this kind of piece is why i hope traditional papers never are never replaced by blogs
This past weekend the "This American Life" was pretty helpful. And it's free for podcast download!
I said this in another thread, but you should definitely listen to This American Life's recent episode, "Another Frightening Show About The Economy": http://thislife.org/Radio_Episode.aspx?episode=365
Meisha & Fnarf, I just listened to the TAL podcast while at the gym this morning, and it was the most depressing workout ever. The episode was a sort of follow-up to the one they did last spring on the mortgage crisis - Ep. 355, I think, available for purchase through the website.
“I’m not worried about Fannie and Freddie’s health, I’m worried that they won’t do enough to help out the economy,” the chairman of the House Financial Services Committee, Barney Frank, Democrat of Massachusetts, said at the time. “That’s why I’ve supported them all these years — so that they can help at a time like this.”
I'm really surprised that you linked this up here for the article doesn't seem point to Dubya or Sarah Palin as the main culprit in this mess. How can that be? Surely, Trig had some fault in all this.
No, the real asshole and culprit is Barney Frank and his lib buddies that refused to allow even the slightest bit of regulation on these hallowed institutions. (And that Franklin Raines fuck.) Always pushing for stronger new regulations on corporations but repealing those aimed at our great socialist mortgage insurance holes.
Yes, it's depressing, but it's important to understand why all this talk of "bailing out Wall Street while giving nothing for Main Street" is so idiotic. There is no dichotomy there; we NEED "Wall Street" (really, international banking) to make Main Street go. The "bailout" may not be enough, but the political cost of it, by ignorant nimrods intent on punishing those they believe are responsible, no matter what the cost, means that we'll never be able to fix it. We're just going to watch it go down.
Pair the suggested article with This American Life's show, "Big Pool of Money" and suddenly, the entire mortgage mess/credit crisis/scary money stuff will make sense.
Here it is: http://www.thislife.org/Radio_Episode.aspx?episode=355
Apparently, "being hip" and "understanding shit" interfere with each other.
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