--- title: "12 Default Swaps Quotes by 8 authors" description: "Browse 12 Default Swaps quotes by 8 authors. Discover the best Default Swaps sayings and thoughts." image: "https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png" --- > [ I do believe CDSs \[credit default swaps\] have been miscast, much as poor workmen tend to blame their tools. ](https://sms4smile.com/quotes/blythe-masters/i-do-believe-cdss-credit-default-swaps-have-been-miscast-much-as-poor/) [Blythe Masters](https://sms4smile.com/quotes/author/blythe-masters/) [Image](https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png) > [Credit-default swaps, I think, have serious problems associated with them.](https://sms4smile.com/quotes/alan-greenspan/credit-default-swaps-i-think-have-serious-problems-associated-with/) [Alan Greenspan](https://sms4smile.com/quotes/author/alan-greenspan/) [Image](https://sms4smile.com/quotes/i/1c2/alan-greenspan-1834_credit_credit-default-swaps-i-think-have-seriou_2587218.png) > [So what is the role that credit default swaps can play in an economy? Well my feeling is that if these things…](https://sms4smile.com/quotes/robert-f-engle/so-what-is-the-role-that-credit-default-swaps-can-play-in-an-economy/) [Robert F. Engle](https://sms4smile.com/quotes/author/robert-f-engle/) [Image](https://sms4smile.com/quotes/i/582/robert-f-engle-23929_clearing_so-what-is-the-role-that-credit-default_220442.jpg) > [Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the…](https://sms4smile.com/quotes/robert-f-engle/credit-default-swap-gives-you-something-to-do-you-can-buy-some-credit/) [Robert F. Engle](https://sms4smile.com/quotes/author/robert-f-engle/) [Image](https://sms4smile.com/quotes/i/bb7/robert-f-engle-23929_bankruptcy_credit-default-swap-gives-you-something_478460.jpg) > [Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social…](https://sms4smile.com/quotes/george-papandreou/countries-are-not-like-financial-markets-social-change-cannot-be/) [George Papandreou](https://sms4smile.com/quotes/author/george-papandreou/) [Image](https://sms4smile.com/quotes/i/894/george-papandreou-9739_change_countries-are-not-like-financial-markets_969730.jpg) > [Main Street investors, who cannot trade credit default swaps, should not be tempted to trade an instrument with the same risk profile…](https://sms4smile.com/quotes/daniel-l-doctoroff/main-street-investors-who-cannot-trade-credit-default-swaps-should/) [Daniel L. Doctoroff](https://sms4smile.com/quotes/author/daniel-l-doctoroff/) [Image](https://sms4smile.com/quotes/i/afc/daniel-l-doctoroff-42571_because_main-street-investors-who-cannot-trade-c_1821347.jpg) > [As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines…](https://sms4smile.com/quotes/richard-dooling/as-the-financial-experts-all-over-the-world-use-machines-to-unwind/) [Richard Dooling](https://sms4smile.com/quotes/author/richard-dooling/) [Image](https://sms4smile.com/quotes/i/acb/richard-dooling-26136_arrangements_as-the-financial-experts-all-over-the-wo_395796.jpg) > [If you pay attention to where your exposures are, you might tend up buying credit default swaps against a variety of people…](https://sms4smile.com/quotes/robert-f-engle/if-you-pay-attention-to-where-your-exposures-are-you-might-tend-up/) [Robert F. Engle](https://sms4smile.com/quotes/author/robert-f-engle/) [Image](https://sms4smile.com/quotes/i/370/robert-f-engle-23929_attention_if-you-pay-attention-to-where-your-expos_3059476.jpg) > [Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my downside was defined and certain,…](https://sms4smile.com/quotes/michael-burry/credit-default-swaps-remedied-the-problem-of-open-ended-risk-for-me/) [Michael Burry](https://sms4smile.com/quotes/author/michael-burry/) [Image](https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png) > [I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this…](https://sms4smile.com/quotes/robert-f-engle/i-think-the-credit-default-swaps-can-take-the-place-of-the-rating/) [Robert F. Engle](https://sms4smile.com/quotes/author/robert-f-engle/) [Image](https://sms4smile.com/quotes/i/427/robert-f-engle-23929_agency_i-think-the-credit-default-swaps-can-tak_2447620.jpg) > [I mean, we've always had gold bugs, but now we sort of realize that Treasure Bills might be in the same category.…](https://sms4smile.com/quotes/robert-f-engle/i-mean-we-ve-always-had-gold-bugs-but-now-we-sort-of-realize-that/) [Robert F. Engle](https://sms4smile.com/quotes/author/robert-f-engle/) [Image](https://sms4smile.com/quotes/i/d38/robert-f-engle-23929_assets_i-mean-we-ve-always-had-gold-bugs-but-no_366318.jpg) > [“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first…](https://sms4smile.com/quotes/michael-lewis/there-was-more-than-one-way-to-think-about-mike-burry-s-purchase-of-a/) [Michael Lewis](https://sms4smile.com/quotes/author/michael-lewis/) [Image](https://sms4smile.com/quotes/i/819/michael-lewis-705_aig_there-was-more-than-one-way-to-think-abo_473475.png) ## Top authors on Default Swaps - [Robert F. Engle 5 quotes](https://sms4smile.com/quotes/about/default-swaps/robert-f-engle/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/default-swaps/#itemlist", "name": "Default Swaps Quotes", "numberOfItems": 12, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend to blame their tools.", "creator": { "@type": "Person", "name": "Blythe Masters" }, "url": "https://sms4smile.com/quotes/blythe-masters/i-do-believe-cdss-credit-default-swaps-have-been-miscast-much-as-poor/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png", "contentUrl": "https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png", "url": "https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png", "width": 1080, "height": 1080, "caption": "“I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend to blame their tools.” — Blythe Masters", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "Credit-default swaps, I think, have serious problems associated with them.", "creator": { "@type": "Person", "name": "Alan Greenspan" }, "url": "https://sms4smile.com/quotes/alan-greenspan/credit-default-swaps-i-think-have-serious-problems-associated-with/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/1c2/alan-greenspan-1834_credit_credit-default-swaps-i-think-have-seriou_2587218.png", "contentUrl": "https://sms4smile.com/quotes/i/1c2/alan-greenspan-1834_credit_credit-default-swaps-i-think-have-seriou_2587218.png", "url": "https://sms4smile.com/quotes/i/1c2/alan-greenspan-1834_credit_credit-default-swaps-i-think-have-seriou_2587218.png", "width": 1080, "height": 1080, "caption": "“Credit-default swaps, I think, have serious problems associated with them.” — Alan Greenspan", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Robert F. Engle" }, "url": "https://sms4smile.com/quotes/robert-f-engle/so-what-is-the-role-that-credit-default-swaps-can-play-in-an-economy/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/582/robert-f-engle-23929_clearing_so-what-is-the-role-that-credit-default_220442.jpg", "contentUrl": "https://sms4smile.com/quotes/i/582/robert-f-engle-23929_clearing_so-what-is-the-role-that-credit-default_220442.jpg", "url": "https://sms4smile.com/quotes/i/582/robert-f-engle-23929_clearing_so-what-is-the-role-that-credit-default_220442.jpg", "width": 1080, "height": 1080, "caption": "“So what is the role that credit default swaps can play in an economy? Well my feeling is that if these…” — Robert F. Engle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 4, "item": { "@type": "Quotation", "text": "Credit default swap gives you something to do. You can buy some credit default swaps from them to protect yourself against the bankruptcy of people who owe you money.", "creator": { "@type": "Person", "name": "Robert F. Engle" }, "url": "https://sms4smile.com/quotes/robert-f-engle/credit-default-swap-gives-you-something-to-do-you-can-buy-some-credit/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/bb7/robert-f-engle-23929_bankruptcy_credit-default-swap-gives-you-something_478460.jpg", "contentUrl": "https://sms4smile.com/quotes/i/bb7/robert-f-engle-23929_bankruptcy_credit-default-swap-gives-you-something_478460.jpg", "url": "https://sms4smile.com/quotes/i/bb7/robert-f-engle-23929_bankruptcy_credit-default-swap-gives-you-something_478460.jpg", "width": 1080, "height": 1080, "caption": "“Credit default swap gives you something to do. You can buy some credit default swaps from them to protect…” — Robert F. Engle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default swaps. You cannot sell short on social commitments and practical responsibilities.", "creator": { "@type": "Person", "name": "George Papandreou" }, "url": "https://sms4smile.com/quotes/george-papandreou/countries-are-not-like-financial-markets-social-change-cannot-be/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/894/george-papandreou-9739_change_countries-are-not-like-financial-markets_969730.jpg", "contentUrl": "https://sms4smile.com/quotes/i/894/george-papandreou-9739_change_countries-are-not-like-financial-markets_969730.jpg", "url": "https://sms4smile.com/quotes/i/894/george-papandreou-9739_change_countries-are-not-like-financial-markets_969730.jpg", "width": 1080, "height": 1080, "caption": "“Countries are not like financial markets. Social change cannot be executed as swiftly as credit-default…” — George Papandreou", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "Main Street investors, who cannot trade credit default swaps, should not be tempted to trade an instrument with the same risk profile simply because it has been given a different name.", "creator": { "@type": "Person", "name": "Daniel L. Doctoroff" }, "url": "https://sms4smile.com/quotes/daniel-l-doctoroff/main-street-investors-who-cannot-trade-credit-default-swaps-should/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/afc/daniel-l-doctoroff-42571_because_main-street-investors-who-cannot-trade-c_1821347.jpg", "contentUrl": "https://sms4smile.com/quotes/i/afc/daniel-l-doctoroff-42571_because_main-street-investors-who-cannot-trade-c_1821347.jpg", "url": "https://sms4smile.com/quotes/i/afc/daniel-l-doctoroff-42571_because_main-street-investors-who-cannot-trade-c_1821347.jpg", "width": 1080, "height": 1080, "caption": "“Main Street investors, who cannot trade credit default swaps, should not be tempted to trade an instrument…” — Daniel L. Doctoroff", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements so complex that only machines can make - 'derive' - and trade them, we have to wonder: Are we living in a bad sci-fi movie? Is the Matrix made of credit default swaps?", "creator": { "@type": "Person", "name": "Richard Dooling" }, "url": "https://sms4smile.com/quotes/richard-dooling/as-the-financial-experts-all-over-the-world-use-machines-to-unwind/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/acb/richard-dooling-26136_arrangements_as-the-financial-experts-all-over-the-wo_395796.jpg", "contentUrl": "https://sms4smile.com/quotes/i/acb/richard-dooling-26136_arrangements_as-the-financial-experts-all-over-the-wo_395796.jpg", "url": "https://sms4smile.com/quotes/i/acb/richard-dooling-26136_arrangements_as-the-financial-experts-all-over-the-wo_395796.jpg", "width": 1080, "height": 1080, "caption": "“As the financial experts all over the world use machines to unwind Gordian knots of financial arrangements…” — Richard Dooling", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "If you pay attention to where your exposures are, you might tend up buying credit default swaps against a variety of people that you - companies that you deal with.", "creator": { "@type": "Person", "name": "Robert F. Engle" }, "url": "https://sms4smile.com/quotes/robert-f-engle/if-you-pay-attention-to-where-your-exposures-are-you-might-tend-up/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/370/robert-f-engle-23929_attention_if-you-pay-attention-to-where-your-expos_3059476.jpg", "contentUrl": "https://sms4smile.com/quotes/i/370/robert-f-engle-23929_attention_if-you-pay-attention-to-where-your-expos_3059476.jpg", "url": "https://sms4smile.com/quotes/i/370/robert-f-engle-23929_attention_if-you-pay-attention-to-where-your-expos_3059476.jpg", "width": 1080, "height": 1080, "caption": "“If you pay attention to where your exposures are, you might tend up buying credit default swaps against a…” — Robert F. Engle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my downside was defined and certain, and the upside was many multiples of it.", "creator": { "@type": "Person", "name": "Michael Burry" }, "url": "https://sms4smile.com/quotes/michael-burry/credit-default-swaps-remedied-the-problem-of-open-ended-risk-for-me/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "contentUrl": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "url": "https://sms4smile.com/quotes/i/474/michael-burry-13350_customer_credit-default-swaps-remedied-the-proble_1177159.png", "width": 1080, "height": 1080, "caption": "“Credit-default swaps remedied the problem of open-ended risk for me. If I bought a credit-default swap, my…” — Michael Burry", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "I think the credit default swaps can take the place of the rating agencies who really have missed the ball in this procedure and are quite conflicted by the way the ratings are paid for. So, I would like to see credit default swaps become an evermore important way of understanding credit risk in the economy.", "creator": { "@type": "Person", "name": "Robert F. Engle" }, "url": "https://sms4smile.com/quotes/robert-f-engle/i-think-the-credit-default-swaps-can-take-the-place-of-the-rating/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/427/robert-f-engle-23929_agency_i-think-the-credit-default-swaps-can-tak_2447620.jpg", "contentUrl": "https://sms4smile.com/quotes/i/427/robert-f-engle-23929_agency_i-think-the-credit-default-swaps-can-tak_2447620.jpg", "url": "https://sms4smile.com/quotes/i/427/robert-f-engle-23929_agency_i-think-the-credit-default-swaps-can-tak_2447620.jpg", "width": 1080, "height": 1080, "caption": "“I think the credit default swaps can take the place of the rating agencies who really have missed the ball…” — Robert F. Engle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "I mean, we've always had gold bugs, but now we sort of realize that Treasure Bills might be in the same category. And we have derivatives like credit default swaps which are in this category, and we have derivatives like volatilities that are actually an asset class that we can invest in which are now - would out perform if we have another financial crisis.", "creator": { "@type": "Person", "name": "Robert F. Engle" }, "url": "https://sms4smile.com/quotes/robert-f-engle/i-mean-we-ve-always-had-gold-bugs-but-now-we-sort-of-realize-that/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d38/robert-f-engle-23929_assets_i-mean-we-ve-always-had-gold-bugs-but-no_366318.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d38/robert-f-engle-23929_assets_i-mean-we-ve-always-had-gold-bugs-but-no_366318.jpg", "url": "https://sms4smile.com/quotes/i/d38/robert-f-engle-23929_assets_i-mean-we-ve-always-had-gold-bugs-but-no_366318.jpg", "width": 1080, "height": 1080, "caption": "“I mean, we've always had gold bugs, but now we sort of realize that Treasure Bills might be in the same…” — Robert F. Engle", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "item": { "@type": "Quotation", "text": "“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default swaps. The first was as a simple, even innocent, insurance contract. Burry made his semiannual premium payments and, in return, received protection against the default of a billion dollars’ worth of bonds. He’d either be paid zero, if the triple-B-rated bonds he’d insured proved good, or a billion dollars, if those triple-B-rated bonds went bad. But of course Mike Burry didn’t own any triple-B-rated subprime mortgage bonds, or anything like them. He had no property to “insure” it was as if he had bought fire insurance on some slum with a history of burning down. To him, as to Steve Eisman, a credit default swap wasn’t insurance at all but an outright speculative bet against the market—and this was the second way to think about it.”", "creator": { "@type": "Person", "name": "Michael Lewis" }, "url": "https://sms4smile.com/quotes/michael-lewis/there-was-more-than-one-way-to-think-about-mike-burry-s-purchase-of-a/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/819/michael-lewis-705_aig_there-was-more-than-one-way-to-think-abo_473475.png", "contentUrl": "https://sms4smile.com/quotes/i/819/michael-lewis-705_aig_there-was-more-than-one-way-to-think-abo_473475.png", "url": "https://sms4smile.com/quotes/i/819/michael-lewis-705_aig_there-was-more-than-one-way-to-think-abo_473475.png", "width": 1080, "height": 1080, "caption": "“There was more than one way to think about Mike Burry’s purchase of a billion dollars in credit default…” — Michael Lewis", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/default-swaps/#webpage", "url": "https://sms4smile.com/quotes/about/default-swaps/", "name": "Default Swaps Quotes", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/default-swaps/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/bc4/blythe-masters-19003_believe_i-do-believe-cdss-credit-default-swaps-h_2461427.png" }, "description": "Browse 12 Default Swaps quotes by 8 authors. 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