Financial WMDs - 60 Minutes - CBS News
"SMALL PEOPLE" AGAINST BIG GOVERNMENT
Outstanding segment from 60 Minutes:
"In other words, three of the nation's largest financial institutions had made more bad bets than they could afford to pay off."
"It's legalized gambling. It was illegal gambling. And we made it legal gambling…with absolutely no regulatory controls. Zero, as far as I can tell."
"It would have been illegal during most of the 20th century under the gaming laws, but in 2000, Congress gave Wall Street an exemption and it has turned out to be a very bad idea."
The Bet That Blew Up Wall Street - 60 Minutes
60 Minutes on CBS News: Financial WMDs - Steve Kroft examines the complicated financial instruments known as credit default swaps and the central role they are playing in the unfolding economic crisis.