Daily Kos is a left-wing political blog, but they have a pretty good writeup of what is happening with these “credit swaps” and AIG, etc.

It reminded me of reading about mortgage-backed securities about this time last year, just as the shit was hitting the fan in the mortgage market. Now I’m learning about credit default swaps and credit-linked notes.

My questions is: what obscure trading vehicle am I going to be reading about next year? What are the other iffy, confusing, opaque, speculative trades that are going on out there?