FT on copulas. Johnny Cash gave it up for default correlation.
thedeal.com: CDS holders hindering GM debt restructuring
Infectious Greed: Two Contrarian Views on CDS
Kahneman: article about him and his views on irrationality applied to current crisis.
Fed Dallas: Debunking Derivatives Delrium
Geanakoplos: The Leverage Cycle. Unique discussion on the overall effect of having to post collateral in the mortgage and CMO market from an economic modeling context. Take a look at Geanaloplos Yale home page for more papers, some of which are for lay person consumptuion. Also remarkable that the Tobin Chair of Economics at Yale doesn’t come right out and say CDS did it, but he pretty much figuratively puts CDS at the scene of the crime and is checking if CDS has a gun permit.
Pink Iguana 