“And CDOs are Collateralized Debt Obligations.”
I never mentioned CDO. I mentioned OCD when I should have said OTC derivatives.
So some of you have issues with Wikipedea. The way that works is someone with your knowledge goes there and corrects things so that it is reflective of accurate information.
I went to three or for news articles, Frontline, wikipedia, and other internet sources that I did not publish here in this forum. I don’t have the faintest idea how most of this stuff works or is manipulated. I do know that the only regulation board to oversee OTC derivatives and credit default swaps was put to sleep back in the mid 90’s. This would have been on bonds that Fannie and Freddie hold, on 1.5 trillion in mortgages, to the tune of half a billion credit default swaps that are the biggest source of all the CDS failings in the market. Only a moron could believe that the dangers of the sub prime loans would not have been discovered had there been oversight of that market.
Nope, you have been talking with an idiot regarding financial proclivities and over access to power structuring. So deal with this. I’m an idiot but I have far more common sense. I at least know when people get caught in their craftiness they squirm when placed on the hot seat. Greenspan, three Presidents and their cabinets, and congress gambled on winning was at the heart of this. Red herrings, muddying the waters, and passing the buck does not fix what needs to be fixed. The OTC market is still doing what it did to get us into this mess. That’s why the Frontline show is titled “The Warning.”