Are credit default swaps “financial weapons of mass destruction” as described by Warren Buffet?

Are credit default swaps “financial weapons of mass destruction” as described by Warren Buffet?.

Are credit default swaps “financial weapons of mass destruction” as described by Warren Buffet? If so, why? Should they be regulated? How should financial institutions best use them? What are the pitfalls of credit default swaps? What are the major benefits? Do you have different answers for any of these questions for credit default swap baskets (CDX)? (Try to write your thoughts more professionally please.)