Thursday, February 25, 2010

An "Insurable Interest."

The insanity of CDS continues. Wall Street firms that created the financial instruments that allowed Greece to mask its debt load are now betting heavily that Greece will default on its debt. When everything is a trade, and everything is a trade on Wall Street, the quality of the lives of others doesn't matter. So if you need to burn down someone else's house to make money, you do it.