Those that want to ban CDS don't understand how the world works. They certainly don't get the fact that the US mortgage market is one gigantic CDS mess.
Bill Hemling, a widely respected agricultural economist, told the Kansas City Star that “we’re heading for a recession we haven’t seen the likes of since the 1930s.” Let's pray he is is wrong — again.
Now that we have last Wednesday's the rollovers over with, now it is time to start thinking like a criminal and figure out how Goldman is going to make its $500 million this week by vaporizing 90% of all the potential put/call profit in the current period's open interest.