I am no apologist for Goldmans, but the author clearly does not (in this article at least) make his main point how this is a “broken windows” scenario with Goldmans. As others have noted, #7 Muskr; #16 Johny Cache, #17 Henry Bowman, #19 Michael Smith, #21 Glenzo, the author is not making his point.
Freddie Mac and Fannie Mae are more important culprits in the meltdown. If these two entities had not been willing to buy ANY and ALL mortgages that were originated, the originators would have been much more careful. Why, cause the originators would have been stuck with some of the loaned money on their books. The originators would have been more careful about payback as they would have been loaning their own money.
Not trying to be mean, but overall this is a not very well written piece.
Mark to Market was a large component after the fact to increase the panic.
