Posts Tagged ‘recipe for global recession’

The current housing market/credit crunch is certainly no secret.  But getting a grasp on what happened and is now happening is a real trick. 

Driving back from Florida on Sunday I caught NPR’s “This American Life.”  I am not always the biggest fan of the show, but this Sunday they laid the whole thing out in very real and understandable terms, and did it with very human interviews of people involved on both ends, those making obscene amounts of money on a housing market they knew was overheating, to those who are losing their homes because a bank was willing to loan a half million dollars to a man with three part-time jobs, no assets and who was so undependable that a loan shark would not even loan him money. 

This was one of the most engaging programs I have heard in a long time.  Well worth an hour investment to understand just why our economy is in the state it is in.  Here is an mp3 of the entire hour program.  Download it to your ipod or other mp3 player, or burn it to a CD and take the hour to check it out.  You won’t regret it.


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