Widespread MM Ignorance

"They've got all these fancy names for trillions of dollars of credit: CMOs, CDOs, SIVs, ABSs. I honestly think there's maybe only 75 people in the world who know what they are."
--Gordon Gekko (Wall Street: Money Never Sleeps)

The guy who wrote this previously worked for Treasury and the Fed and, by many accounts, was central to the design of modern repo and money markets (MM). He theorizes that money markets are headed toward a year end crack up that will require the Fed to begin buying longer dated Treasuries ('coupons) once again in a more traditional QE arrangement.

The complexity of the process that he describes gives one the sense that very few high level execs at the G-SIBs (Globally Systematically Important Banks), and the regulators that oversee these markets, currently comprehend what is going on in the MM plumbing underneath their feet.

Feeling some deja vu, as I got a similar sense of widespread ignorance w.r.t. mortgage-backed securities and credit default swaps back in 07-08...