Wed, September 30, 2009
Another Helpful Primer On the Economic Collapse
Last week, the NPR show This American Life marked the anniversary of the housing-credit crisis by updating its entertaining report on the events that led to the collapse of the credit markets last year.
The report follows several threads, interviewing those who borrowed heavily and others who to made their living lending in the go-go days before the crash. It provides some good examples of how truth can sometimes be stranger than fiction, as when one man explains how he got a mortgage for a half a million dollars without an income check - which was the only way he could borrow, since his annual income was about $45,000.
You can listen to ”Return to The Giant Pool of Money” at the This American Life web site, and it can be downloaded for free if you do it before the end of this week.