Tuesday, March 03, 2009

Breaking the bank

Once again, This American Life comes through for us all by taking another look at our faltering economy. Whereas the previous episodes focused on the buildup to the Wall Street meltdown, this episode tries to break down what’s going on with the banks and why they’re all in such trouble.

In order to provide clarity to financial laymen like myself, they make it an emphasis to explain things in as direct a manner as possible. The result is as enlightening as it is infuriating.

Basically, what you get out of it is that people have largely been irresponsible by taking out loans that they weren’t qualified for, the banks were greedy bastards by approving all these bad loans, everyone is looking to the government to bail them out, which means that honest, poor joes like you and I are going to get screwed no matter what. Wonderful.

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