While Treasury Secretary Tim Geithner is up on Capitol Hill today testifying before a joint hearing of the House Financial Services and Agriculture committees on derivatives regulation, Congreeswoman Maxine Waters has introduced legislation to ban all credit-default swaps.
“Credit-default swaps are one of many contributing factors to the current economic crisis,” Waters, a California Democrat, said in a statement. “Preventing all credit-default swaps is essential to bringing stability to the market and preventing a similar crisis in the future.”
Does anyone think she even understands the what a credit default swap is?
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