Did you watch the Frontline show?
"I thought the principal cause was the drop in housing prices?"
The principle cause was subprime mortgages, that led to foreclosures, that then led to triggering action to those that provided the credit default swaps.
I've been busy. If it has the typical lefty slant, I don't see why I should bother.
The principle cause was subprime mortgages, that led to foreclosures
Yeah, dropping prices. CDS just move the losses around.