Back on September 16 (Hey! That's the day I broke my ankle! Little did I know what lay in store for me when I wrote that post.) I gave a link to the May 9 episode of This American Life. This one-hour broadcast gave the clearest explanation anywhere of how the sub-prime mortgage crisis came about. If you have not heard it, I suggest that you grab your knitting, sit back, and listen to it. (Click on "Full Episode," above halfway down the page in the left column.)
Today someone sent me a link to a follow-up episode produced by the same two journalists that did the first one. In this show they explain what has been happening since Lehman Brothers went bankrupt in September and all hell broke loose in the financial markets. Once again, I suggest that you grab your knitting, sit back, and listen. It is relatively easy to understand -- these guys are great at with simple explanations of complex things -- and highly informative.
And scary. Very scary.
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