Credit default swap is basically just an agreement that I have with you, where I sell you insurance on some bond you own. If the bond goes belly up, I promise to pay you. And as long as the bond doesn't go belly up, you pay me for selling you insurance.
Collecting has been my great extravagance. It's a way of being. I collect for the same reason that I eat too much-I'm one of nature's shoppers.
I think that the worst form of naivete can be extreme cynicism. If you think that nobody comes to Washington to do any good whatsoever, that is almost as bad as being starry-eyed and thinking that they are all here to advance democracy.
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