Wednesday, October 15, 2008

Matt Taibbi brings the thunder

Okay, so Taibbi has his faults, but read this interview and tell me you don't feel like clapping when you get to this part;

M.T.: What a surprise that you mention Franklin Raines. Do you even know how a CDS works? Can you explain your conception of how these derivatives work?


B.Y.: When you refer to "Phil Gramm's Commodities Future Modernization Act," are you referring to S.3283, co-sponsored by Gramm, along with Senators Tom Harkin and Tim Johnson?

M.T.: In point of fact I'm talking about the 262-page amendment Gramm tacked on to that bill that deregulated the trade of credit default swaps.

Tick tick tick. Hilarious sitting here while you frantically search the Internet to learn about the cause of the financial crisis — in the middle of a live chat interview.

Hilarious! This guy, Byron York, is a conservative pundit who doesn't know what he's talking about. Matt Taibbi calls him out about it and the guy can't respond.

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