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Bad Things Featured

Today's WSJ warns us that that synthetic CDOs are making a comeback. As you know, those are among the bad things that caused the last financial crisis. We know that because a movie told us so (by the way, Thaler needs to get out more). Maybe CDOs aren't so bad after all. 

The same issue has a piece about how auto finance firms are taking a longer look at how they refund GAP claims, due to increased regulatory scrutiny. Some people believe GAP is bad, but attorney Keith Whann once pointed out that people buy it for a reason. Maybe the reason is that it makes sense for them. It fills a need.

My point is that these are all tools. A baseball bat is a tool. We all cheer when Kirk Gibson uses it and we all cringe when Al Capone uses it. But the tool is neutral. 

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Ted Craig

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