Maxine Waters, the stupidest woman in congress, would like to ban all CDS's. In that regard she's on the same basic ground with the members of Daily KOS and FreeRepublic both.
In spite of their ideological differences, both of those forums would like to ban all sorts of financial innovation on the understanding that only by simplifying the financial markets to a level where they can be understood by a junior high school kid, can liberty and fairness prevail. In their view anything else constitutes one of the twin evils of open markets.... 'speculation', or 'manipulation'.
(Just to be clear, the assertion is that stocks can only be bought, commodities can only be sold, and no one is allowed to have any advantage over anyone else, for any reason.)
The folks at FreeRepublic would also like to see most of the members of the financial services industry placed in some form of indentured servitude to the taxpayer, while I think the Daily KOS membership tend to prefer the idea of nationalized labor and reeducation camps. But they all agree that the purge should begin with derivatives and program trading staffs over at Goldman Sachs. And that it should eventually extend to the entire staff at every Bank, Hedge Fund, and investment company in the country. As far as I can tell the rule seems to be that if you've made money in the markets you must be guilty of something.
Personally I think it's a shame that the far left and far right have found a common ground and that common ground has turned out to be profound stupidity.
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