Here’s a great piece from 60 Minutes tonight on the shadowy world of credit default swaps. If you think the problem was just banks investing in bad mortgages, think again.
Clearly $700 billion couldn’t begin to fill this hole.
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I keep going back to the fed starting this collapse. Instead of all the eloquent trash coming out of greenie and bernie they should’ve been doing a little research before raising those rates. This is mind-boggling. This is our entire system being scammed and the scamming just keeps on going. And now we get a populist socialist preaching to the most unsophisticated voting bloc to line up like cattle and change the most successful society in the history of mankind. The republicans couldn’t have played this any dumber. FRIGHTENING!!they’ve won
Incredible! This should have been aired prior to the bailout vote! Robert Pickle deserves a thousand paper cuts. Maybe then he won’t lift his eyebrow as he swats away the pesky reporter fly. I may be a neo-peon and not privy to the rentier class, but this really makes me livid. No universal health care or education funding, but Dom Perignon will surely survive.