We bet on sports, who will become president, which way the stock market will go tomorrow and financial products linked to other financial products linked to other financial products. It was these latter investments, after all, on insurance products called credit default swaps, that helped create the 2008 financial crisis. In a way, insurance policies are a replacement for friends. You’re betting against yourself. This is of course, the same way that life insurance works.

Source: Washington Post July 05, 2016 11:03 UTC