Posted by zog
on May 31, 2012, 10:39 pm
Joe taxpayer is now on the hook for big trading houses bad derivative bets. Not just all the big banks, but trading houses, even foreign ones!
Here is the link. don't click on it directly, copy and past the link into google search, then click on the link google provides. This will let you see the entire article. That method works for the new york times as well.
http://online.wsj.com/article/SB10001424052702304840904577422393164106270.html
Just so you can get a handle on this, no one really knows how many derivative bets are out there, estimates are several times the actual "real" global economy, perhaps a few hundred trillion worth (the US economy is 14 trillion a year, for some scale). In other words, all they are is thunked up BS bets on really obscure other bets. Gambling games. Way way wayyyy down the road there might be a real asset involved, but it s minor compared to the bets on bets.
But, it is just so very important these mega rich pharts be allowed to keep gambling, it is "critical" for the economy. Uh huh.
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