Deconstructing Dubious Assertions on Clearinghouses and Counter-Party Risk

An argument is a connected series of statements intended to establish a proposition.

So sayeth Michael Palin, in the priceless Monty Python Argument Clinic Sketch. In his recent testimony before the Senate Ag Committee, CFTC Chairman Gary Gensler makes an unconnected series of assertions (many categorically untrue) intended to establish a proposition. Here’s the SWP annotated version: