Things that are going on right now are very complicated. Anyone who thinks they completely understand is kidding themselves. That said, it is possible to get a general handle on things, though unfortunately, television and even NPR, until now, have got the problem ass backward. I want all my friends to hear this show. Because you will enjoy it, and come away from it the wiser. And, right now, you need to know this stuff.
The ‘bailout’ won’t help anyone outside of financial institutions, mostly overseas. It was done under threat from the Chinese government, and was effective at resolving or delaying the problem as if it had been flushed down a toilet. Incidentally, it was just as effective in restoring ‘liquidity’ or make ‘credit’ available. The problem on Wall Street is a crisis of trust, nor some confabulated financial concept.
In any case, here is the clearest, most concise and yet comprehensive presentation yet on the problem. It’s also entertaining: This American Life is a priceless institution. Let Ira Glass’s podcast take you through the economic crisis and the ultimate solution we require.
This is both scary and heartbreaking. People just up and walk away. I hope they are ok, wherever they are.