Jon Markman's take on the CDS mess.
ACA guaranteed $60 billion on a capital base of $500 million?!?! 
I said sometime ago that my worst fear is that, when the whole mess is unravelled, each $1 of real house worth is collateral for $12 of loans. Maybe I was wrong; maybe it's $120 of loans per 'real' dollar!
__________________
TickTock Rule Of Finance - heavily discount any promises of money/benefits to be paid to you in the future
"I've traded love for pennies, sold my soul for less" -Jim Croce, Age
|