I'm not one to post hyperlinks to opinions and would be the first to criticize those who do, but I look at this link as more factual than opinion:
AIG Counterparties Revealed
As I've been saying from the very beginning, this financial crisis has more to do with gambling than it has to do with subprime mortgages. If anything, the mortgages are the fuse and the credit default swaps are the explosives. The day they rescued AIG, I said that it seemed obvious since AIG was most likely the keystone in a house-of-cards of financial stupidity. Given the list of banks in this article, it seems fairly obvious that failing to bailout AIG could have had the effect of collapsing a fair portion of global banking institutions.
For the fiscal conservatives and libertarians among you, I invite you to spend your time chastising the folks running the financial institutions -- I'm fairly certain they didn't vote for Pres. Obama. I would also point out that with less government intervention at this point we all might be enjoying the "new" economy -- subsistence farming. We may yet still have that pleasure and we can hardly blame it on people who can't afford their mortgages.
Here's my tax and spend thought on how to fix this: let's have a "you f***ed us so we're going to f*** you" tax.
The floor is open for retorts...
AIG Counterparties Revealed
As I've been saying from the very beginning, this financial crisis has more to do with gambling than it has to do with subprime mortgages. If anything, the mortgages are the fuse and the credit default swaps are the explosives. The day they rescued AIG, I said that it seemed obvious since AIG was most likely the keystone in a house-of-cards of financial stupidity. Given the list of banks in this article, it seems fairly obvious that failing to bailout AIG could have had the effect of collapsing a fair portion of global banking institutions.
For the fiscal conservatives and libertarians among you, I invite you to spend your time chastising the folks running the financial institutions -- I'm fairly certain they didn't vote for Pres. Obama. I would also point out that with less government intervention at this point we all might be enjoying the "new" economy -- subsistence farming. We may yet still have that pleasure and we can hardly blame it on people who can't afford their mortgages.
Here's my tax and spend thought on how to fix this: let's have a "you f***ed us so we're going to f*** you" tax.
The floor is open for retorts...
