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As shown below, the cost of credit default swaps that insure against GE Capital default have spiked sharply over the last few days. As of this morning, it cost about $680 per year to insure against the default of $10,000 in bonds for five years. While this doesn't represent all of General Electric, GE Capital's default would no doubt do a number on the overall company and the economy. You think a GE collapse would get Congress to do something?
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Do what? Oh yeah, you are for the bail out. No living with the consequences of bad decisions on here, just bail, bail, bail. You should have been a bail-bondsman.
Just what makes you think GE capital is entitled to a profitable existence at my expense?
Its like Sen. Chambliss in Georgia saying we have to pass the plan because banks aren't making auto loans. And all the banks in Georgia said "say what"? Crying wolf couldn't even suck in the banks.
Posted by: me | October 01, 2008 at 12:58 PM