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Hostage Situation

By Al Schumann on Saturday March 5, 2011 08:53 PM

Here's the Fed's pension breakdown by asset class. I seed red, all puns intended, whenever I look at anything related to pensions. The "credit market instruments" category is an exercise in euphemism which should be read as "paper that's not exactly toxic, but as pension fund managers we don't actually know and we do think it's pretty cool." Aren't they the dickens...

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The Big Swinging appendages defend CDSs as necessary to keep the financial system going. This tells you a lot about the financial system, which thus admits it's living on coke.

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