How huge was the short position? How exactly do you go short the MBS market? Spell it out, Senator.
They gained at the expense of their clients, and they used abusive practices to do it
Abusive? What's that?
See moderators -- how nice I am?
Since when is anyone obligated to walk you through this? I freely admit you are entitled to your opinions. You, stalwart conservative that you are, should respect my right to express my opinion.
There are financial predators out there FRiend, and we — everybody whose net worth is less than eight figures — are their prey. Since they can’t literally eat us alive instead they eat our money, our livelihood, our hopes, and our dreams.
While this group isn’t exclusively bankers, and all bankers don’t fit into this category, predators seem to be more common in consumer banking than elsewhere. Thanks to a combination of corruption, ignorance, and incompetence, their supporters have done a great job keeping them alive.
The US is in a dark place, where the absolutely most reckless, irresponsible bankers — who made the most reckless, irresponsible decisions — are receiving massive government subsidies. The price tag will be picked up by future generations.
That is, we are collectively putting our children into deep hoc lest bankers suffer the sting of a firm slap by the invisible hand, all the while whining that the free market continues to function.
Bankers, along with their supporters in government, tried to portray the interests of Wall St. and Main St. aligned. They aren’t. There hasn’t been a “class war” from the middle class towards the rich, but there’s been a ferocious one the other direction.
They’re fighting you. It’s not because they don’t like you — some are crazed sociopaths, but most aren’t .. it’s just a game to them. They’re playing to win; you don’t even know the game is on, much less the rules.
That's not my fault. Roll over if you like. No thanks...I'm not buying.
Warm regards honey.
“How exactly do you go short the MBS market?”
Synthetic CDOs.
I guess that “spelling it out” is what took 640 pages to explain.