The Derrivative Disaster Explained

Terry Gross interviewed Michael Greenberger on her radio program, Fresh Air, on April 3. The topic was derivatives, credit risk swaps, and the disastrous results that this sort of outright gambling by banks and investment houses has had on our economy, in large part due to the complete deregulation of these instrument in 2000. Phil Gramm (now financial advisor to John McCain) introduced the deregulation measure into an 11,000-page omnibus bill that year.

Since I get Fresh Air (and all my other radio programs) by podcast, I sometimes end up listening long after the broadcast date.

You can listen to the interview from the Fresh Air web site, here.

Edited for a silly typo.