Oh my (g)od

[florida08]

The Federal Reserve now owns credit default swaps from AIG and Bearn Sterns that are bets on Nevada, Florida and Arizona to fail.(default on their loans)

So now the FED is like Wall Street

Bernie Sanders just now on CSPAN

[pnwmom]

1. Is anything inherited from those places of any value?

If so, the Fed Govt could use the money to help the states if they DID fail.

[elehhhhna]

2. NOT TRUE - this was from a satirical article I saw here this week.

[florida08]

3. what are you talking about?!

Bernie Sanders just stated it on CSPAN while debating his amendment for auditing the FED. Bernie would not lie

[elehhhhna]

4. perhaps he is confused and misinformed. It was satire.

Well written enough to be deceptive, but satire nonetheless.
EDIT: SHIT! MAYBE NOT?http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x50261

[florida08]

5. LOL

hey thanks for that link..that was a year and a half ago!

[jotsy]

6. Another kind of credit default swap involving cities and states.

Noticed some discussion in this thread about whether or not it's parody. It hadn't struck me as satire, but I'm sure I originally read about the matter somewhere other than the link, which happened to be the first applicable article I found.

<http://seekingalpha.com/article/201633-bailed-out-banks-betting-against-u-s-cities-and-states>

[harry_pothead]

7. Call the Fed, tell them to put $25 on 20-Black.

[LiberalAndProud]

8. Take that Arizona! (joke)

Just weird.

So the Fed will get money if states default? Can we just turn that money around to bail out the states that default?

I'm so confused.

[Enthusiast]

9. Apparently this is why

the FED can't be audited. There is simply no justification for the FED to be involved in such shit.