This could only be from the WSJ:

Defenders say CDS buyers often are the smart money who can sniff out problems of, say, a country or company and bet on its decline. They shouldn’t be flogged for good investing sense, they say.

“It’s like blaming a thermometer for the temperature outside,” says Brian Yelvington, director of fixed-income research at Knight Libertas LLC, a Greenwich, Conn., trading firm.

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