Comments on: A Look At Wall Street's Shadow Market

60 Minutes: How Some Arcane Wall Street Financial Instruments Magnified Economic Crisis

[nokeepingup]

I don''t understand why the Community Reinvestment Act of 1977 was not mentioned. The root cause of the current fiasco is this legislation which forced mortgage lenders to give loans to low income minorities irregardless of their ability to repay them.

I would like to see the rightful blame placed at the feet of Congress. I contacted several members of Congress and suggested that they should work without pay for 10 to 15 years as well as the President to cover the bailout instead of the American taxpayer.

[lwhobbs]

It seems to me that you start in the middle of the story. Wall Street packaged and sold bad loans which is so wrong. Those who made the bad loans to begin with are just as guilty. Why are these people not investigated or talked about in your story?

[jmborders3]

60 minutes, thank you, thank you, thank you for exposing the real cause of the this economic melt-down. I knew the shadow market was at the root of the worste credit market catastrophe in my lifetime. With such an important and revealing story, I wonder if you were pressured by powers and authorities high up in Washington DC not to run it last week. If this story had been run last Sunday, the President''s 700 billion bail out fiasco would have gone down in flames. I must believe that you will valiently fight for the first amendment and never allow anyone to coherse you to delay a story - this one or any other.

Just wondering....

[slb863]

Why has no one discussed that the repeal of the Glass-Stegall Act back in 1999 set the stage for all of this? From 1933 - 1999 banks did banking, brokerages did stock brokering, and insurance companies sold insurance. When that act lifted the separation between the three, it created a greedy corporate free-for-all.