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Wall Street's Shadow Market

October 6, 2008 5:04 AM

Steve Kroft looks at some of the arcane Wall Street financial instruments that have magnified the economic crisis.

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See all 106 Comments


by captmallard October 5, 2008 9:09 PM PDT: Dear 60 Minutes,
Steve Kroft''s piece "Wall Street''s Shadow Market" was very timely and interesting but there was no mention of how Credit Default Swaps (CDS) were not subject to regulation. You left the audience wanting to know how this happened!! That lack of informaiton caused me to search the Internet for CDS and guess what I found? A law called the Commodity Futures Modernization Act (CFMA). Follow this link to Wikepedia''s treatment of CFMA and CDSs: http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000.
It appears the CFMA prohibited regulation of CDSs. I think 60 Mintues needs to educate the American people on who benefited from this prohibition, who in the Senate (by name) proposed that portion of the CFMA, and what is their connection to financial industry.

Dan Drake; Reply to this comment


by shnuk October 5, 2008 9:35 PM PDT: The last false economy was in 2001, with the fall of web-congress. False financial statements and credit extended.
In the 1920''s a false complex scheme brought the whole world to it''s knee''s with corruption of all the bankers in Europe, and the false statements generated around the development of the car. The reproductions'' were WW11. New banking laws were set up for almost 65 years. In 2001, Bush signed a deregulation bill, brought to him by a Democratic Congress, for banks to police themselves. Follow the money trails to Russia, Netherlands'', and other nations in Europe, the Middle East, and Israel. Citations of many organizations, such as Charles E. Smith,invested redistributed wealth from U.S. to other countries as part of implicating their Social Justice Agenda.; Reply to this comment


by rafisher2000 October 5, 2008 9:53 PM PDT: C''mon

Your right about the fact that this is an emergency caused by a credit crunch, but your wrong about the culprits.

The United States credit market is run by one NON-GOVERNMENT entity THE FEDERAL RESERVE.

How many times do they get to cause a crash before trusted news organizations like yours expose them?

JP Morgan is one of the banks on that board. Notice how they have emerged unscathed? Just like 1929.

Prescott Bush (George Bush''s grandfather was also on the board of the Federal Reserve. Now remember who pushed hardest for the bailout.

Wake up; Reply to this comment


by sensual_eros October 5, 2008 10:13 PM PDT: Could we have had this story air before the whole BailOut issue? This shows that the 700 billion Paulson asked for is a drop in the bucket, and inevitably he will be asking for more. Fraud on all levels of our system, that the FBI will be busy for YEARS. Too bad that 700 billion is to correct the mess WallStreet has done overseas. I''m sure Paulson has got alot of calls from Foreign Leaders and Banks, telling him to fix the mess, Wallstreet sold to them and lied about the AAA ratings and CDS.; Reply to this comment


by texasblue3 October 5, 2008 10:23 PM PDT: The FBI is supposedly looking into Wall Streets activities. Everyone of these investment banks that sold these ''credit default swaps'' should be prohibited from being bailed out, and their CEO''s should go to jail.; Reply to this comment


by normwin October 5, 2008 10:39 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 10:41 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 10:44 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:01 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:02 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:04 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:05 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:05 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:05 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:05 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by vanron100 October 5, 2008 11:06 PM PDT: Correct - %u201CIt''s a Crime%u201D, just as all your guests have said, so who gets ''punished?

Looks like the ''middle class'' again, the only people who actually pay taxes!

Back in 2003, Warren Buffet called these derivatives %u201Cfinancial weapons of mass destruction%u201D, and clearly outlined in grade school language what would happen in the future %u2013 guess what, it happened just the way he said it would.

Wall street had said ''back off'', we don''t want any rules or regulations for this. The market will take care of everything, and the CEO''s walked out the door with millions stuffed in their pockets.

Easy money, Suckers!; Reply to this comment


by vanron100 October 5, 2008 11:08 PM PDT: Correct - %u201CIt''s a Crime%u201D, just as all your guests have said, so who gets ''punished?

Looks like the ''middle class'' again, the only people who actually pay taxes!

Back in 2003, Warren Buffet called these derivatives %u201Cfinancial weapons of mass destruction%u201D, and clearly outlined in grade school language what would happen in the future %u2013 guess what, it happened just the way he said it would.

Wall street had said ''back off'', we don''t want any rules or regulations for this. The market will take care of everything, and the CEO''s walked out the door with millions stuffed in their pockets.

Easy money, Suckers!; Reply to this comment


by normwin October 5, 2008 11:09 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:10 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.; Reply to this comment


by normwin October 5, 2008 11:12 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~); Reply to this comment


by normwin October 5, 2008 11:13 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*); Reply to this comment


by normwin October 5, 2008 11:14 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*); Reply to this comment


by normwin October 5, 2008 11:16 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:17 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:18 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:20 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment


by normwin October 5, 2008 11:21 PM PDT: 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:

The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.

Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)

If you really wanted our comments, you''d simply accept them in a queue (^_^); Reply to this comment