Fromn Barry Ritholtz, a funny and surprisingly plausible way to pay for national health coverage in the US:
1. Set up a large, well capitalized hedge fund. About $5B should do it.
How to Pay for National Health Insurance
2. The prospectus of the fund should note its purpose is to “Seek out profit opportunities via arbitraging inefficiencies in the markets and health care system of the United States.” Include standard “Socially Conscious” fund language in clauses such as Do well by doing good.
3. Launch the fund – and promptly max out your leverage. Today’s environment makes it difficult to go 50 to 1, but getting 10 or 20 to 1 should not be much problem.
4. Use the money to write Credit Default Swaps with a notational value of $3 trillion dollars. The premia on these CDS should be about 10-15% or so.
5. Rollover the cash premiums – about $350 billion dollars worth – into a national fund. Use it to buy health care insurance for all US citizens.
6. Declare that due to current credit conditions, your unfortunately must announce to your counter-parties that you will be defaulting on these CDS. Note that significant amounts of this paper are held by JP Morgan and Citi. Another trillion is held by China and Japan, with Sovereign Wealth Funds owning the rest.
7. Send out a press release announcing “systemic risk.” Tell the Treasury Secretary and the Federal Reserve Chief that your imminent collapse will wreak global havoc. Apply for bailout.
The perils of modern online life even affect the Man of Steel. Jimmy Olsen’s snap run through Facebook’s evil autotagging is more observant than Lois. Lots more brilliant stuff by Brakken here.
Legendary Phoenix getting in on the timely political commentary. Darth Sidious hasn’t been seen in public since the election. Coincidence?
“I’ve heard from people who felt tension and being infuriated about the scenes, but that wasn’t the purpose,” designer/filmmaker Florent Porta told Wired. “It makes me laugh. I’m not sadistic!”
Loot Crate is a totally different kind of subscription service that mails subscribers monthly boxes filled with curated geek, pop culture, and gamer paraphernalia. Its cult following awaits a box every month filled with everything from bobble heads to T-shirts to special edition collectibles. But nothing gets Loot Crate fans as excited as the limited […]
The ARMOR-X Mini Flexible Phone Tripod is a smartphone tripod that is designed with flexible legs to rest on virtually any type of surface. Other tripods have proved useless unless I conveniently have a flat surface in front of me, which is why this particular tripod was appealing enough to try out. The ARMOR-X is compact and easy […]
You don’t need to get an advanced degree and take out massive loans to become a coder. This bundle of 10 courses was designed to teach anyone to code at home for less than it costs to go out for dinner. I was particularly impressed with this new 2017 bundle because it includes courses on […]