Friday, March 13, 2009

A Dandy Primer on Credit Default Swaps

The Republicans decriminalized them, bogus insurance policies called Credit Default Swaps. These scams now total more than the global GDP. These are the ticking time bomb behind the global meltdown.

These swaps should be ruled null and void, written off the books entirely. There was no way any reasonable person would have or could have expected the CDS issuer to be able to pay them off if called.

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