Remember CDO's? If not, you can find a very good description in our book, The Great Recession Conspiracy. Well, today's New York Times describes the next big "innovation" in finance on Wall Street.
It goes like this; life insurance will be sold to elderly and very sick people, who will, in turn sell those policies to Wall Street Banks for current cash against the final payout of the insurance, e.g., the Wall Street Bankers will bet you die soon enough for them to make a huge profit.
For example, you might buy a $1 Million policy and sell it to a Wall Street Banker for $400,000 cash right now.
But hang on, it gets worse. Then they will bundle these death bet policies into bundles and sell them off to other investors, and collect huge fees for doing that job.
Does nobody in Washington ever learn anything?? The Wall Street crooks are duplicating the "innovations" that basically caused this recession and nobody seems to care!!