed to disclose that a hedge fund influenced the composition of a subprime mortgage security underwritten by the bank. Mr Blankfein is expected to launch a strong defence of the bank on Tuesday, fighting to preserve the firm’s reputation in the eyes of both clients and the US public, many of whom were the victims of the housing crash.

Now what?

You know the housing crash was the direct result of congress pushing the banks to make the loans,

[edit on 073030p://bSunday2010 by Stormdancer777]

reply to post by Stormdancer777


Yes the housing crash was a direct result of government regulation. At the same time, the banks came up with a way to dump these toxic assets onto other people that didn't know any better while at the same time betting against the own instruments that they themselves created.

Basically, the government created the problem, and just like other businesses the banks found a way to profit off of the regulation. It's just that the whole worlds economy suffered because of it.

reply to post by SevenThunders

Without the ability to make bets against the market it would be impossible to hedge your trading account in difficult markets. It is absolutely critical for market liquidity to allow short trading.

This kind of thinking is what causes all the problem. The stock market is not supposed to be a gambling casino where you place your bets.

The only purpose investment should serve is to raise capital for business ventures, not to work the market to queeze profit through hedging your bets.

Government didn't create this mess, eliminating the rules establishing good business practices is what created this mess.

If the companies want to bet in the markets, then they should pay the same rate of taxes you pay for winning at the craps table.

Hedge funds shouldn't be allowed, at least not as legitimate businesses.


[edit on 25-4-2010 by poet1b]

reply to post by poet1b


So what you are saying is investors, among them 401k and the like owners, should not have recourse to get their money they are losing when a stock they are invested in starting losing value? They shouldn't have the ability to short that stock to get their money back is that what you are saying? So if I invest my money into the stock market and a stock crashes it should be tough luck on my part? If that is the way you feel the stock market would be useless to businesses because there is no way for investors to get their money back if they lose it.

The stock market is gambling it was up until the economic crisis a long term gamble that would usually payed off if you invested your money right.

You need to look at the Community Reinvestment Act and correspond that with when the financial Instruments such as CDO's and CDS's came into practice. You should also research the debate on the repeal of Glass-Stegal(sp?) and the clause about wanting to regulate CDO's and CDS's.

Saying the government did not cause this is blatantly false. They had everything to do with it. If it wasn't for the government the financial instruments that brought the world economy to its knees would not exist.

Not to mention there is hard evidence backing up everything that I have said.

It's been no secret for quite some time that GS securitized largely garbage can mortgages into vehicles that were rated investment grade and then immediately shorted them knowing very likely they would tank and they will profit on both sides.

I don't know why this is now a "sudden" revelation.

That said, there are two important issues here beyond GS's apparent lack of morality. The fact the SEC is useless and has been for YEARS, and the fact the bond rating agencies are quite likely - completely - untrustworthy.

The moral here is that the utter incompetence (to be gentle), is finally rearing it's head with the mainstream public.

Originally posted by ModernAcademia

Goldman Was with obama from the get-go!

Im not surprised. I have felt since day one that Obama was hand selected to be President because he would be able to sell the American public a bitter pill. And no, not the bailouts.

I tend to suspect Obama is here to usher us into the NAU, complete with revised or gutted Constitution and that a currency crisis will be the tool used to persuade us it was absolutely necessary.

Much like Clinton was used to usher us into Nafta. It easier to sneak a policy that favors business interests and tampers with our rights past when you hide it in a "liberal" package.

Of course, I hope Im wrong.

reply to post by ModernAcademia

These Wall Street guys are like tight wwired race horses and what they do is race for money. Dont expect them to do otherwise. And how do we keep race horses focused on their track and not run over people in the stands? Why just build strong fences (regulatory rules) around the track. Simple.

reply to post by havanaja


It makes no sense to have strong fences if the fences are running straight through the crowds though. I agree with what you are saying, but the regulations put in place have to be the right regulations.

Regulations that state you have to give loans to people that are credit risks that banks normally wouldn't give loans too is doomed to failure and the reason we are in the position we are in now.