The Financial Product That Blew Up the Global Economy Is Back

For anyone alive and aware in 2008, this weekend’s economic news probably sent them to the drug store to buy some Pepto Bismol. First, the Federal Reserve demanded that the nation’s biggest banks detail their exposure to the opaque, multitrillion-dollar private credit market. Then, almost simultaneously, word broke that some of those same banks are imminently launching a credit default swap index with S&P Global, targeting that same market.For the past two months, we’ve watched America’s mac...