...more recent posts
Louie CK in Baghdad Scroll way down past all the pictures (except the last) to see his description of the comedy routine and aftermath. Awesome.
Long and technical, but I think this gets at the heart of it: AIG: before CDS there was Reinsurance. Shorter version: AIG wasn't mismanaged, and they didn't merely "assume too much risk"; AIG was a criminal enterprise.
I am so mad about all of this. I actually feel more helpless now then in the run up to the Iraq war. At least war is something people can sort of understand. Credit default swaps are not going to be groked by the general public. The Obama administration is obviously in the pocket of the financial sector (could it be otherwise?) And nothing is going to be done about the largest theft in the history of the world. The measly two trillion or so we wasted in Iraq is nothing compared to this.
paging Jim B: the future is here