tim geithner has been pushing for a plan
uh... date will to you ready for this
self-regulation
argue kidding
whatever sick joke business
spending the bush people argued for don't worry alan greenspan center for so
long and now he says oh i'm so sorry i didn't realize that might philosophy was
that
colossal failure to realize they were trying to cancel sells all parts that
are going to let you know it themselves
serbian resentments about entitled brewing up players
will set up a information clearinghouse
and this will be voluntary so that they'll have to do the clearing house so
you know
it'll be regulated by themselves the government warpath and mandatory powers
but it'll be a more transparent 'cause will see some of the trees that they may
now these up on the credit default swaps
that have basically
uh... the make it
c_b_s_'s no is or was it again
i think about this item given levels number one
they shouldn't allow the gambling at all
another one descendants has nothing to have a couple times and i think over the
time i hope
all the properties struck about is the country
listen to uh...
antecedent nicholas etc alec he's the guy was a traitor and a professor wrote
the book the black swan the impact of the highly improbable where in that book
he nailed the key
exciting sakhalin live
the collapse is gonna happen and then the collapse happen exactly as you
predicted in the book
what it sees a he says quote complex derivatives that's the these naked
c_b_s_ that we're talking about complex derivatives needs to be bant
there is no reason for that
that derivatives when they were first simple let's put it that way the symbol
derivatives were insurance that make sense to you can do to reference you can
do insurance
you can do anything about
in the financial world no problem right
and taliban everybody else agrees that there is a point complex derivatives are
where they make it back outside of the regulated exchanges
with one another goldman sachs that citigroup for example
this is all i bet that's not fair that
uh... low is it going to be back
and give it goes under in your pain
an difficult but it doesn't know what i think that you smaller
it's a deal like that
it's not based on any assets
so at some points out
there's no reason in the world today you should allow this kind of high stakes
family
especially custody goes under
street drugs alcohol economy with it
that's why i have in this case
so that's what ever what whatever to is if you can't have it all with you
definitely should
you can't allow them to voluntarily regulate themselves for america
donating no
geiger says no don't worry
for this will be reported to trade repositories
and subject to robust standards of documenting and collateralized
in other words don't worry there right down the tracer
that's why it sent information clearinghouse
and we will be documented
but has started
michael greenberg wrote former cop before the commodity futures trading
commission was out
exchange today trading
where they would actually
the government they were going to an exchange regulated by the government
instead
gives the government authority over fought them manipulation an emergency
powers to stop trade he creates a kind of public transparency that is
impossible privately-run clearinghouse in other words
that private clearinghouse doesn't do anything the government can't even
coming and you any of the
uh... people and you know keep track of the manipulation of applaud or any of
these things
it's voluntary
bottom line
diner and summers want this system
broke it
devastated system
to keep going exactly as it is
well tiny little plan to it all well look it's documented somewhere right now
the buck
you know we can do a good thing about it
these guys are fundamentally wrong about what the problem is and what the
solution should be and they're trying to build up broken system backup to wear
what's up
one of which is what this court here in this forum you reveal the house of cards
people bomb under grace with this and he goes down this wrote any does not listen
to those
uh... democratic senators who were trying to warn against them
we it's gonna be absolute disaster
it's a plan the guys who created this from back in charge
and letting them do their gambling yet
this is as bad if not worse than the fact that some plan
and the bail
absolute disaster