How on Earth did Goldman Sachs make such an enormous amount of money off of the housing collapse?

Question

My, my, my.....If I didn't know the government was so honest and always thinking only of the citizens, I would think that this collapse was......orchestrated when Clinton signed
the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. Then Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods.

No. Can't be. It's also just a coincidence that Franklin Raines was the chairman and chief executive officer of Fannie Mae, after he served as White House budget director under President Bill Clinton. Hmmm......

It's also just a coincidence that two of Raines top underlings and select individuals in the "green" movement invented a patented system to trade residential carbon credits and that Fannie Mae bought the rights to that Patent.......Patent No. 6904336 was approved by the U.S. Patent and Trade Office on Nov. 7, 2006 -- the day after Democrats took control of Congress.

Hmm....It does seem kinda odd that while serving on the board of the Joyce Foundation President Barack Obama (then State Senator) helped secure the financing to start the Chicago Climate Exchange from the Joyce Foundation and that Goldman Sachs is the largest single owner of the Chicago Climate Exchange and was the largest donor to the DNC and President Obama's presidential campaign. I'm sure it's also just a coincidence that Al Gore, VP under Clinton, is also a majority investors in the Chicago Climate Exchange? Never mind that there is 10 Trillion dollars per year to be made off of selling carbon credits. That couldn't possibly be motive to do something corrupt, could it?

Anyway, how on Earth did Goldman Sachs make such an enormous amount of money off of the housing crisis and are they are set to make a fortune off of the global warming crisis too?

Crisis? What crisis?

Answer 1

The Global Warming "crisis" is easy. There isn't one. The very science started by the founders of the movement have been refuted as false at worst and greatly exaggerated for effect, at best. Even the Father fo the movement, a University of Wisconsin Professor, backed away from the movement in the early 70's.



It's also no coincidence that Freddie and Fannie are not part of the sweeping overhaul proposed to "clean up Wall Street". The Global Waming "crisis" is also a huge money maker for anyone who can buy or sell Carbon Credits.



Global Warming legislation is a job killer and it's backed by the Green Movement, who is motivated solely by MONEY. If you can change the mentality behind lightbulbs, you can do almost anything. Those CFC bulbs - if one breaks, technically, it's a HazMat situation. There's mercury in the things and they should ALL got to a recycling center, not into the garbage like a regular light bulb.



But with the far Left, it's all about intentions and not results.

Answer 2

Oh I get it, George W. Bush was never President for eight years starting in 2001 and so he of course could not do ANYTHING about the housing bubble and any of the other topics listed even though his party had a majority in Congress thru 2006!. The Republicans did not have a majority in Congress from 1994 thru 2006! So, the Republican majority had NOTHING to do with the Commodity Futures Modernization Act which was written and introduced by Senator Phil Gramm, Republican of Texas! Bill Clinton did not loosen the housing rules of an Act, that has to be done by the Congress--and of course the Republican Party held solid majorities in both Houses of Congress under Bill Clinton. George W. Bush's chief of staff had been employed by Goldman Sachs and of course his Secretary of the Treasury was Henry Paulson, the former CEO of Goldman Sachs!



So altogether, your little screed amounts to five paragraphs of half-truths and utter BS. Thanks for trying to fool people with nonsense.

Answer 3

They made the money from hedging (insuring) their investments in the housing market. They got paid out from the insurance companies. They could be doing the same thing with carbon credits as well. Make everyone think there is a problem, and hedge their bets against it.

Answer 4

All of you...especially Colleen.....

Please don't put blinders on and spend your time pointing fingers at parties. This stuff is real. And is being let slide by BOTH parties. You all need to start voting for patriots.... not lawyers, not "family government", but people who WANT to improve our nation and shrink government.

Answer 5

Lack of regulation is the easy answer.