The derivatives market, which helped bring down the economy in 2008, is about to get yet another favorable piece of legislation from Congress.
In the United States the derivatives market - essentially bets and trades on market events that haven't happened (and may never happen) - has grown to about $700 trillion. As a point of comparison, the total amount of goods and services produced in the United States economy in 2012 was $15 trillion.
So, yeah, the derivatives market dwarfs the real economy in America. And Congress is essentially telling the same people who brought the house down in 2008 they can go ahead and do it again.
Sigh ...
- Mark
In the United States the derivatives market - essentially bets and trades on market events that haven't happened (and may never happen) - has grown to about $700 trillion. As a point of comparison, the total amount of goods and services produced in the United States economy in 2012 was $15 trillion.
So, yeah, the derivatives market dwarfs the real economy in America. And Congress is essentially telling the same people who brought the house down in 2008 they can go ahead and do it again.
Sigh ...
- Mark
No comments:
Post a Comment