Economics is a fascinating subject. At least I find it so.
The first econ class I took, I was so completely baffled that I was reduced for the first and only time in my scholastic experience to guessing the answers--all the answers--on the multiple choice exams.
I was challenged. So much so, that I eventually decided to major in the subject just to understand it. The most interesting class was History of Economic Thought, not only because of the subject matter and the kindly Professor Ralph Anspach, but because that was the class where I finally grasped that the dismal science isn't a science at all. But I digress.
What I want to tell you about is this: If you've been wondering what happened and are still having a hard time grasping the mechanisms and transactions that caused the "mortgage/credit crisis" pickle we're in, The Giant Pool of Money is a great resource to fill you in. Invest an hour of your time, listen to it, and I guarantee you'll "get it" once and for all. It's "economic noir" - a story of greed and guilelessness, ignorance and hubris.The whole drama, which started out as an okay investment idea, devolved into one big, fat, nasty Ponzi scheme.
But don't just take my word for it. NYU journalism professor Jay Rosen calls the episode "probably the best work of explanatory journalism I have ever heard." He tells us exactly why here.
And on a different subject altogether: Happy Birthday, Jeanne!
Causes Gloria White Supports
A Friendly Place (Oakland, CA)