Oct. 30, 2022
October 30, 2022 On the Jefferson monument Northeast wall: Commerce between master and slave is despotism. Nothing is more certainly written in the book of fate than these people are to be free. Establish the law for educating the common people. This it is the business of the state to effect and on a general plan. Transparency of institutional swap positions at aggregate levels is key for educating the public against institutions leveraging the network of institutions to amass massive positions against the good of the public. Southeast wall: I am not an advocate for frequent changes in laws and constitutions. But laws and institutions must go hand in hand with the progress of the human mind. As that becomes more developed, more enlightened, as new discoveries are made, new truths discovered and manners and opinions change, with the change of circumstances, institutions must advance also to keep pace with the times. We might as well require a man to wear still the coat which fitted him when a boy as civilized society to remain ever under the regimen of their barbarous ancestors. The rules rejection of ISDA SIFMAs arguments is valid and correct given the necessity of advancement in our laws. If organizations are amassing positions or manufacturing defaults by the incentives baked into security based swaps, this incentive at a gross level needs to be known by all parties including the public. Circumstances require it given institutions have evolved in such a way as to potentially hurt the public taxpayer due to excessive positional risk at the failure of one of the two legs of a security.