What we have now are literal hundreds of trillions of dollars of fraudulent paper contracts to pay a sum that the writer does not have, written for speculative (or worse, regulatory avoidance) rather than hedging purposes. These contracts are destabilizing, they are impossible to perform on without government backstop (as we saw with AIG) they are being sold at dramatically less than their true economic value (otherwise we wouldn't have had to bail out AIG) and they're being sold and used for either speculative purpose or worse, as a means of fraudulently avoiding regulatory constraints.
Congress must act to stop this crap now.
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