Get Updates in your Feed Reader- The Giant Pool of Money - The entire episode of This American Life is dedicated to detailing just what happened to lead us into this global credit crunch. The answer couldn’t be simpler.
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I actually listened to this while it aired on NPR the other day. Great show and explains the problem (read: downward spiral of greed) pretty succinctly. Great link.
This was a great episode I wasn’t able to hear very well when it aired, due to lousy reception where I was, so I was glad you reminded me of it with the link.
They do an excellent job exposing the stupidity of these “synthetic” investment vehicles. A perfect example of why we need vigorous regulation of the so-called “free market”