He was hip deep in everything that was done wrong while he was president of the New York Fed, and he can't even bring himself to voice the slightest doubts about naked credit default swaps, which are insurance on something you have no interest in, because it "promotes price discovery. (translation generates broker fees)

This rule, by the way is over 260 years old:

Refer to this link, but here is a snippet:

In 1746, Parliament passed the Marine Insurance Act, requiring anyone seeking to collect on an insurance contract to have an interest in the continued existence of the insured property. Thus was born the insured-interest doctrine. The indemnity doctrine, which precludes a buyer from insuring property for more than it’s worth, soon followed. The point of these rules is to limit insurance contracts to trading existing risks and not to create new risks by giving buyers of insurance incentive to destroy property. The doctrines have been part of insurance law in both England and the United States (which in 1746 were colonies under English common law) ever since.

Innovation in finance is not innovation, but obfuscation, because it prevents open markets, open price competition, and allows banks to fob off risk on rubes.

See here on re-remics.

BTW, when I complain about Geithner, I also mean Obama, because it's clear that he is where the buck stops.

Obama is trying the same thing, I think that it a deep part of his makeup, only now is the wrong time for Ike.

In most of the rest of the world, the most common mode of transmission is hetrosexual sex.

He has been gone for 5 days and incommunicado.