Paul Killinger

A Credit Default Swap Primer

Thank you for taking the time to explain this arcane assininity visited upon us by the so-called financial geniuses on Wall Street in terms we laymen can understand.

This is one of the many reasons we don't need to give them a blank check to try to "fix it" themselves. They'll be sitting up nights trying to figure out how to "game" whatever rescue regimen is set up to their own benefit while we pay the bills.

Meanwhile, the Big Spenders in Congress just LOVE the idea of monetizing another $700 billion courtesy of the U.S. Treasury. In the unlikely event these moneys are ever returned to the Treasury, you don't think they actually plan to ever retire this debt, do you?

Of course not. It will provide them all the earmarks imaginable for useless spending projects in their districts for the next several years. And the Congress and the Wall Street wizards wonder why taxpayers are so cynical about their antics.

I suspect it's because actually having to balance budgets and pay taxes leaves us as the only ones left with some common sense.