the biggest stock market crash in history, page-32

Don't forget that there is the possibility of the CDS' being declared null and void. The players will then have to sort it out what value they place on them. The majority of the CDS were issued in New York so it may be more isolated than we are being led to believe. The only crash that we compare this one with is the 1987 which was also brought about by real estate derivatives. It took about 2 years to unwind those. This time the amounts are much larger, so another solution will have to be found other than pumping more money in....maybe nullifying some CDS.