The Obama - Clinton Disaster Message Board

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Politics : The Obama - Clinton Disaster

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To: Wayners who wrote (25897)	2/9/2010 8:47:45 AM
From: DuckTapeSunroof	Read Replies (1) of 103300

Re: "that it was Capitalism that is the problem rather than the debt of SOCIALISM. Credit Default Swaps were a financial engineering product/catalyst, the real structural problem is DEBT." I'm not at all sure how "Credit Default Swaps" could bet BLAMED on "Socialism". *In truth, the critical PROBLEM with CDS had nothing whatsoever to do with either* Capitalism, or Socialism.** It had to do with fraud and lack of appropriate regulation. You simply cannot allow insurance products to be sold without any collateral or other reserves backing the policies up --- for that turns an honest market in a casino run by the lowest common denominator who is willing to cheat by selling unbacked "insurance" paper. It is IDIOCY and FRAUD, (and perhaps just a bit of mindless ideology that foolishly thinks that having no regulations and no cops on the beat produces the "best" environment for free enterprise... it doesn't. What it produces is criminality and frauds and massive systemic risks) which caused the inevitable globe-spanning problems.

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