Back in May, This American Life (iTunes – Feed – Web Site) aired an episode called The Giant Pool of Money (stream here). The show, which demystified the mortgage crisis in an unsual way, became a major hit. Now, they have aired a sequel: Another Frightening Show About the Economy (stream here), and it explains the ripple effects of the original mortgage crisis that have pushed the American financial system to the brink. How did commercial paper freeze up, and why does this paper matter? What exactly are credit default swaps, why wasn’t this massive market regulated, and how does this poorly understood market threaten our economic well being? It’s all answered here. Give a listen.
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