But when we talk about the elimination or not allowing credit default swaps, let me say what bothers me about that. In 2000, when we passed the Commodities Futures Modernization Act, nobody envisioned that credit default swaps would mushroom as they did. The fact is that not only did they grow larger in number, they grew in dollar volume, and they grew in a way that certainly did participate in the collapse that occurred in 2008.
Chambliss discusses concerns regarding credit default swaps and their impact on the financial collapse of 2008.
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