Like most people, Rathergate ruined 60 Minutes for me. But I put that aside for a moment to watch this segment they produced about the economic crisis. In it, they examine one of the key factors that they say led directly to the meltdown on Wall Street, unfunded credit default swaps. I hardly understand what in the world they are, but if the description is accurate, than this is certainly one of the centers of gravity for this disaster.
Unfortunately, the video is based on a faulty premise that the meltdown was caused either by the sub-prime defaults, or the credit default swaps, when in fact it is likely both (and more). None the less, it is an interesting look at another angle in what has brought us here.
Warning: 30 second commercial at the front of this video. Only click here if you have the patience to sit through it.
