> By new insurance products you probably meant something like CDS? Or credit rating agencies using those improvements in risk analysis to rate those CDO's as AAA+++ would buy again?

I made a list of a dozen or so recent, top-level financial innovations (each of which has created many billions of dollars of value), and instead of recognizing that they had massive impact, you ignore all but one of them, redefine the remaining one from 'insurance product' to a credit derivative, and then attack it because of recent, well-known issues with mispriced credit and failures to account for counterparty risk when dealing with mortgage-backed products.

That's beyond disingenuous.

Have a nice day.