Geithner Responds To HuffPost Readers On Banks, Compensation, Credit Default Swaps
2009 June 26
Creative Innovations
“…Timothy Geithner… argued against the abolition of credit default swaps – one of the instruments that helped bring the financial system to its knees – saying such a move would stifle creativity in a market desperate for innovation…”
Huh? How is continuing a failed policy stifling creativity? Isn’t creativity about inventing newer, better products to replace old ones that don’t work? Keeping the credit default swaps makes about as much sense as Apple insisting on producing and selling Apple II’s. Who would want them? Maybe that is the lesson GM never learned. If it doesn’t sell, dump it and replace it with a new product that does.
More on Timothy Geithner
Read the Article at HuffingtonPost
