A Dog That Didn't Bark

A while back there was much gnashing of teeth over the "real" boogeyman lurking behind the scenes in our financial crisis. This one held that $64 Trillion (with a "T") was at risk because of Credit Default Swaps (CDS), and that when payment of those started coming due we would be blown back into the Stone Age. Well, when Lehman went under around $400 Billion of CDS contracts were at risk. This story explains what ACTUALLY happened and why meltdown did not occur, and probably will not.