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Actually the 60 Minute piece, entitled, Wall Street's Shadow Market was about the Credit Derivitive Market and the dangers they pose to all markets. They did not whitewash Fannie/Freddie. Fannie/Freddie account for 2% of the ENTIRE Credit Market. The fall of 2% of the credit market has resulted in this financial crisis. It will get proportionately worse as the Commercial Credit defaults, as credit cards defaults mount up, as Auto Credit defaults get proportionately increased.

The Derivitives Credit Default is what is taking the country into depression....and the subprime credit default problems are but a small portion of that.

The financial health of our system, right here, right now,...are as good as they are going to be. It will get worse and worse. Recognize that and try to prepare as best as you can for you and your family.

Actually the 60 Minute piece, entitled, Wall Street's Shadow Market was about the Credit Derivatives Market and the dangers they pose to all markets.

Correct me if I'm wrong but aren't credit derivitives repackaged sub prime loans?

They did not whitewash Fannie/Freddie. Fannie/Freddie account for 2% of the ENTIRE Credit Market.

Per Wikipedia:

Fannie Mae and smaller Freddie Mac own or guarantee almost half of all home loans in the United States.

Their involvement in the housing crisis is very significant.