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Credit Default Swaps-The Bet That Blew Up Wall St ( Important 60 Minutes Video)

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dtotire Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 11:32 AM
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Credit Default Swaps-The Bet That Blew Up Wall St ( Important 60 Minutes Video)
Watch this video:



http://www.cbsnews.com/stories/2008/10/26/60minutes/main4546199.shtml?source=newsletter
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barbtries Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 11:47 AM
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1. it's good to know these things
but it never fails to piss me OFF.
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dtotire Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 11:59 AM
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2. Legislation That Enabled These Swaps


The vehicle for doing this was an obscure but critical piece of federal legislation called the Commodity Futures Modernization Act of 2000. And the bill was a big favorite of the financial industry it would eventually help destroy.

Phil Gramm was one of the authors of this piece of legislation.
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mckara Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 12:01 PM
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3. Good Information to Know

Too bad we don't know whether the liabilities end at $51 trillion, $585 trillion, or higher.

:shrug:
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jimshoes Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Oct-27-08 12:21 PM
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4. That should be required watching
Sums up nicely why we are where we are. Economically speaking.
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bermudat Donating Member (985 posts) Send PM | Profile | Ignore Mon Oct-27-08 05:13 PM
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5. Tell me again why no one is going to jail or being prosecuted?
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