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Russ Roberts and I talk. We start with credit default swaps, and that may be a bit hard to follow. Then we get into broader issues of what I call the housing industrial policy and the purpose of the various bailouts, starting back with Bear Stearns.
I almost wish this were a discussion of
Klingon Financial Markets. Ka'pla!
Arnold, I was very intrigued with your discussion w/Russ of what caused the CDS market to implode. Burton Malkiel in today's FT ( http://www.ft.com/cms/s/0/016f4900-b124-11dd-8915-0000779fd18c.html )says an exchange would fix that market failure; I assume you disagree but would appreciate hearing your reasoning.