Who knew?

From the NY Times:

Goldman Said to Have Been in Other Mortgage Deals

Duh! Goldman is a company in the business of making money by investing in financial products and making these products available to customers. There is nothing illegal or immoral about buying or selling short positions if you have the financial wherewithal to meet the obligations of the trade.

What should be made clear is that Goldman's financial position in these products did not cause the financial crisis. What caused it was the Democrats' requirement that lenders make bad loans to people who could not afford them. These borrowers' defaults had a cascading effect on the real estate market that drove down prices to the point where some good loans were swept away. Those who saw the debacle coming and invested accordingly did well.


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