• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Special report: Goldman's new money machine: warehouses

P

PeteEU

DP Veteran
Joined
Mar 11, 2006
Messages
38,974
Reaction score
14,318
Location
Denmark
Gender
Male
Political Leaning
Centrist
Why no outcry for forcing G.S. to take back their bad loans? People complain and complain about G.S. and when asked why we are not demanding the administration force these loans back onto G.S. the reply is silence.
 
More silence.
 
1Perry said:
Why no outcry for forcing G.S. to take back their bad loans? People complain and complain about G.S. and when asked why we are not demanding the administration force these loans back onto G.S. the reply is silence.
Click to expand...

I agree :)

In fact... nationalise G.S. and liquidize the assets. G.S. are a threat to free markets and the world economy. When one company can manipulate the market the way G.S. does, then you have a serious problem with the system.
 
PeteEU said:
I agree :)

In fact... nationalise G.S. and liquidize the assets. G.S. are a threat to free markets and the world economy. When one company can manipulate the market the way G.S. does, then you have a serious problem with the system.
Click to expand...

Yeah, Chavez doesn't manipulate markets.
 
Bookmarked thread for next time I hear bitching about the free market.
 
PeteEU said:
Special report: Goldman's new money machine: warehouses - Yahoo! News



So much for the free market....... this is market manipulation on a grand scale. Bet it is fully legal too, and yet the consumer pays the price.
Click to expand...

gotta say
goldman sachs certainly knows how to play in the gray and make a ton of money doing it
they consistently seem to be able to locate the vulnerabilities in the system to exploit them financially
not sure that is a bad thing
would this potential for profitability not encourage more players to become involved in this commodities market?
 
1Perry said:
Yeah, Chavez doesn't manipulate markets.
Click to expand...

Dont see how he can.. well international markets. Goldman Sachs can as we see from this investigation. Sitting on 25% of the worlds aluminium is manipulating the markets, no matter how you slice and dice it.
 
justabubba said:
gotta say
goldman sachs certainly knows how to play in the gray and make a ton of money doing it
they consistently seem to be able to locate the vulnerabilities in the system to exploit them financially
not sure that is a bad thing
would this potential for profitability not encourage more players to become involved in this commodities market?
Click to expand...

It is a bad thing. It ****s with the principle of the free market, and drives prices up for everyone.

Only one that is good for is Goldman Sachs. This is why I am against speculation. And I am not naive to expect they are the only ones doing this... bet there are many other financial institutions that are doing exactly the same thing in different markets.

And in many ways, the issue here is not only they are stockpiling a commodity, it is that they are sitting on 25% of the world market and hence directly influencing the price of said commodity. This is a cash cow of epic proportions. It is worse the OPEC, since here we are talking about one company/group instead of X amount of countries that dont actually like each other. The amount of power Goldman Sachs has over the market is .... huge.
 
As I've been pointing out over and over. The solution is to demand that the government enforce it's rules.

If they did G.S. would take a major financial hit and wouldn't have all this money to stockpile anything. Stop devalueing the dollar. The only people who benefit from that is entities like G.S. as the bottom dropping out of the dollar drives up commodity prices.
 
1Perry said:
As I've been pointing out over and over. The solution is to demand that the government enforce it's rules.

If they did G.S. would take a major financial hit and wouldn't have all this money to stockpile anything. Stop devalueing the dollar. The only people who benefit from that is entities like G.S. as the bottom dropping out of the dollar drives up commodity prices.
Click to expand...

what rules are being violated, such that they require enforcement?
 
justabubba said:
what rules are being violated, such that they require enforcement?
Click to expand...

I've posted this many times but I'll do it again. The deal with Fannie Mae was that any bank that sold off any faudulent loans to them would have to take them back and put them back on their books.

Instead, we are stuck with them. G.S. placed a ton of bad loans onto Fannie. They knew they were bad. They were even betting that they would fail because, well, they know they would.

Why is it we are making tax payers pay off these bad loans?
 
1Perry said:
I've posted this many times but I'll do it again. The deal with Fannie Mae was that any bank that sold off any faudulent loans to them would have to take them back and put them back on their books.

Instead, we are stuck with them. G.S. placed a ton of bad loans onto Fannie. They knew they were bad. They were even betting that they would fail because, well, they know they would.

Why is it we are making tax payers pay off these bad loans?
Click to expand...

ok, i understand now. you are conflating the fact that fannie mae had recourse on the secondary market loans in acquired from goldman sachs and failed to require that "bank" to redeem them
i am in complete agreement with you there ... for every entity which sold fannie mae/freddie mac bad paper. and the government should have imposed receivership on every entity which was unable to fully redeem all of its bad loans


but i see that as at most being only tangentially related to the aluminum commodity speculation activities goldman sachs is engaged in
 
PeteEU said:
Special report: Goldman's new money machine: warehouses - Yahoo! News



So much for the free market....... this is market manipulation on a grand scale. Bet it is fully legal too, and yet the consumer pays the price.
Click to expand...
Because GS is the golden child of the left and leave it to Barack Obama to do nothing at all here, even on very conservative precedent that GS could be busted for monopoly here?

This is one of those occasions where the solution is simple, bust GS, split the warehouses between companies and have them compete. Whereas peters wants to nationalize them...till the end of time...

hey, at least we can agree on one thing, GS needs to go down, as well as their darling http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=n00009638 Barack Obama
 
Last edited:
PeteEU said:
I agree :)

In fact... nationalise G.S. and liquidize the assets. G.S. are a threat to free markets and the world economy. When one company can manipulate the market the way G.S. does, then you have a serious problem with the system.
Click to expand...

oooh, yeah, that's exactly what we need to do. Everytime a business does somethng legal, that we don't like, the government should come in and nationalize them.

That'll be awesome!

So, after we do that, whose going to pick up the tab?
 
PeteEU said:
Dont see how he can.. well international markets. Goldman Sachs can as we see from this investigation. Sitting on 25% of the worlds aluminium is manipulating the markets, no matter how you slice and dice it.
Click to expand...

You know how many poor people in the U.S. are going to make more money because of this?

Poor people, who make money off collecting scrap, are going to make more money because of this, which improves their lives. But no, you want to lower the price of aluminum and take money out of their pockets.
 
PeteEU said:
Dont see how he can.. well international markets. Goldman Sachs can as we see from this investigation. Sitting on 25% of the worlds aluminium is manipulating the markets, no matter how you slice and dice it.
Click to expand...

The same article says that global usage is 45 million tons and GS is sitting on 1 million, hardly 25% of anything. It also is not clear if GS is holding the metal for their own account or if a customer has a hedge and they are holding the metal.
 
You must log in or register to reply here.
Back
Top Bottom