I Can't Believe It's Not Insurance

Watching the AIG hearings this morning.

My favorite line so far is comes from New York's Gary Ackerman speaking before the Edward Liddy panel even started. He noted that there's a great product called "I Can't Believe It's Not Butter," but at least they have the decency to tell you it's not butter... They're calling it "credit default swaps" because if they called it "I Can't Believe It's Not Insurance," he says, maybe no one would buy it.

You can see them live on CSPAN-3 or on the livestream here.