If you’d like a little more insight into the staggering growth of the credit default swaps market and how this virus has infected so much of our financial system, you can read Out of the Shadows and Into the Harsh Light in today’s NY Times.
I’ve commented several times on credit default swaps, in Derivatives are the new “Greed” on Wall Street and What Happened? What Happens Now? which will also provide a little more background on the intricacies of this ginormous market.