A Brief History Of Tail Risk: From LTCM, ABX, CDS, To VIX

By Rachel Blevins of The Free Thought Project
A bill that will allow homes to be searched without a warrant was passed with overwhelming support by the United States Congress, and signed into law by President Trump – and it happened with no media coverage and very little fanfare.
On the surface, House Joint Resolution 76 looks harmless. The title of the bill claims that its purpose is ‘Granting the consent and approval of Congress for the Commonwealth of Virginia, the State of Maryland, and the District of Columbia to enter into a compact relating to the establishment of the Washington Metrorail Safety Commission.’
‘Whereas the Washington Metropolitan Area Transit Authority, an interstate compact agency of the District of Columbia, the Commonwealth of Virginia, and the State of Maryland, provides transportation services to millions of people each year, the safety of whom is paramount; Whereas an effective and safe Washington Metropolitan Area Transit Authority system is essential to the commerce and prosperity of the National Capital region; Whereas the Tri-State Oversight Committee, created by a memorandum of understanding amongst these 3 jurisdictions, has provided safety oversight of the Washington Metropolitan Area Transit Authority.’ The proposal for a safety commission to act as a wing of the Washington Metropolitan Area Transit Authority may sound logical, when its power includes thing such as the ability to ‘Adopt, revise, and distribute a written State Safety Oversight Program’ and to ‘Review, approve, oversee, and enforce the adoption and implementation of WMATA’s Public Transportation Agency Safety Plan.’

This post was published at Zero Hedge on Aug 26, 2017.