Friday, March 6, 2009

Derivatives v. Insurance

Yeah, I wish I didn't have to care about this either. Seriously, who the hell cared about Mortgage Backed Securities, and Credit Default Swaps, or Collateralized Mortgage Obligations besides the Masters of the Universe that were playing Texas Hold 'Em with peoples lives?  But now I have to care. And so do you.

Thankfully, the folks at TPM have been pretty good at explaining this mind-numbing - nay, mind-boggling stuff that might be otherwise hard to understand without a Harvard Business Degree.

So something new to add to this mess: the issue over Derivatives v. Insurance, and why that matters so much now. Here's a hint: it has much to do with that notoriously evil 2005 Bankruptcy bill foisted upon all the hapless suckers (meaning those who were not actually Masters of the Universe).

First read this, then read this.

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