As I have previously documented, Larry Summers is a big fat idiot.
Unfortunately, idiocy is not limited to the White House economic team.
Barney Frank - the congress member taking the laboring oar in "solving" the economic crisis - is also a big fat idiot.
Frank is calling for credit default swaps to be limited to the giant "market makers".
Given that it was the giants trading in cds which brought down the economy (see this and this), Frank's proposal would be like saying that only convicted arsonists can work on the fire department's fire suppression team.
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