Time to go long subprime?

Bear Stearns has increased its subprime short positions to $1bn - up from $600m at the end of November.

While that might ordinarily seem like a conservative - if late - measure, it’s perhaps worrying in light of two other rumoured developments:

1. Goldman Sachs is apparently now, net, long subprime
2. JPMorgan is going long subprime

All very speculative, of course and possibly too good to be true. Hat tip to Dealbreaker - who pointed out the whole potential irony.