Credit Default Swaps: Worse than the Subprime Bomb
sponger
Posts: 3,159
This American Life Radio Broadcast 10/03/08
It appears there is a potential 60 trillion dollar debt obligation for these "swaps" and only 10 trillion in assets to pay them off.
The reason why it hasn't hit the news sooner is because banks and corps have actually been HIDING the problem from the SEC.
And check this out....the person who pushed to keep them unregulated in 2000, and who succeeded in doing so in spite of warnings from the SEC was none other than John McCain's financial advisor at the time.
It appears there is a potential 60 trillion dollar debt obligation for these "swaps" and only 10 trillion in assets to pay them off.
The reason why it hasn't hit the news sooner is because banks and corps have actually been HIDING the problem from the SEC.
And check this out....the person who pushed to keep them unregulated in 2000, and who succeeded in doing so in spite of warnings from the SEC was none other than John McCain's financial advisor at the time.
Post edited by Unknown User on
0
Comments
It was actually on 60 minutes this passed week. I don't have the video handy.
Peace
Dan
"Every judgment teeters on the brink of error. To claim absolute knowledge is to become monstrous. Knowledge is an unending adventure at the edge of uncertainty." - Frank Herbert, Dune, 1965
You guys? This is global.
How does this ever get resolved? Currency death combined with massive wealth transfer with a dash of street level carnage?
or just work 70 hours a week for less pay?
and reveling in it's loyalty. It's made by forming coalitions
over specific principles, goals, and policies.
http://i36.tinypic.com/66j31x.jpg
(\__/)
( o.O)
(")_(")
The video, handy:
http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml