It's the Economy, Stupids!

[FrenchieCat]

[nc4bo]

1. 60 MINUTES says It's the Economy Stupids too! Check out their story from tonight...

Wallstreets Shadow Market: Credit Default Swap on top of the mortgage crisis will be the death of us yet.

Calls it a "full blown financial storm" and when it comes around perhaps one every 50 or 100 years. "This is the real thing" - Jim Grant.

Linkie here and worth the time watching if you missed 60 Minutes this evening:

http://www.cbsnews.com/video/watch/?id=4502673n

[FrenchieCat]

2. I only saw the Electric Car segment, so thanks!

[nc4bo]

3. I believe this is text version of the show in case people are at work

and can't view the video segment.

http://www.cbsnews.com/stories/2008/10/05/60minutes/main4502454.shtml

(CBS) How big is the market for credit default swaps?

Says Partnoy, "Well, we really don't know. There's this voluntary survey that claims that the market is in the range of 50 to 60 or so trillion dollars. It's sort of alarming that, in a market that big, we don't even know how big it is to within, say, $10 trillion."

"Sixty trillion dollars. I know it seems incredible. It's four times the size of the U.S. debt. But that's the size of the market according to these voluntary reports," says Partnoy.

He says this market is almost entirely unregulated.

That bail-out package is a joke, it's not even a damn bandaid after you start understanding the bigger picture.

I hope millions and millions of Americans were watching this last night.

[OneGrassRoot]

4. And all but the right-wing "base" see Obama as a more informed...

steadier hand in these times.

The youth certainly do. They are paying attention and they're pissed. It's personal now, and I pray they'll taking it to the polls in record turnout.