<i>Why is this so hard for people to understand?</i><p>Here&#x27;s why:<p>&gt; swaps are through Ts<p>&gt; IRS is collateralized<p>&gt; cough LIBOR in order to receive the fixed leg<p>&gt; majority of swaps receivers<p>&gt; mark-to-market collateral adjustments<p>Nobody (to a second order approximation) knows what the fuck any of that means, because, since they are sane people with lives to lead, they don&#x27;t delve into the details of advanced finance.