A good article on Credit Default Swaps

AKA, the crap that got us into this whole mess in the first place.

Keating Economics

I think this is like the skinny kid with glasses cold-cocking the bully when he pokes his fingers into the nerd's chest one too many times.

Meanwhile, the McCain campaign is in full-on flail mode.

Apparently, nobody told him about this called "The Spirit of the Law"

There is more to law than mere letters on a page. Bush has some nerve making a statement like this, given his habit of making signing statements where he announces his intention to ignore what's written in the law.

The truth is, there are larger purposes to the law, its interpretation, and its enforcement. Judges should be allowed the flexibility to determine the best way of interpreting the law.

Judges ultimately can be held accountable by other judges, if they overstep their bounds, but tying their hands with narrow interpretions don't do people much good.