It’s time to talk about women’s economics with attitude. It’s time to laugh at what is often absurd and call out what is dangerous. By focusing on voices not typically part of mainstream man-to-man economic discourse,in face value. Some critics say it was only $12.4 trillion if you count only the money “netted.” By comparison, the entire U.S. national budget in 2021 totaled $6.8 trillion., it would not be a compliment.
The bank’s exposure was huge, and so was the drain on their available capital if they went by the rules. This new credit default swap quietly slid the risk off J.P. Morgan’s books to a counterparty, another big bank in Europe, in an opaque and private contract. The swap idea exploded, and more exotic derivative types were developed, promising investors a risk-free financial system in more and more markets, with more and more complex contracts that few really understood. Dennis Kelleher, founder of“It’s an insurance product designed not to be regulated as an insurance product and designed to avoid regulation at all.
Brooksley Born, then chair of the Commodity Futures Trading Commission, testifies at a Senate hearing on the regulation of over-the-counter derivatives on July 30, 1998. , challenged the danger of so many privately traded options, swaps, futures and forwards, grown increasingly complicated. She said it represented unparalleled risk to people whose livelihoods might be affected if the market took a downturn.
By 2000, Enron—a Wall Street sweetheart success story reportedly worth $10 billion—came crashing down. Its 29,000 employees lost jobs, paychecks and pensions, and its top executives went to jail, its accounting firm ruined. This was followed by“You would buy these big pools of mortgages, and these credit default swaps enabled you to bundle all this stuff together, bring it in-house, in order to get it ready to put through the sausage-making machine and create these securities.
Abstract is intangible; it’s not concrete reality. How can people protest, LiPuma and Lee ask, when this power “offer up no address or even an identifiable object? How does one know about, or demonstrate against, an unlisted virtual, offshore corporation that operates in an unregulated electronic space using a secret proprietary trading strategy to buy and sell arcane financial instruments?”
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