Sunday, August 30, 2009

Credit Default Swaps, illegal before 2000, caused financial crisis

So much for unregulated capitalism. Actually, we learned this lesson over 100 years ago, in the wake of a stock market crash, and then forgot it (although the opportunists on Wall Street didn't forget it). A few years ago, Wall Street snookered the Congress into letting it regulate itself (again). The old "betting parlors" were back open on Wall Street. Look what's happened.

The more things change, the more they stay the same.

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