Mike Hudack is a tumblelog.

I think that trying to make safer credit default swaps is like trying to make safer asbestos,

Einhorn: First, Let’s Kill All the Credit Default Swaps « naked capitalism

Tough call— I see the value of CDS but it’s so easy to abuse.  I guess abestos has it benefits too.

Asbestos is still mined, still used. The joint stock company is easily abused and caused financial turmoil on at least as great a scale as the CDS has. And look at how much value the joint stock company eventually created.

Hate the player, not the game. Did I really just say that?