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    how the senate lubes up..., 2008-10-01 17:30:01 | Main | heil paulson! seig heil! seig heil! seig heil!..., 2008-10-03 10:39:54

    a critique of the vice presidential debate - or - I'm not going to bullshit you and pretend that I know what I'm talking about:

    A few days ago Brenda Rosser raised some curious points about the Fed's loosening of fractional reserve ratios sometime around 1995, siting this article. You can look at the graph, you can read the official history of federal reserve requirement adjustments. You can see the slope increase and the history will make you cross-eyed. Why the rapid growth of the now unpublishable M3 otherwise? I do not know. But I was reading about credit default swaps the other day and there's this little coincidence that just struck me:

    Credit default swaps were invented with collateralised debt obligations in 1995 by Blythe Masters, a 34-year Cambridge graduate [ed: mathematics, that which does no harm] who was then the head of JP Morganís Global Credit Derivatives group.

    Masters' sales pitch was that by "bypassing barriers between different classes, maturities, rating categories, debt seniority levels and so on, credit derivatives are creating enormous opportunities to exploit and profit from associated discontinuities in the pricing of credit risk". That pitch was good enough, they sold well anyway, but I have no idea at all if the thing springing into my mind has any interrelationship with the thung that sprung it. Maybe the thought of purchasing insurance for money you create from nothing makes it safer for accounting to ignore and for you to create more money out of nothing?

    But back to the topic at hand, I understand one General McClellan ordered a toxic blob from Main Street to attack Wall Street, and we must shore up their democratic government by invading the northwest neighborhoods with soccer and or hockey moms so we can build more stadium infrastructure and defeat freedom hatred for extra good. Also, look, nobody loves John McCain more than we do.

:: posted by buermann @ 2008-10-03 00:33:40 CST | link

    go ahead, express that vague notion

    your turing test:

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