Tuesday, December 6, 2011
The Greedy Bastard$' Favorite Innovation- The Swap Market
Dylan Ratigan on the Greedy Bastard$' Favorite Innovation- the credit default swap.
Dylan goes on a MUST LISTEN RANT for those wanting a better understanding of the financial weapon of mass destruction called the credit default swap, created by none other than our dear Blythe Masters .
The credit default swap literally has that equivalency in which AAA rated financial institutions sell insurance, so to speak, on credit—they allow you to reduce your interest rates, they allow companies and countries and individuals to benefit from, in the short term, reduced borrowing costs because of the insurance that was purchased in the swap, as they like to call it.
Apparently the audio feed is not appearing for some readers, for those having issues accessing, the full transcript of Ratigan's interview can be found here:
Posted by The Doc at 12:39 PM