Tuesday, October 07, 2008

Salon Radio: Notre Dame finance professor Richard Sheehan - Glenn Greenwald - Salon.com

On my way to do a radio interview on the economy and I did some Google searches to see what other finance professors had been saying. Here is one from a while ago with Richard Sheehan of Notre Dame. Sheehan is a critic (or at least was as of Sept. 23) of the bailout.
Salon Radio: Notre Dame finance professor Richard Sheehan - Glenn Greenwald - Salon.com:
"The question that I would love to hear someone ask Paulson, is: can he state definitively how much in credit reverse swaps is currently outstanding? Or, how much in CDO's is currently outstanding? The numbers for those types of financial instruments, the credit reverse swaps, you could be talking in excess of 45 trillion dollars. So, 700 billion there, could be just a drop in the bucket. And that is the part that should scare me, that should scare you, that should scare any taxpayer; that it's not clear that, even with the magnitude of the proposal out there, if Paulson is right, worst case scenario, he doesn't have enough bucks out there to do what he thinks he can do."

There is audio as well.

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