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... they thought they had fixed the "problem" of bankruptcy in the US by making it difficult for small creditors to get out from under their obligations through bankruptcy. That's why major illnesses were accepted as an "ordinary" cause of foreclosure ... for large numbers of households, mortgage debt was the only debt they could escape paying.

The idea that an exposure by Credit Default Swap issuers to "credit events" exceeding the annual global GDP might cause problems if some of those credit events occurred ... that was a point that was left to individual observers to comment on.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Oct 26th, 2008 at 05:21:36 PM EST
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