While reading a great Piotr Kuczynski's blog, I have came across a link to a nice article explaining how the credit-backed investment instruments are being constructed, and why all of this will colapse ;)
The funniest (and scariest) part is that comparing CDO^2 with BSE...
As always, I'm wondering why such developments as sophisticated instruments (CDOs, CDSs, etc. in this case) were not available eariler. After all cell phones were theoretically possible almost one hundred years ago, but only developed with the presence of modern computers. The same applies to many other things like AJAX, Zopa, digital cameras...
OTOH this means that there is still hope for new companies and entrepreneurs like hopefully myself in the future.
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