My theory of our economic crisis as began with the so called "mortgage meltdown" has always been that it was a planned event. I have always found it hard to believe that the "meltdown" occurred so quickly. It was almost overnight just like all the bailouts. Willima Cohan's article below begins to indicate that there was possibly knowledge of what was to come and the knowledge must have come from a plan. I end many of my articles asking a question as there are many questions that we need answers for and this article certainly raises more.
The Great Goldman Sachs Fire Sale of 2008
By WILLIAM D. COHAN as published in the New York Times on line.
The whole story is contained in little-noticed public records filed with the Securities and Exchange commission — see here and here — which make enjoyable reading after spending the last year listening to the gang at Goldman and other firms whine about the terms of the Tarp program and repeatedly insist that they weren’t really in all that much trouble. Because if these savvy Goldman guys were freaking out and selling large chunks of stock in the dark days of 2008, that makes it a safe bet things were plenty bad and getting worse.Read the entire article...click here
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=eb58bdb4-a881-4b57-a4a1-c982db934a61)
3 COMMENTS:
I think you give all these financial types too much credit by thinking this was a planned event. The seeds for this were sown back in the 1980s when the people that knew better (i.e. those that lived through The Great Depression and WWII) started retiring and dying. Now we're left with a bunch of incompetent Boomers and nihilistic Gen-X-ers in charge.
http://www.GenerationalDynamics.com/
I don't agree with everything Xenakis has to say and he certainly has a massive Cassandra Complex but I think he's thinking in the right area.
Cohan's story is complete nonsense - just read many of the comments.
Then you take it mean that the economic crisis was "planned". That's a pretty spectacular leap.
This is just plain silly.
I appreciate the above two comments and truly respect your opinions. My opinion comes from somewhat of a different place.
I was in the mortgage business when money was being given by taking a pulse. For the record, I did not do that, I approved people "for what they could afford" only. I had many angry realtors who always said "the guy up the street" would approve them for more. I told them to go there.
You see, I knew and it was my obligation to know what someone could afford and what they could not. I would argue with some borrowers and try to do the math for them often showing them that after their mortgage payment they had no money for food , gas and utilities - expenses the banks never took into consideration.
As guidelines kept getting lower and lower and people began qualifying for loans they could not afford I kept saying that these loans were just foreclosures in the making - AND THEY WERE.
Now, I am not a Harvard grad, an economist nor a "real smart" Goldman employee but if I know what the end result was going to be I HAVE TO BELIEVE the bankers certainly did.
It was evident to me early on that all they wanted was "paper" to sell. In fact, one bank actually told someone that "they needed papaer" as "they had investors waiting in line to buy it".
Another issue I had is the speed with which the mortgage money dried up. You had million upon millions of investors buying the "junk" paper and in a matter of weeks they stopped.
Again, the only answer would be the banks on Wall Street STOPPED selling the paper. And again, they with all of their economic intelligence (and they do have that) they knew what would happen.
Even Greenspan said on national TV during an interview, "he knew that the market would slow down after some of their moves (the banks and the Fed) but he didn't think it would crash as bad as it did". Not an exact quote but the contact is exact. In other words, they knew, they just pulled the plug a little to hard.
Was this a planned event? I think so. Study the Bilderberg group, the Rothschild's and the Fed. All very secret groups and all in favor of a "New World Order" - first mentioned by Meyer Amsheil Rothshild - and a one world economy. Read Meyer Rothschild's quote at the top of the page.
There may be more at play here then we know. Of course, I don't know but I do know that many things just don't add up and we are all in a very bad way except for...that's right, the bankers.
Does any of it make sense to any of you? And it doesn't seem to be getting better, not for us at least.
Post a Comment