60 Minutes did this program on credit default swaps in October… although slighted dated it’s definately worth the time to watch if you are not familar with the dimensions of our financial crisis… Jim Grant, the editor of Grant’s Interest Rate Observer, says ”This is a full-blown financial storm and one that comes around perhaps once every 50 or 100 years. This is the real thing.”
~~~~ ” On Friday Congress finally passed – and President Bush signed into law – a financial rescue package in which the taxpayers will buy up Wall Street’s bad investments.
The numbers are staggering, but they don’t begin to explain the greed and incompetence that created this mess.
It began with a terrible bet that was magnified by reckless borrowing, complex securities, and a vast, unregulated shadow market worth nearly $60 trillion that hid the risks until it was too late to do anything about them.
And as correspondent Steve Kroft reports, it’s far from being over. “~~~~
Post a Comment