And this is a national emergency. Rescinding CDS and CDOs is is a much better plan than seizing gold or using governmental emergency powers in other ways.
The government can do something productive and force a rescission of all of the toxic assets (or at least the CDS and CDOs). At the very least, the government must give the counterparties and CDO holders a haircut and cram the dollar value of those contracts down to a very small amount.
If Obama fails to do this, the economy will be poisoned for years to come and may not recover for a decade.
The government can do something productive and force a rescission of all of the toxic assets (or at least the CDS and CDOs). At the very least, the government must give the counterparties and CDO holders a haircut and cram the dollar value of those contracts down to a very small amount.
If Obama fails to do this, the economy will be poisoned for years to come and may not recover for a decade.
[Original]
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