Sev­er­al years ago, I had lunch with the for­mer head of a large invest­ment bank who talked about how Wall Street had a built-in bull­ish bias, and any­one who goes against the grain, does so at their own per­il. Below you’ll find a good exam­ple of that. Here we have Peter Schiff, head of Euro Pacif­ic Cap­i­tal, sound­ing the alarms repeat­ed­ly on Fox “News” in 2006-07, mak­ing pre­dic­tions that turned out to be remark­ably right, and watch the scorn that gets heaped on him. Imag­ine if the grown ups had both­ered to mind the store dur­ing the past decade, to see some of the obvi­ous prob­lems mount­ing. We might all be breath­ing a bit more eas­i­ly today.

via The Dai­ly Dish

Here’s the moment when Chica­go, Oba­ma’s adopt­ed home­town, learned about his vic­to­ry Tues­day night. It has been a long time since we’ve seen this kind of civic engage­ment and excite­ment. Catch the moment below and watch his vic­to­ry speech here.

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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