"My journals were a clearing house - a garbage can. Once I was writing seriously, I understood that this was the stuff that didn't belong in my work."

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So what is the role that credit default swaps can play in an economy? Well my feeling is that if these things actually will now be traded on either exchanges or some kind of central clearing, they are going to be a very good measure of the credit worthiness of different companies.

— Robert F. Engle