The problem isn't the CMOs (note my correction to my original comment.) The problem is what happens once derivatives are spun using the CMO as the underlying asset. derivatives have come far from their original use and the risks to the financial system have grown alongside.
society recapitulates botany? ~"When an inner situation is not made conscious, it appears outside as fate." Karl Jung~
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
