Comments on: McCain Banks On Deregulation http://wonkroom.thinkprogress.org/2008/09/20/mccain-banking/ Thu, 26 Nov 2009 16:42:01 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: stateofthedivision http://wonkroom.thinkprogress.org/2008/09/20/mccain-banking/comment-page-1/#comment-2412 stateofthedivision Sat, 20 Sep 2008 20:04:48 +0000 http://thinkprogress.org/wonkroom/2008/09/20/mccain-banking/#comment-2412 Why stop there? Why not go whole hog after the kind of financial innovation currently eating our financial system from the inside out? We can get health rating agencies to package pools of overweight people with high blood pressure as Triple A rated. Then, insurance companies can sell derivatives based on the risk of caring for those patients. Of course, those derivatives could be traded "off balance sheet". Pools of health backed securities could make their way into every pension fund, into everyone’s private Social Security retirement account. But, I wouldn’t want to hold the Cardiac high risk portfolio when the whole house of cards collapses. That could be a double whammy… Why stop there? Why not go whole hog after the kind of financial innovation currently eating our financial system from the inside out?

We can get health rating agencies to package pools of overweight people with high blood pressure as Triple A rated. Then, insurance companies can sell derivatives based on the risk of caring for those patients. Of course, those derivatives could be traded “off balance sheet”.

Pools of health backed securities could make their way into every pension fund, into everyone’s private Social Security retirement account.

But, I wouldn’t want to hold the Cardiac high risk portfolio when the whole house of cards collapses. That could be a double whammy…

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