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|User Info||Windup Wednesday; entered at 2008-05-21 10:48:30|
Registered: 2007-07-27 Phoenix, AZ
Here's e-mail I sent my contacts in DC within seconds of reading the David Evans article. I also e-mailed Mr. Evans, challenging him and his sources to get involved in the process by "helping" members of HFSC understand the magnitude of the CDS problem. I asked him to call me. I'm starting to wonder where the courage will come from to force congress to enact your recommendations, however I plan to pound on them as hard as I can up to and including the house hearing on BSC. |
"If you want to understand why BSC "creditors" were bailed out, please read this great article by David Evans.
Failure to come to grips with the CDS "problem" would be inexcusable as this is the heart of the problem. In my efforts to help frame questions for House hearing, I have engaged the support of two sources cited in the article. They are willing to help. Congress failed in 1999 hearings and now we have the mess described in the article. A repeat performance will almost certainly result in loss of US credit rating and "collapse" of US bond market. What will the Fed do when handed the next BSC? If you think the sources know what they are talking about, as I do, then that appears inevitable."
Is it a given that the Fed has already assumed BSC counterparty liabilities via JPMorgan?