Last October, I posted about a terrific explanation of the mortgage crisis that had been done on This American Life.
Well, they’ve done it again: Alex Blumberg and NPR’s Adam Davidson explain how a bank works in terms any of us can understand, and then explain toxic assets and all those other terms bandied about on CNN and MSNBC.
That show, Bad Bank, is available for listening on the TAL website, but is also downloadable on iTunes (free at this writing, but perhaps costing a buck or so later — search podcasts for This American Life, then pick the show Bad Bank).
Go grab it, then listen. Carefully. Do not imagine you understand what the hell is going on until you do. We cannot be good consumers or informed citizens until we get this stuff.