In our book 2 YEARS IN A TENT – I wrote a lot about how derivatives – $600 TRILLION globally were nothing but computer blips that could again bring down our economy. They were one of the factors that forced us into living in a tent.
In a 4/9/2013 New York Times editorial – titled “Not Enough Reform on Derivatives” hits the nail on the head. Here’s the link to it and also an excerpt:
“In writing the rules, regulators have gone to great lengths to consider bank concerns. If Congress further indulges the banks by approving these bills, the effort to reform derivatives, which is central to overall financial reform, will be turned into a farce.”