No Virginia, It wasn't Scary Brown People buying houses...
It is refreshing to hear people taking Conservatives to task on this. There is so much BS going around now about minority homeowners being at fault for the economic crisis, that it is really impossible to dig yourself out. But Matt Talabi states the most important point very clearly in a conversation today with Byron York:
The CDS market, this market for credit default swaps that was created in 2000 by Phil Gramm's Commodities Future Modernization Act, this is now a $62 trillion market, up from $900 billion in 2000. That's like five times the size of the holdings in the NYSE. And it's all speculation by Wall Street traders. It's a classic bubble/Ponzi scheme.
Read that again: a $62 trillion market
