Scott Brown Backs Obama Recess Appointment Of Consumer Finance Watchdog

[The Rabbi]

We are standing in the ashes of Bear Stearns and Lehman Brothers. Goldman Sachs, JP Morgan Chase, AIG, Morgan Stanley and thousands of banks that would have collapsed without TARP (regardless of whether you think they should have been allowed to or not). English banks, ka-boom! German banks, ka-boom! The entire country of Iceland, ka-boom! The entire country of Ireland, ka-boom! The entire country of Spain, ka-boom!

All brought to you by structured finance products.

Less than two years later, the same broker-dealers who brought you the global credit crisis now bring you the sequel: European Sovereign Debt Crisis.

Standing in these ashes, we have fools who say, "Derivatives manage risk! Leave them unregulated. The problem is obviously that we are giving too many loans to negroes."

I mean...it takes a special kind of desperate partisan bias to come up with a thing like that.

Chase is still around. Morgan Stanley is still around. Lots of banks still around. Lots have failed. Banks have failed ever since there were banks.
Foreign countries have gone boom ever since there were foreign countries. Derivatives didnt cause any of that.
A world without derivatives is a world with incredibly more risk, not less.