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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: lorne who wrote (55555)11/17/2008 10:46:56 PM
From: RMF  Read Replies (3) of 224648
 
lorne, I agree with a lot that you say.

I just think the main problem was letting this GIGANTIC "iceberg" of credit derivatives (credit default swaps) lie hidden without any type of regulation.

We're talking $60 TRILLION of debt paper that had essentially NO rules.

Here's a much better article on Gramm and his wife Wendy and their distaste for regulation. I wonder how much Gramm's income went up after he went to work for UBS?

nytimes.com
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