As I’ve mentioned before, This American Life is one of my favorite radio shows. Now that free podcasts are available each week, I am in radio heaven. I wanted to call your attention to this week’s episode, which was unusual for a number of reasons. First, Ira Glass has laryngitis. Second, and more importantly, this is the single best explanation of the current mortgage/credit crises that I have heard. It even makes sense to guys who flunked economics (not that I know any of them).
It is a combined effort of the This American Life and NPR news teams, and is definitely work the download. Only you have to act quickly, as this week’s podcast is removed by Saturday. If you don’t get it in time, let me know and I’ll send you a copy (but don’t tell anyone). What is remarkable, is that you will find yourself asking the following question at least 5 times during the story “Why didn’t someone just say no?”
Here’s the description from the website (where you can download it):
A special program about the housing crisis. We explain it all to you. What does the housing crisis have to do with the collapse of the investment bank Bear Stearns? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money.