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So who is in the wrong? Paulson for buying the insurance, or the banks for selling insurance they couldn't pay for?
by jeromec 17y ago
So who is in the wrong? Paulson for buying the insurance, or the banks for selling insurance they couldn't pay for?
- codexon 17y agoI don't really care. As long as they don't punish everyone else by deflating the currency, they can sue each other just like any other industry. Think about this. What other industry can you bet imaginary sums of money and have the government print it for you when someone cashes in? In every other industry I can think of, if the money doesn't exist, tough luck. It someone can't pay you, they declare bankruptcy and you either get their assets or have them pay the debt for the rest of their life.
- codexon 17y agoedit replace "deflating" with "inflating"