It's the nitty gritty.
Everyone has been saying that default credit swaps were too complex to explain, or they'd resort to double speak in an effort to cloud the issue.
Apparently it's not really that complex, it's just a really bad idea that people bought into... a Wall Street Pyramid scheme that like all pyramid scheme's leaves the last ones in holding the bag.
If you have the stomach for it read this article. And brace for impact.
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