If you thought “We never saw it coming” sounds like a bit of song and dance, well, as Jimmy Durante would say, You ain’t seen nothing yet.
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Financial reform: It’s the Derivatives, Stupid. |
| By: Leo W. Gerard Thursday March 18, 2010 5:39 pm |
Fussing about whether U.S. Sen. Chris Dodd’s financial reform legislation contains an independent Consumer Financial Protection Agency is like worrying about whether you’ll lose your tool shed as a conflagration consumes your home. Preserving the economy requires limiting, regulating and exposing derivative trading. That’s because derivatives – those credit default swaps – took down Wall Street — not consumer loans.
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