Bill Herbert

Berkshire Hathaway: Proof That the CDS Market Is Irrational

>>ECONOMIC TERRORIST: Let us destroy those companies that are essential to the US economic survival. A few hundred millions of capital might be enough in order to bring down that giant into it's knees. We will only have to learn how to use CDS to destroy those companies. Once we succeed with one small prey, we will make a lot of money and we can do it over and over again until we can do it with the biggest companies.

Will the unregulated CDS market need to be investigated, regulated, and controlled if necessary in order to prevent such a scenario?<<

aarc,

You've really hit the nail on the head. I can't believe we are still allowing this ludicrous, highly damaging, company-wrecking game to continue. It is definitely in the realm of "financial terrorism" if you ask me - and so are a number of other loosely-regulated and quite nefarious practices on Wall Street.

I believe that we should see action very soon to reign in this garbage, or just shut it down altogether. If we had better people running the Fed, instead of a bunch of chalkboard economists who are all in awe of and bought off by the Wall Street colossus, we would have shut this crap down several years ago.

That might have saved the honest citizens of the USA a trillion or so; now they are being held up at virtual gunpoint by the minions of the banking sleaze machine.

It's time to hold the Federal Reserve accountable for the swindles in which it actively participates.