I chanced on an excellent episode of This American Life today on KQED radio titled 'The Giant Pool of Money'
A special program about the housing crisis produced in a special collaboration with NPR news. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall street? 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.
The program does a fantastic job of explaining to the listeners how the subprime mortgage crisis happened, and has led to the current global credit crunch. Alex Blumberg and Adam Davidson describe the events in simple terms through the personal stories of some of the people involved in this financial chain - borrowers, brokers, bankers and investors. Download the podcast here while it is free.
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