Good 1
As for CDS, they are fancy named and hidden insurance coverage. With no financial reserve backing.
They are illegal contracts, but Paulson screwed the country, along with Greenspan and later Bernanke, via AIG crisis, that they are legal, and the USA was going to cover them.
Paulson and Bernanke actually had to come out and make a public statement that they were legal contracts. Bush was a blithering idiot to trust Paulson, and was crippled by his childish “no regulations” ideology. Obama, though, is hip to the game, and likes it.
Well you’ve zeroed in on the true bomb that could devastate the American economy and you are right about Limbaugh, that he is wrong on this, and that’s coming from a defender of Limbaugh for the rest of the 95% of the time that he is right.
But to appear to cheerlead Obama as being ‘hip’ ignores the danger that Obama can achieve economic destruction and pin it on Goldman, even though Goldman deserves the gallows figuratively and literally.
But again you ignore that Obama would relish the catastrophe, the guy really wants massive failure and he doesn’t care if the rest of us are thrown into abject poverty by it.
And you right about Bush as well.
Question: Bringing down Goldman can mean wiping out untold amounts of capital in the markets and that means Americans would be wiped out and the Great Recession would make the Great Depression appear as a fresh Spring day. This is a game of Russian Roulette. How would you unwind Goldman and reform the markets without causing financial Armageddon?