Skip to main content

View Diary: Lawmakers Probe $75T Derivatives Dump by Bank of America (238 comments)

Comment Preferences

  •  I'm not disputing motives (1+ / 0-)
    Recommended by:
    johnny wurster

    They might want to get rid of $75 billion in liabilities or $75 million or $75 thousand.

    I'm just saying that throwing around numbers like $75 trillion automatically disqualifies the diarist from being taken seriously by anyone who knows anything about banking and finance.

    Trust me, Bank of America does not have liabilities equal to the entire global economy's debt, nor the entire global economy's GDP.  

    For that to be true, the only thing produced over the last year would have been BoA derivative -- no food, clothing, shelter, cars, computers, shipping, rail traffic, medical services, dog food, glassware, plastic, oil, electricity, or anything else.

    Yet people read this shit and nod their heads.

    This is why NO ONE who actually knows about banking and finance actually participates in DK's "economic" diaries.

    •  That is the only value of record. It says nothing (1+ / 0-)
      Recommended by:

      about the diarist that they use it and plenty about those who decry it that they claim, baselessly and without presenting any facts or alternatives, that using that number disqualifies the diary from serious consideration.

      What is the exact amount of that 75K at risk? I have asked variations of this before? What is the exact proportion that are puts, and how much is CDS, and CDSs with regards to which tranches?

      You have no facts or information, but claim that only you, and your attempt to imply with no factual basis whatsoever should be considered seriously. Then you turn around and use a fallacious argument trying to equate the face value of a bundle of "derivatives", possibly very largely CDSs, with current GDP. Why should you be taken more seriously than the only known measure?

      That, in its essence, is fascism--ownership of government by an individual, by a group, or by any other controlling private power. -- Franklin D. Roosevelt --

      by enhydra lutris on Tue Nov 01, 2011 at 05:02:57 PM PDT

      [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site