Would you like to know what “financial crisis” means?

October 27, 2008

I know I did.

If you have not listened to the This American Life Episode #365, I highly recommend it.  It’s informative, impartial, and interesting.  (iii reflects !!!)

My favorite part of the program was the 2nd piece on credit default swaps.
Ira tells* us that “one way to think about this product is this: if bad mortgages got the economy sick, these next things you’re about to hear about spread the sickness into an epidemic. these are credit default swaps.”

And, Alex Blumberg says*, “Now normally when you think of physicists inventing scary things, atomic weapons come to mind. And credit default swaps have been called [by Warren Buffett]… financial weapons of mass destruction.”

*tells and says: what i heard & transcribed. but, have a listen for yourself!

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One Response to “ Would you like to know what “financial crisis” means? ”

  1. MrOink on October 28, 2008 at 2:20 am

    Impressed was I. Good this was. All of it I listened to. The man is Ira Glass.

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