Ten Days That Shook the Financial World

If you’re won­der­ing why so many domi­nos (Fan­nie & Fred­die, Lehman Broth­ers, Mer­rill Lynch, AIG) have fall­en so swift­ly this past week, give a lis­ten to today’s episode of Fresh Air (iTunes — RSS Feed — Stream Here). It fea­tures Michael Green­berg­er who gives a very lucid expla­na­tion of how/why our unreg­u­lat­ed shad­ow finan­cial sys­tem final­ly col­lapsed, and why the gov­ern­ment is sprint­ing to social­ize the loss. Good stuff here.

Sep­a­rate­ly, in anoth­er won­der­ful case of Amer­i­ca reward­ing utter fail­ure, you can read all about how Mer­rill CEO John Thain and his two senior lieu­tenants will get $200 mil­lion for “less than a year’s work which cul­mi­nat­ed … in the bank sur­ren­der­ing its 94-year-old inde­pen­dence.” Pathet­ic.

Free Presidential Biographies on iTunes: FDR and Beyond

Thanks to PBS, you can now down­load from iTunes a four-hour defin­i­tive biog­ra­phy of Franklin Delano Roo­sevelt. FDR guid­ed the US through the Great Depres­sion, then World War II, serv­ing as pres­i­dent for an unprece­dent­ed four terms. The video pod­cast run a good four hours, and it’s part of a series called Amer­i­can Expe­ri­ence: The Pres­i­dents. Oth­er pres­i­dents fea­tured in this series include Har­ry Tru­man, Lyn­don John­son, Richard Nixon, Jim­my Carter, and Ronald Rea­gan. You can watch more videos from The Amer­i­can Expe­ri­ence series online by click­ing here.

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When Fiction Failed David Foster Wallace

The news of David Fos­ter Wal­lace’s sui­cide came as a shock. 46, supreme­ly tal­ent­ed, and gone. We’re not left with much. His books, his essays, and the under­stand­able desire to find some link between his writ­ing and his end. Here’s a line that caught my atten­tion from David Stre­it­feld’s blog. (He’s a for­mer books edi­tor at The Boston Globe, and now a reporter for The New York Times.)

Fic­tion, [DFW once said], is “one of the few expe­ri­ences where lone­li­ness can be both con­front­ed and relieved. Drugs, movies where stuff blows up, loud par­ties — all these chase away lone­li­ness by mak­ing me for­get my name’s Dave and I live in a one-by-one box of bone no oth­er par­ty can pen­e­trate or know. Fic­tion, poet­ry, music, real­ly deep seri­ous sex, and, in var­i­ous ways, reli­gion — these are the places (for me) where lone­li­ness is coun­te­nanced, stared down, trans­fig­ured, treat­ed.” Maybe he asked too much of fic­tion. Maybe it failed him in the end, and there was noth­ing left.

A Movie For Our Times

Released last month, this Sun­dance 2008 selec­tion speaks direct­ly to Amer­i­can finan­cial mis­steps:

I.O.U.S.A. — One Nation. Under Stress. In Debt.

Pret­ty time­ly. Watch a short trail­er here or a longer intro below, and get more on the film here.

How Did We Get Into This Financial Mess? This American Life Explains

The stock mar­kets are bleed­ing red today. Lehman Broth­ers has gone BK, even though it nev­er had a quar­ter­ly loss as a pub­lic com­pa­ny until this past June. The finan­cial sys­tem is a com­plete mess.

How did we get into what Alan Greenspan has called a “once-in-a-cen­tu­ry” finan­cial cri­sis? Let me refer you back to an episode of This Amer­i­can Life (“The Giant Pool of Mon­ey”) which we fea­tured ear­li­er this year. (Lis­ten here.) Step by step, the show traces in its trade­mark, enter­tain­ing way how this cred­it deba­cle took shape. Along the way, you’ll dis­cov­er how 70 tril­lion dol­lars of glob­al mon­ey need­ed to get parked some­where, and it found the US hous­ing mar­ket. As the mon­ey poured in, the Amer­i­can invest­ment com­mu­ni­ty cranked out as many mort­gages as it could. And when there were no more qual­i­fied home buy­ers left, the banks start­ed low­er­ing lend­ing stan­dards until there were none left. In the end, even dead peo­ple were get­ting mort­gages (sad­ly, a true sto­ry). Give the pod­cast a lis­ten. The whole deba­cle gets pieced togeth­er in a way that you’ve prob­a­bly nev­er heard before.

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Tina Fey Has Sarah Palin Down

File this under comedy/satire, Tina Fey has her Sarah Palin impres­sion nailed. If the video below ceas­es to work, you can always watch the clip (in bet­ter res­o­lu­tion, I might add) right here.

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Writer David Foster Wallace Found Dead at 46 (Rewind the Video Tape)

Hor­ri­ble sto­ry and loss. Appar­ent­ly sui­cide. Obit here. More exten­sive NY Times look back at DFW’s career here.

Below, we have a clip of him read­ing a piece that he wrote for Harper’s. Also see our pre­vi­ous item: David Fos­ter Wal­lace: Decider­iza­tion 2007 Online, which includes a link to the essay he wrote for Best Amer­i­can Essays 2007. You can get yet anoth­er piece of short fic­tion online here as well.

Animated Poetry by US Poet Laureate

Bil­ly Collins, for­mer US Poet Lau­re­ate and one of Amer­i­ca’s best-sell­ing poets, reads his poem “The Dead” with ani­ma­tion by Juan Del­can of Spon­ta­neous. Take it away:

Relat­ed Con­tent:

Ani­mat­ed Ver­sion of Howard Zinn’s His­to­ry of the Amer­i­can Empire

An Ani­mat­ed His­to­ry of Evil

The Sto­ry of Stuff in 20 Ani­mat­ed Min­utes

Ani­mat­ed New York­er Car­toons: A Fun­ny Twist on Einstein’s Rel­a­tiv­i­ty

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Jerry Seinfeld and Bill Gates Connect with Everyday People (Long Version)

From the new series of Microsoft ads…


The Creator of the Wire on American Urban Decline

The Wire — it has monop­o­lized my DVD play­er since May. As many of you hope­ful­ly know, it’s a stun­ning pro­duc­tion. And if you haven’t seen it, do your­self a favor. Get a Net­flix sub­scrip­tion and devote your atten­tion to it for the next few months.

David Simon (the show’s cre­ator) has called his HBO series “a polit­i­cal tract mas­querad­ing as a cop show.” In a piece pub­lished in the UK last week — “The Esca­lat­ing Break­down of Urban Soci­ety Across the US” — he writes more direct­ly about the sub­text that runs through­out The Wire. The op-ed gets down to this fun­da­men­tal truth: “There are two Amer­i­c­as — sep­a­rate, unequal, and no longer even acknowl­edg­ing each oth­er except on the barest cul­tur­al terms. In the one nation, new mil­lion­aires are mint­ed every day. In the oth­er, human beings [read: Bal­ti­more and oth­er cities like it] no longer nec­es­sary to our econ­o­my, to our soci­ety, are being deval­ued and destroyed.”

In oth­er David Simon news, you can catch him in a wide-rang­ing inter­view record­ed ear­li­er this week in San Fran­cis­co. Catch it here. MP3 — iTunes — Feed.

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New Yorker Fiction Podcast: Wolff Reads Dog Heaven

In the lat­est install­ment of The New York­er Fic­tion pod­cast (iTunes Feed Web Site), Tobias Wolff (author of Old School) reads Stephanie Vaughn’s short sto­ry “Dog Heav­en.”  If you’ve nev­er heard him before, Wolff gives his own work and oth­ers a very good read (see our ear­li­er piece.).

Though the pod­cast is not yet avail­able on iTunes, you can lis­ten to the mp3 right here. Also, I’d encour­age you to check out the var­i­ous New York­er pod­casts found in our Ideas & Cul­ture Pod­cast Col­lec­tion.

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