realitycheek commented on the diary post Robert Samuelson’s Lessons from Jamie Dimon’s Bad Bet by Dean Baker.
If you think this situstion is really about banks making large derivative bets you are missing a major point, that is, there is no underlying product without a buyer. The crappy returns on sovereign debt around the world in the 2002-2007 made “AAA” mortgage backed securities look awesome to a lot of folks domestic and [...]
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