Financial crisis 101

If you’re like me, the news about the financial crisis is hard to follow. There’s a lot of economic jargon that I don’t quite understand, and it’s hard to see how it relates to every day life for someone not on Wall Street.

My friend Carwil is compiling info at his blog to help make sense of what’s happening. If nothing else, take the time to listen to the “Giant Pool of Money” episode. It really helps explain things in plain language.

clipped from
First up, is This American Life’s collaboration with NPR on The Giant Pool of Money, an hour-long radio documentary on how excess cash begat a housing boom, a mortgage collapse, and the credit crunch. Ignore the bit from early this summer when they speculate that everything will only get as bad as the 1970s. As Lehman Brother’s understated last dispatch declares:

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