OMG! This weeks "This American Life" is a MUST HEAR! Check out this preview...

Up2Late

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Sat May-10-08 12:51 AM
Original message

OMG! This weeks "This American Life" is a MUST HEAR! Check out this preview...

Edited on Sat May-10-08 01:00 AM by Up2Late

...that they just played on NPR's "All Things Considered," It's the FIRST REALLY GOOD explanation of what is really going on with "the sub-prime mortgage mess" thing:

Global Pool of Money Got Too Hungry

Listen Now <12 min 53 sec> add to playlist

All Things Considered, May 9, 2008 � NPR's Adam Davidson and This American Life's Alex Blumberg jointly report on how rising defaults on sub-prime mortgages in the U.S. became a global financial crisis. This American Life host Ira Glass talks with Michele Noris about this first ever collaboration.

(audio at link) http://www.npr.org/templates/story/story.php?storyId=90327686

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Fridays Child

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Sat May-10-08 01:03 AM
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1. This is a great program.

Thanks for posting the link.

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Up2Late

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Sat May-10-08 01:18 PM
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2. Listening to the full program now...

Edited on Sat May-10-08 01:26 PM by Up2Late

...it does sound amazing.

What did they say 28 DEAD PEOPLE in Ohio got one of these loans?:banghead:

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Up2Late

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Sat May-10-08 02:25 PM
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3. The only thing that disappointed me a bit about that show was...

...they said what happened, but they didn't say much about why.

Here are the top reasons as I see it:

Bush 43 era De-regulation

Bush 43 FY2001 Trillion Dollars Tax Cut

Bush 43 "Alice in Wonderland," un-sound fiscal policy (not dealing with the 2001 Recession in a realistic way) in other words, too much stimulus, not enough pain for the "investor-class"

Bush 43 policy of job "outsourcing" (shipping all our job to India and China)...

I could probably keep going, but that enough for now.

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Fridays Child

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Sat May-10-08 06:31 PM
Response to Reply #3

4. I hear what you're saying but there was also an attitude on Wall Street, coming out of the '90s...

Edited on Sat May-10-08 06:45 PM by Fridays Child

...that every deal, no matter how pie-in-the-sky or hare-brained, was gold. Couple that with the factors you listed and voila! It was a nexus of events and conditions, a perfect storm, so to speak.

And, now, those treasury bonds that were so boring are looking mighty sweet to that global money pool. The only problem I have is, aren't the firms that gave all those mortgage-backed securities AAA ratings the same firms telling us that U.S. treasury bonds are just as safe?

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Up2Late

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Sun May-11-08 03:30 AM
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5. Kick n/t

:kick:

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DemReadingDU

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Sun May-11-08 09:05 AM
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6. I recently started listening to This American Life

When I was walking my dog on a Sunday afternoon, I heard a program.
Very good topics, and my dog got an hour walk instead of 1/2 hour walk! Looking forward to today's walk to hear about the sub-prime mortgages.

Here is a link to find other programs for this year...
http://www.thislife.org/Radio_Archive.aspx?year=2008

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