Capital Account -- 11/2/11
Greece is in political chaos after the prime minister tries to put the country's bailout to a public vote. European leaders call him to an emergency meeting at the G20. But are all bets now off in the Eurozone debt crisis deal, and could this derail the global economy? For the US, could this trigger a banking crisis for banks that have bitten off more of a stake in risky eurozone debt than they can chew? In an era of "too big to fail" banks, this is everyone's problem. We know US taxpayers are backing more than $50 trillion dollars of Bank of America's derivatives. Who else has taken big bets with your money? We talk to Nomi Prins, senior fellow at Demos, former managing director at Goldman Sachs, and author of Black Tuesday. And as the Federal Reserve talks about signs the economy strengthened, it misses the big picture.