Quote:
Originally Posted by Snake Doctor
Glass-Steagall doesn't deal with derivatives, because those didn't exist back then, and those are the biggest part of the problem IMHO.
The way derivatives work is the equivalent of me being able to buy a fire insurance policy on your house, setting your house on fire myself, and then collecting on my policy.
The whole regulatory framework has to be rewritten unfortunately. It's next on the agenda after healthcare from what I hear.
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I heard someone else use that exact same metaphor. Can't remember where tho.