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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (10328)10/22/2008 8:18:41 AM
From: ajtj991 Recommendation  Read Replies (2) of 33421
 
John, I believe we should have a moratorium on new credit default swap issues. Old ones should be regulated, and any new system would need these instruments to be treated no different than regulated insurance policies secured by assets rather than alchemy.

Every effort should be made to wind down the outstanding swaps. It will likely take 5-years, and that's probably also how long it will take for a substantial recovery in the markets.

I am just waiting for someone with brains to propose this solution. I believe 500 out of 535 members of Congress don't have a clue what a credit default swap is.

Heck, when McCain was flying back to Washington to "assist" in the bailout package, he admitted he hadn't read the draft yet.

That draft by Paulson was all of 3-pages long.
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