a bunch of times already i've plugged the this american life episode, "a giant pool of money" as the best explanation of the housing credit crisis i've seen. this week's TAL episode is the sequel of sorts, "another frightening show about the economy." the latest episode focuses on the events of the last two weeks: what exactly happened to the credit system, why it caused so many people to freak out and whether the $700 billion bailout was a good idea.
"another frightening show" is not quite as good as "a giant pool." the explanation in this week's show is a bit more complex and than the "giant pool" was. but i think that's because the crisis itself is more complex as it grows from a bad mortgage problem to an overall credit and financial market problem. considering that this is perhaps the #1 issue right facing the country and world right now now, i really think it's a great way to be walked through the problem in a way that is fairly accessible.
the last act is particularly interesting. it discusses the pros and cons of the bailout bill that passed last week. it paradoxically both confirmed that i was right to oppose the plan last week and made me feel more hopeful about the version of the bill that passed. how'd it do that? you'll have to listen.
anyway, even if you're not sure if you want to sit through this week's episode download the mp3 anyway. this week it's free. after this week, it will cost 99 cents to download (although you can stream it for free). why not grab the mp3 while it's free? and you can buy or stream "a giant pool" if you haven't heard it already.
