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And if those derivatives are credit default swaps and there is a default event, the claims of those who purchased the insurance take precedence over all others. Not a good time to have your money in BOA, even if only a small portion of bonds defaulted. And the FDIC is hand to mouth and looks at its available cash to decide who they can "resolve" in any given week. Why do I suspect that voting for a few hundred billion dollars to hold BOA retail depositors harmless might be where Congress finally draws the line?
"It is not necessary to have hope in order to persevere."
That is more reassuring...
tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
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