Socio-Economics History Blog

Socio-Economics History Blog

Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon”

by mosesman

banksters_n_government_public_serpents

  • Goldman Pays Fine For Causing 2008 Crisis As “The Rest of the World Faced Financial Armageddon”
    by James Corbett, TheInternationalForecaster.com, via http://www.shtfplan.com/  
    Historians of the future will note Yellen’s smiling press conference in December of 2015 to announce the long-awaited rate hike as the beginning of the end for the dead cat bubble of the Global Financial Crisis. In some ways this has been a 20 year long Fed bubble that leads in a straight line from the “irrational exuberance” of the Dot Com bubble to the Dot Com bust and 9/11 to the Greenspan bubble and the subprime housing run-up to the Global Financial Crisis to QE1/2/3 and ZIRP to the rate hike to today. And what do we have today?
    –
    * The worst start to the year in US equity markets in history.
    * Downgrades of economic forecasts from every conceivable corner of thefinancial world.
    * Probability of US recession (even with the government’s cooked books) the highest it’s been in 5 years. 
    * The oil slump getting slumpier as Iranian oil comes online.
    * Driver of world economic growth China hitting its weakest growth pace in 25 years. 
    * The Royal Bank of Scotland warning of “cataclysm” this year and advising investors to “sell everything.”
    –
    And on and on. You get the picture. But I bet you wish you didn’t. Ironic, then, that in the midst of this beginning-of-the-end of the 8 year long QE re-leveraging heroin binge we have news that seems to put a bow on the 2008 crisis: Goldman Sachs has announced that it has reached a $5.1 billion settlement as its wrist slap for participating in the wholesale swindle that was the subprime mortgage meltdown. The settlement breaks down into $2.385 billion in civil monetary penalties, $875 million in cash payments and $1.8 billion in consumer relief.
    –
    Here’s the kicker: the settlement is the largest in the bank’s history, but still small potatoes compared to some of its cohorts in crime who have already reached their settlements, such as Bank of America ($16.6 billion) and JPMorgan Chase ($13 billion).
    –
    read more.

end