Quote:
Originally Posted by mykalberta
The problem seems to be that the Credit Default Swaps are a 60+ trillion industry with no regulation whatsoever (bill was receeded in 2000 not sure by Bush or Clinton - I think Clinton as 60 minutes showed him and Grienspan). With the problem being some of these companies dont know their exact exposure to these things. I find that hard to believe but...
I dont feel sorry one bit for these companies tanking one bit. Bear Sterns - too bad so sad.
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Yah, that law was receeded in 1999, was passed in 1933 during the great depression. Clinton signed it, and the Republican congress (maybe? can't remember) passed it.
Not trying to play the blame game.
Just history repeating itself.