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"Price Revelation" is mysticism.

…the market price of a CDS was an accurate enough measure of the probability of defaults that correlations in the changes in the prices of 2 CDSs could be used…

The Wrong Crisis

…It is alleged, without proof, that investment bank brokerages listed the absurd price then secretly traded at a reasonable price. Fact is that the market price was absurd and it…

Speculation and Oil Prices

…demand should only have driven the price of oil to perhaps $35/bbl. during 2004. As the chart below illustrates, oil prices have remained far above that level for the past…