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CDS Edition: Picking On Poor Gretchen

By Anonymous

There is a long tradition on this blog of "picking on poor Gretchen" - mostly from Tanta, but I've added a little. Anyone who follows the above link, please scroll down for Tanta's pieces.

Gretchen's column today is another ... doozy. Luckily others have beat me to this one.

From Felix Salmon at Reuters: The NYT jumps the CDS shark (ht William)

If Paul Krugman and others want the New York Times to be the paper of record, especially when it comes to matters economic, they?re going to have to do better than this:

Like the credit default swaps that hid Greece?s obligations, the instruments weighing on our municipalities were brought to us by the creative minds of Wall Street.

That?s Gretchen Morgenson, who ought to know better. The derivatives that hid Greece?s obligations were currency swaps, not credit default swaps.

And from Anal_yst at Stone Street Advisors: New York Times, Gretchen Morgenson Dazzle Us With Their Ignorance (Yet Again)

Earlier today, Twitter user (and good follow!) Taste_Arbitrage alerted us ? his followers, that is ? an egregious error in Gretchen?s latest article, wherein she attempts to inform us that ? news alert ? municipalities and other government entities dabble with derivatives. Apparently, she?s been hiding the past 16 years since the Orange County debacle, as her article presents this information like its some sort of secret conspiracy, which it obviously is isn?t.

Tanta Vive!

Full post as published by Calculated Risk on March 07, 2010 (boomark / email).