According to this site, the much and unfairly maligned Credit Default Swaps are now ranking IBM, Pepsi, and McDonald's less likely to default than the U.S. government.
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Robert Higgs - 3/4/2009
Well, Jeff, in light of how the credit default swaps are pricing the risk of Treasury default, I presume that strict government regulation of these instruments must be right around the corner. Can't have these financial-market saboteurs wrecking all the wonderful things the government is trying to do, now can we?
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