Thursday, February 16, 2012

@SenatorBurr - You're WORTHLESS Senator. You sit on your tail, doing nothing, while major financial risks loom large.

CDS - It's the monster hiding in the closet.  It's ready to spring out at any moment and eat our financial future .... whole.

In 2008,  there were hundreds of Trillions in CDS financial instruments outstanding.  To put this in perspective,  the world economy is only about $55 Trillion annually.   The US economy is about $15 Trillion.   Many multiples in value larger than our entire economy were outstanding in CDS financial instruments.   And there wasn't a single person on our planet who had a clue exactly how many of these time bombs were outstanding,  who held them,  who wrote them,  and what risks we faced if any of them were to trigger.

What happened?  Sub-prime real estate debt went bad.   There was only $2 Trillion in subprime real estate outstanding in the US,  but our regulators and our elected representatives were sitting on their lazy asses, doing nothing about this monster, while over $25 Trillion in bets through CDS were made on only $2 Trillion in sub-prime debt.   Yes,  it was lunacy.  And yes,  these bets wound up being the culprit that crashed the entire financial markets,  and took our economy right along with it.  They bankrupted AIG,  severely wounded our banks,  and started a death spiral that we're still trying to overcome.

Fast forward to 2012.  There are still many hundreds of Trillions in these CDS instruments outstanding.  And now the Greek debt issue,  teamed with CDS,  is looming large over our financial future.  CDS instruments are STILL causing massive problems in our financial markets.

Senator Burr,  what the fuck are you doing in Ghana,  while the CDS monster hovers in our financial closet,  ready to swallow up our financial future?  Get off your lazy ass and get this CDS issue addressed and solved.

North Carolina deserves better than our worthless Republican Senator Richard Burr.

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