A few weeks ago I posted a link to a This American Life episode on the financial crisis called The Giant Pool of Money. Now comes part 2, Another Frightening Show About Money. It focuses on the last few weeks: Lehman, AIG, commercial paper, credit default swaps -- and it's really informative and clarifying, like the first episode. If you have an hour, it can really help you make sense of the crisis.
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I just sent the following e-mail to my represenative on that serves on the House Financial Services commitee and to my Senator that serves on the Senate Banking comittee. Everyone who is representated by congressperson or senator that serves on one of those comittees should do the same. Cut and paste from here:
Dear Senator abcdefg:
How long have you served on the Senate Banking, Housing and Urban Affairs committee?
What have you done during your tenure to help update the outdated regulations that govern our financial systems?
So many people within the banking industry predicted the current financial crisis. With so many senators Senate Banking Committee and on the House Financial Services committee, it is hard to believe that you all did not see it coming to. If you did not see it coming, why not? If you did see it coming, what did you try to do about it?
Please provide me with direct answers. It is time for accountability.
Regards,
Cosmo Brown
Very interesting that over the weekend the Bush administration is rushing to re-vamp the bailout plan to so the U.S. Taxpayer via the Government would own shares of the major banks. Exactly what the NPR podcast talks about towards the end. Ira Glass and company are right "on the money." One of the best recommendations that this blog has made.
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