Credit default swaps were not initially concieved to be seen as a casino's type of game or a bet, was part of the range of product designed to complete a multi product mortgage securitised market. I guess it turned out to be seen as a bet following the very poor mortgage underwriting not supposed to be and the loophole into oversight and the profession auto-regulation on risk taking that turned the all mortgage securitisation market into crazy land. I bet (sorry) it would be Rick's pleasure to explain you how credit default swaps should have been useful and could have played a regulatory role in a balanced mortgage securitised market in some different circumstances.