Quote:
Quote by: lsbskins1  If you bothered to read the link, perhaps you would have seen this:
The act specifically banned regulation of credit default swaps. These unregulated instruments, insurance policies against default on risky investments like mortgage backed securities, necessitated the government bailout of insurer A.I.G.[1]
The act it speaks of is HR 5660, part of HR 4577. That created the unregulated credit default swap market. If they are attempting to modify or overturn HR 5660, they are attempting to regulate credit default swaps. So, I did come up with an example. What I didn't do was realize that you would not read or comprehend the post. Which was it? |
Nothing there of these efforts by Democrats to regulate credit default swaps. And it didnt create the market, it already existed. And none of the regulations that were proposed, would have done anything to prevent the current crisis. Primarily they were concerned with market manipulation, such as was the case with Enron in California. The Mortgage market has experienced no such manipulation.