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, Â 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). Â
Go grab it, then listen. Carefully. Do not imagine you understand Â what the hell is going on until you do. Â We cannot be good consumers or informed citizens until we get this stuff.