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Congress Woman Introduces Bill to Ban All Credit Default Swaps
Washington’s Blog
Saturday, July 18, 2009
I’m a little late to this story, but last week Congresswoman Maxine Waters introduced a bill to ban all credit default swaps.
As Waters said:
Preventing all credit-default swaps is essential to bringing stability to the market and preventing a similar crisis in the future.
Many top experts – including nobel prize winning economists and numerous other well-known PhD economists – agree.
Indeed, just today, Credit Sights published a report documenting – as I have previously pointed out – that CDS drive companies into bankruptcy.
But aren’t Obama’s new regulation of CDS good enough?
I have repeatedly argued that they aren’t.
But don’t listen to me. Satyajit Das is one of the world’s top credit default swap experts. Yves Smith says of Das:
Satyajit Das is a hard core derivatives expert, having worked with them in enough markets and enough vantage points to be very well versed . . .
This is Das’ area, and if he says it’s an issue, it is …
Today, Das wrote an essay arguing that the new credit default swap regulations not only won’t help stabilize the economy, they might actually help to destabilize it.
Indeed, the only people that are for CDS and the current half-baked regulations are the handful of giant banks that are making a killing from them. Everyone else is against them (indeed, the economy is the thing “being killed”).
Call your Congress member and demand he or she support Waters’ bill to ban all credit default swaps.
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July 18th, 2009 at 4:45 am
Why do you identify US Representatives as “congressman” and “congresswoman” and do not the same for Senators?
All Senators are Congressmen, but not all Congressmen are Senators.
Delta Reply:
July 18th, 2009 at 11:00 am
not true, Congress and the Senate are 2 different branches of the government. They are in no way the same.
Gabriel Reply:
July 18th, 2009 at 11:23 am
Are you stupid!?! The Senate (just like the House is a PART OF Congress idiot) I would be nice but I cant believe you dont know that!!!!
Here are some websites for you to look at (and hopefully learn something so you wont look as dumb, even though you should have learned this stuff in elementary.)
http://www.swic.edu/adultbasic.....anches.htm
http://bensguide.gpo.gov/3-5/g.....nches.html
http://en.wikipedia.org/wiki/F.....ted_States
July 18th, 2009 at 7:53 am
PUT EGGS IN SAFETY-DEPOSIT BOXES.
REVENGE ON BANKS.
Niggertoe Reply:
July 19th, 2009 at 12:27 pm
Use catshish stinkball bait
July 18th, 2009 at 8:36 am
CDS were not legal not too long ago. They are really just legalized gambling on the part of the banks. The problem with gambling is that sometimes you loose. Not anymore. If they loose, we foot the bill. I guess it helps to have former employees at the government pay window. There will not be any meaningful regulation until business influence is removed from government.
July 18th, 2009 at 9:06 am
good video about CDS
http://www.cbsnews.com/video/watch/?id=4546583n
Jim Lunsford Reply:
July 18th, 2009 at 11:01 am
Good, but scary. Thanks, Jim
July 18th, 2009 at 3:54 pm
Okay lets see the debate on CDS on CSPAN. Watch very carefully who objects to the bill. That will be the treasonist trader who is bought off by the banksters.
July 18th, 2009 at 4:00 pm
Another thing I’ve noticed is when the banksters get caught with their evil scheme they help write a bill that seems to correct the problem. But the bill is filled with loopholes and can’t be enforced. Then when a stronger bill comes along like Maxine Waters, the paid off Reps say “but there was already a bill passed to address that problem”. It’s an excuse so they will not pass the bill with the teeth. It’s political theater and these guys have it down pat just like an expert salesmans pitch.
July 19th, 2009 at 2:38 am
Another thing I’ve noticed is when the banksters get caught with their evil scheme they help write a bill that seems to correct the problem. But the bill is filled with loopholes and can’t be enforced. Then when a stronger bill comes along like Maxine Waters, the paid off Reps say “but there was already a bill passed to address that problem”. It’s an excuse so they will not pass the bill with the teeth. It’s political theater and these guys have it down pat just like an expert salesmans pitch.
OH! You’re my new favorite blogger fyi
July 19th, 2009 at 9:51 am
Banning all credit default swaps is a good idea, in and of itself, but that alone is *far* from enough.
If we are to avoid the most devastating economic depression in U.S. history, then the American people must agree to disagree on the diversionary wedge issues (e.g. gay marriage) that partisan hacks in the corporate whore “news” media soooo love to obsess over, and join forces in a non-partisan, cross-ideological coalition to exert AGRESSIVE, NON-STOP, ROUND-THE-CLOCK PRESSURE on Congress to immediately and simultaneously implement the following reform measures:
* Put all derivatives-infected mega-banks through Chapter 11 bankruptcy and, in the reorganization proceedings, legally void all of their derivatives contracts.
* Liquidate all of the ill-gotten assets of criminal scam artists such as Henry Paulson and Bernard Madoff, and use the resultant proceeds to help replenish whatever retirement funds they raided.
* Replace our current debt-based money system with a debt-free “Greenback” money system, whereby all new money — instead of being *loaned* into circulation at interest — is *spent* into circulation at *no* interest to fund the production and repair of public goods everyone can see and benefit from (roads & bridges, maglev rail, etc.), and at a rate pegged by law to objective criteria such as population growth and the general price level.
More on this at: http://propagandamatrix.com/fo.....012.0.html
July 19th, 2009 at 3:36 pm
I can see that you plagerize my blog to the letter. You probably did the same thing in college to bluff your way through.
Geolibertarian Reply:
July 19th, 2009 at 4:33 pm
I don’t know who you’re talking to, but if you want your allegation of plagiarism to have any credibility, you might want to consider providing a link to the blog you claim has been plagiarized.