60 Minutes on the Financial Storm
On Friday Congress finally passed - and President Bush signed into law - a financial rescue package in which the taxpayers will buy up Wall Street's bad investments.
The numbers are staggering, but they don't begin to explain the greed and incompetence that created this mess.
It began with a terrible bet that was magnified by reckless borrowing, complex securities, and a vast, unregulated shadow market worth nearly $60 trillion that hid the risks until it was too late to do anything about them.
And as correspondent Steve Kroft reports, it's far from being over.
>
Source:
A Look At Wall Street's Shadow Market: How Some Arcane Wall Street Financial Instruments Magnified Economic Crisis
CBS 60 Minutes, Oct. 5, 2008
http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml
Tuesday, October 07, 2008 | 12:30 AM | Permalink
| Comments (24)
| TrackBack (0)
add to de.li.cious | 
digg this! | 
add to technorati | 
email this post
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c52a953ef01053557e3e1970c
Listed below are links to weblogs that reference 60 Minutes on the Financial Storm:
Comments
Kroft did a surprisingly good job of boiling down these derivatives that are going to sink us.
Posted by: Jim Greco | Oct 7, 2008 12:33:34 AM
The comments to this entry are closed.
