11/27/2008 05:12 am ET Updated May 25, 2011

"Financial Weapons Of Mass Destruction," A Briefing (VIDEO)

Credit default swaps are consistently listed as one of the top reasons for America's current economic crisis, and though many on main street probably have a less-than-perfect understanding of how they work. Last night, 60 Minutes tackled the issue.

As Steve Kroft explains in the segment's introduction:

The world's financial system teetered on the edge again last week, and anyone with more than a passing interest in their shrinking 401(k) knows it's because of a global credit crisis. It began with the collapse of the U.S. housing market and has been magnified worldwide by what Warren Buffet once called "financial weapons of mass destruction."