Posted on

Economic troubles, simply explained

I just finished listening to the clearest explanation of the current financial crisis I've heard yet. Ira Glass, on his radio show "This American Life", takes the time to explain various financial products and how they've contributed to the major problems we've seen up to this point. If you're concerned about the economy but aren't exactly an economic wizard, this is the show for you.

My hat is off to Ira Glass and This American Life for breaking down the complicated world of finance in ways that are easy for anyone to understand. It won't make you feel better about our current economic system, but at least you'll understand why you should be worried.

The episode is called "Another Frightening Show about the Economy."
The mp3 file is available to download as well.

UPDATE: The radio show above mentions a daily podcast that gives daily updates on the financial crisis. The podcast is called Planet Money; run by the authors of the Planet Money blog. I haven't checked out the podcast yet, but it's on my short list. The Planet Money blog does appear to be an easy read, even for non-financial types.
_____________________________
Thanks to BoingBoing.net for the tip. Clay Burell also pointed out This American Life's earlier show on the economy.

Posted on

Economy: FAIL

Understanding the ins and outs of the United States economic woes of late isn't exactly my strong suit. I get the basic concepts, but I'm not claiming to be much of an economic expert. This picture is definitely the best I've seen to date in describing the recent turmoil:

Fail!

Yes, that is Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke in the foreground.

As a subscriber to ICanHasCheezeburger and the FAIL Blog, I appreciate this "protester's" simple yet effective analysis of the situation.

In other economic related news, Gov. Jodi Rell of Connecticut (that'd be my governor now) said:

When the markets and Wall St. seem to be in flux and the state budget is extremely tight, we're going to have to make the most of every learning opportunity that's out there.

Hmmm...that sounds an awful lot like, "Education isn't going to get much funding in the future, so start figuring out how to run a school on a shoestring budget."

Considering many economic-related stories have been using descriptors like "unprecedented" and "first time since the 1930's," perhaps that's the least of our worries.

__________________________________________________________________________

Image by Getty (Chip Somodevilla) via denverpost.com :: via Gawker :: via my wife who recently started using Google Reader to share items with me

Jodi Rell quote via WSHU public radio