60 Minutes: Wall Street Shadow Market
This week’s episode of 60 Minutes takes a look at the sources of our current financial crisis:
Everyone (especially Republicans) continues to try to pin the blame on bad mortgages (especially from Fannie and Freddie). The 60 Minutes piece shows that the real problem is the totally unregulated 50 to 60 trillion dollar market of credit default swaps and other such exotic investment banking tricks.
We’ve let Wall Street crooks sell safe-looking bad debt to institutions around the world to the tune of 4 times our national debt in less than a decade.
This is what happens when We the People let our guard down, even for a second, in the age of globalization.
(Thanks, Panhandle Truth Squad for posting this earlier today.)
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