In 2006 and 2007, Goldman Sachs Group peddled more than $40 billion in securities backed by at least 200,000 risky home mortgages, but never told the buyers it was secretly betting that a sharp drop in U.S. housing prices would send the value of those securities plummeting.
Goldman's sales and its clandestine wagers, completed at the brink of the housing market meltdown, enabled the nation's premier investment bank to pass most of its potential losses to others before a flood of mortgage defaults staggered the U.S. and global economies.
Only later did investors discover that what Goldman had promoted as triple-A rated investments were closer to junk.Read below the fold...
[A warm welcome to the usual suspects. What took you so long? -- lambert]
Mr. Bowers loses his touch, and makes a clumsy attempt to conflate snark in a Quick Hit with commentary: "Progressive bloggers don’t write about single-payer because they are afraid of Rahm"*.
I'm getting tired of waiting for my furnace guy. Any of you with old houses and single pipe steam systems know if this is true?
A representative of the company told me that old-house owners have reported great success with his company's product, J-B Weld on old cast-iron radiators.Read below the fold...
And Bareback Andy says something nice about She Who Must Not Be Named:
She can say things that are true, and which Obama can then walk back a little. I'm sure this is deliberate. And I have to say that her performance as secretary-of-state seems to me to be a real highlight of the administration.
Film at 11: Hillary Clinton is a team player and a loyal Democrat.
Nice post from The Grumpy Forester.
Don't you love it when "progressives" happily force working folks into choices between what they know is best for everyone*, and what's best for themselves?
NOTE * I love this post from Will Bunch. Read it all to see how what I'm saying here applies. Read below the fold...
Hilarity at Kos: [a|the] [strong|robust]? [Federalist]? [health insurance]? [option|plan] never clearly defined
Knock me over with a feather. Anyhow, front-paged:
[I]n August at Netroots Nation when I asked progressive strategists and activists to think ahead to the end game, and about what our reaction ought to be when Members who'd apparently pledged to oppose any bill without a "robust" public option claimed they needed the latitude to do some other thing, ranging all the way up to... doing the exact opposite of that.Read below the fold...
nycweboy, who I obviously should read more often, has a post that captures the zeitgeist perfectly:
Off year election season is just kind of weird; in the "24 hour news" age, there's a whole political evaluation machine sitting around, little to do... and there's always a "trend report" needed for the next year.
And of course, there's the off chance that something real is actually happening.Read below the fold...
I was struck - but not surprised - by the relative silence over a Sunday front page NYT article about the White House's "DudeBro" problem: the reality that the President is surrounded by the lefty equivalent of the all male "boys club" mentality that can be found many places, including Washington politics. ...Read below the fold...