October 07, 2008
|Finance You Can Understand||Economy|
Today the news is all about "commercial paper." What's that about? And Credit Default Swaps (CDSs). They have something to do with this whole mess, right? But what are they? And what about the Paulson plan? Was there an alternative?
For an absolutely superb explanation, go listen to this audio at This American Life. Nothing out there matches it for vividness and clarity.
And for an equally clear and vivid discussion of the whole mortgage bubble and the Collateralized Debt Obligations (CDOs) that fueled it, go listen to their other audio from last May. Equally superb.
The team who put these shows together now have a daily podcast "Planet Money Podcast" that you can subscribe to for free at iTunes. (Update: They're also available at http://www.npr.org/blogs/money/)
I can't recommend them too highly. Listen and learn.
I listened and I learnt, the team has produced the most succinct, detailed analysis of the credit crunch I have heard. I was stunned by the practices employed to feed the 'money pool' Greed at every level certainly seems to be at the core of the west's woes. The flow of wealth upwards is seemingly unstoppable. Time for a change !
Thank you Jonathan. You continue to cut through confusion and inform !
Posted by: Jim at October 8, 2008 09:23 AM