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65% buy the item featured on this page: 60 Minutes - Financial Weapons of Mass Destruction (October 26, 2008)$17.95 |
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9% buy The Ascent of Money: The Financial History of the World $24.99 |
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Airdate: 10/26/08 Steve Kroft digs deeper into the unregulated financial instruments called "credit default swaps" that have had such a huge role in the country's economic downturn. These swaps started out as a way for bondholders to insure against loan defaults, but became a floating game of craps in which it wasn't necessary to own the bonds in order to buy the swaps on them. In other words: it was all a huge a gamble.
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