Wednesday, October 15, 2008

Matt Taibbi does not suffer fools gladly

And therefore, when National Review's Byron York tries to pin the credit crisis on Democrats, minorities, and the Community Reinvestment Act, Taibbi hands him his head:
Tell me you're not ashamed to put this gigantic international financial Krakatoa at the feet of a bunch of poor black people who missed their mortgage payments. The CDS market, this market for credit default swaps that was created in 2000 by Phil Gramm's Commodities Future Modernization Act, this is now a $62 trillion market, up from $900 billion in 2000. That's like five times the size of the holdings in the NYSE. And it's all speculation by Wall Street traders. It's a classic bubble/Ponzi scheme. The effort of people like you to pin this whole thing on minorities, when in fact this whole thing has been caused by greedy traders dealing in unregulated markets, is despicable.
h/t Washington Monthly.

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