If you haven't had an opportunity to watch the latest 60 Minutes Segment on Credit Default Swaps... You must watch this report. Until a bill was passed in 2000, this form of gambling (YES, I SAID GAMBLING) was ILLEGAL.
Congress and Wall Street SOLD OUT their fellow Americans... They knew exactly what they were doing and you and I are left to pick up the 700 Billion pieces.
Watch CBS Videos Online
The First Report by 60 Minutes on Credit Default Swaps
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Licensed Real Estate Professional, ALHS, e-PRO @ 407.758.1020 or Debbie@CasAndDebbie.com
As somebody who has worked on the Street, I think that this segment is strongly biased. CDS didn't lead to the downfall of the financial system or markets. That being said, when the collapse of real estate and it's fallout led to companies going under, the deregulation of CDS made a lot of organizations insolvent. So I would say that it exacerbated the problem, but we would still be up a creek if CDS had never been invented.
It is all such a big mess. I just say let the chips fall where they may. Maybe Wall Street will be in the toilet for a few years, but eventually other entrepreneurs and investors will come in and clean it all back up.
Patrick - I'm just a simple girl that sells real estate, but I think that they are "crooks"... Even Alan Greenspan said "We made a mistake"...
Rob - It really is a big mess... Yet, no one is to blame! It's sick that so many people including Paulson made Billions of Dollars... It's disgusting.
I set the Tivo for this one... it's not easy to explain this stuff in a short television report... even less easy to conclude the extent to which this contributed to our condition.
Debbie - it's sad but true to much of our lives are controlled by others and we have absolutely no control. Barrie, mywebguy/hubby, says anyone who thinks we live in a democracy is not in touch with reality what we have is a democratically elected dictatorship with the real power left in the hands of those with the wealth to buy influence.
This makes me sick. So much greed, so little compassion.
true, we have problems, but i still have to believe that this is the best country in the world.
the eternal optimist
chris the implemetner