The fat lady hasn’t even walked onstage

The credit bubble is just starting to unwind, a credit-derivative insider says. And while U.S. borrowers are being blamed for the mess, they were really just pawns in a global game.

When asked if  we were in the third inning on this, insider Satyajit Das, author of a 4,200 page book on credit derivatives, just laughed, saying we’re still listening to the national anthem, the game hasn’t even started yet.