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The Bet That Blew Up Wall Street



October 27, 2008 – Comments (0)

60 Minutes did a bit on credit default swaps last night that I found the link for, complete with text and video.

I found it very informative, and hope the CAPS community does as well.

The world's financial system teetered on the edge again last week, and anyone with more than a passing interest in their shrinking 401(k) knows it's because of a global credit crisis. It began with the collapse of the U.S. housing market and has been magnified worldwide by what Warren Buffet once called "financial weapons of mass destruction."

Rest of the story...

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