Jan 18, 2008

Bill Laggner on credit default insurance

Complacency is near an all-time high and mutual fund cash positions are near an all-time low. Bank loan loss reserves are falling due to the illusion of credit default swaps. Everyone is writing default insurance.

~Bill Laggner, Bearing Asset Management, "Everyone is writing default insurance", Dollarcollapse.com, November 29, 2006

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