wanted: plain english version of the bank crisis

| 5 Comments

I'm a reasonably well-read, well-informed, well-educated person. And yet, even after reading through multiple news stories this morning about the events taking place on Wall Street, I still have no idea how this actually affects me and people like me (other than the fear that the federal government will throw even more tax dollars at these banks).

Is there a place that I can go to get the "financial crisis for dummies" version of what's going?

5 Comments

I ran across a link to a This American Life episode on the subject today. More 'how we got here' than 'what now?' but interesting:
http://www.thislife.org/Radio_Episode.aspx?episode=355

I felt exactly the same way.

Found this graph in the Washington Post this morning. It walks through how we got where we are now in a way that I could understand.
http://www.washingtonpost.com/wp-dyn/content/graphic/2008/09/16/GR2008091600631.html

It'd be interesting to see what the historical public statements of the candidates have been leading up to this crisis. To see if anyone had the providence to see this coming or if they are just seizing this crisis because it's politically convenient for them to come in on their white horses.

Not exactly what you are asking for but a reminder of why there are so few plain English articles on the current financial crises. From the Columbia Journalism Review.

Boiler Room
The business press is missing the crooked heart of the credit crisis

By Dean Starkman
http://www.cjr.org/essay/boiler_room.php

My favorite take so far is Douglas Rushkoff's "Financial Melt Up" post today:
http://rushkoff.com/2008/09/17/financial-melt-up/

Here's a series of blog posts giving the larger perspective since this was, in fact, a problem with a long history: http://www.progressivehistorians.com/2008/05/since-i-wrote-my-essay-on-bill-clintons.html

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