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New York, 6:52 PM
Sun Dec 6
13 posts in the last 24 hours

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    Today's Interminable AIG Hearings, In Two Clips
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    Dsmvwl  Admin  Promote to frontpage Approve user Ban user ×
    Image of MrInBetween MrInBetween
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips
    What the government knows about any "unforeseen" disaster -- credit default swaps, Katrina, 9/11 -- would fit into a thimble and still have room left for Chris Dodd's brain.
     Reply
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    Image of HiredGoons HiredGoons
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips
    ah hahahahahahahahaha... hahahahahahahahahaha....ha ha ha ha ha ha... *sigh.
     Reply
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    Image of contradicto contradicto
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips
    I will admit that This American Life did a good job of explaining things.
     Reply
    contradicto was starred contradicto was unstarred
    Image of Mymoustache Mymoustache
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips
    I think people get it. The congressmen are just grandstanding for the folks at home.
     Reply
    Mymoustache was starred Mymoustache was unstarred
    Image of bluebears bluebears
    03/18/09

    @Mymoustache: you could say that about literally everything they do.
     Reply
    bluebears was starred bluebears was unstarred
    Image of ADismalScience ADismalScience
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips
    If, for example, a levee burst in New Orleans due to gross incompetence, the insurance companies responsible for underwriting beachfront property would go under. A credit-default swap is insurance that a mortgage will not go under. A tidal wave hit, and the levees burst. In the subsequent world, it would be much harder to get insurance, meaning that the widespread devastation in the area will take a long time to get fixed because nobody can afford to rebuild.


    This is the only analogy you really need to understand all of this. I'm going to start tattooing it on Congressmen.

     Reply
    ADismalScience was starred ADismalScience was unstarred
    Image of allyzay allyzay
    03/18/09

    @ADismalScience: ok but no one in the government would understand the levee thing either.
     Reply
    allyzay was starred allyzay was unstarred
    Image of ADismalScience ADismalScience
    03/18/09

    @allyzay:


    That's what makes it so instructive. They're incompetent no matter what the disaster is!

     Reply
    ADismalScience was starred ADismalScience was unstarred
    Image of LittleLolly LittleLolly
    03/18/09

    @ADismalScience: Except the swaps were issued in an unregulated market, unlike your run-of-the-mill property and casualty policy, and AIG undercapitalized its reserves while issuing the swaps w/o minimal deference to the riskiness of the market.
     Reply
    LittleLolly was starred LittleLolly was unstarred
    Image of ADismalScience ADismalScience
    03/18/09

    @LittleLolly:


    Right, good. Any why was the market deregulated? You're almost there!

     Reply
    ADismalScience was starred ADismalScience was unstarred
    Image of britneyspearstears britneyspearstears
    03/19/09

    @ADismalScience: Thanks, man.
     Reply
    britneyspearstears was starred britneyspearstears was unstarred
    Image of JacquesPaysan JacquesPaysan
    03/18/09

    In reply to Today's Interminable AIG Hearings, In Two Clips

     Reply
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