Anyone with a sense of fairness, and a need for knowledge of the current worldwide financial situation should listen to this radio cast. It is about an hour long, in two sections, so you will have to dedicate some real time to listen to it. It was prepared by NPR - yes the "liberal" NPR - But it does a really good job of explaining the cause of the bubble (the big "global pool of money") in language we can all understand, with interviews with the guilty and the not guilty. You'll never get this kind of info from the TV networks. What's scary is that this story was done in May 2008 - and nobody listened. You may have to to cut and paste the link below, as I'm not sure if it will come up as an executable link. I'd love to hear all of your comments. This is amazing.

http://thislife.org/Radio_Episode.aspx?sched=1242

Click on "Full Episode" under the picture of the dollar bill.

Thanks, Collie. I printed out the transcript and will read it this evening.

Thanks for the great tip. I just listened to the shorter companion version that was aired on "All Things Considered" and will listen to the "This American Life" tomorrow.

Thank you for the link.

I like to listen to NPR, but I do not do it often enough. Usually it is when I am in the car or when I check in each week to catch the weekend edition of "Marketplace Money."

I will listen to this show later. And you are right, it will not make me happy. But I have not been happy about this mess all along, so at least I will not be surprised.

Boomer

Well, I read the transcript and it is now 2:45am so that should tell you my reaction.

It really made me doubtful that any "rescue plan" (formerly known as a bailout) will work. Certainly if the government does nothing we are in big trouble, but I am beginning to think that whatever the government does we are all in for hard time. Personally, we and likely most retirees will be severely impacted with retirement savings and even pensions taking a big hit. Of our 4 kids and their families, I think 2 have jobs that will be in danger. For one family, a modest house that they can afford now will be gone with the job. And we may not be able to help.

Very discouraging. My question is whether or not adequate banking regulations would have prevented this. It sounded like the wonderful "innovative financial products" might still have been developed and any regulations would have only slowed the pace of this disaster.

Just completed listening to this entire thing...it validated many things I had been told and taught me so much more. More than ever, we should NOT BAIL out of this situation but suffer the consequences and get back to what made this country great.

Originally Posted by another Linda

...

It really made me doubtful that any "rescue plan" (formerly known as a bailout) will work. Certainly if the government does nothing we are in big trouble, but I am beginning to think that whatever the government does we are all in for hard time.

...

Very discouraging. My question is whether or not adequate banking regulations would have prevented this. It sounded like the wonderful "innovative financial products" might still have been developed and any regulations would have only slowed the pace of this disaster.

Depends what the government does....throwing money without simultaneously fixing the root cause(s) of the problem just means we're throwing money wildly in the air.

Until late 1999 the post-1929 (Glass-Steagall Act of 1933) governed the financial industry. However, the quest for higher profits (at much greater consumer risk) led to heavy lobbying and the resulting Gramm-Leach-Blibey Financial Services Modernization Act of 1999 which axed Glass-Steagall and allowed the morphing of banks and other financial institutions into the mega-monsters which are now collapsing and screaming for taxpayeer bailout. For interesting reading, just google the Financial Services Mondernization Act, read the legislative history and see who voted for it. Amazingly. almost all of the supposed Congressional saviors voted for this Act, and most of them have a long track record of reeiving financial industry campaign contributions.

So, it's difficult to trust those who got us into this mess when they now yell "the sky is falling" in panic mode, and their only answer is to throw money at the industry which has been bolstering their campaign coffers for years. I wonder how much of the money will end up back in the Executive Offices of these financial industry giants and/or as further contributions to the Congresspersons who whipped the vote.

Hey Linda - I'm discouraged about the situation too - and don't think us "folks" can do much about it now. It may be too late for pressure on the political system. All we can do is wait for the fallout. Really discouraging . . .

Just a comment - I'm from Syracuse too (Clay) - and my signifcant other is Linda. You don't think that my lady has been posting to TOTV behind my back, do you? Nah, couldn't happen . . . could it?

about this bill when there has been Billions and billions and billions (sounds like Carl Sagan eh?) given away for programs we know very little about...or even cared about.
Of course all the others are not being spun for a Presidential election. But just think about it....if the American people were as informed about pending any and all pending legislation maybe there would have been more benefit to we the people.
So to be all wound up about a paltry $700 billion because the media and the politicians are CONTROLLING the sheeple is a bit hypocritical.
How about an example? OK....let's see what could be legislation that would have much more significant impact on we the people? How about energy independence? We are up over $700 Billion per year being sent out of America EACH AND EVERY YEAR and growing....more than tripled since the 70's.
This problem that continues to surface several times a year just doesn't seem to bother us nearly as much. Now why is that?
The states of TN, GA and the Carolinas have been without gasoline for days.
We are maxed out on refineries...no nw ones in over 20 years. The vulnerability just waiting to implode will be a real catastrophe that will not go away as easily as the paltry $700 bail out/rescue. It is only a matter of time before it happens.
So why are we not clammoring about getting something done?
Look in the mirror. Because we the people are managed by the media and the politicians.
Yes I am ranting. But being one who does follow legislation that matters. That does write to legislators unfortunately me and the very few like me are so in the minority and the legislators and media know it that it just doesn't matter.
Just remember when your vehicles are parked in the drive way....no prospect of fuel for months and months....then the food and medical distribution becomes affected...then the lights don't come on like they used to...and so on.....doesn't that bother anybody?
Apparently not, so I really have a hard time understanding why the insignificant $700 billion that at least holds promise of some payback is such a big deal...except the media has led us there....no other answer.
Energy loss will make it pale by comparrison.
Anyway...the silent majority will raise when it is too late.
Get your candles and canned beans ready....what will we do when we can't turn on the TV to determine what to do? To believe?
It is only a matter of time....

BTK

Look in the mirror. Because we the people are managed by the media and the politicians.
__________________________________________________ ____________________

BTK....I can not find words to say how much I agree with you !!!!!!! This entire thing has been one big soap opera, and when I look at it..and this is just me....a bailout helps ONLY those who were playing the system, and is paid for by ONLY those of us jerks who pay taxes, work, and do it the right way.

Originally Posted by collie1228

Just a comment - I'm from Syracuse too (Clay) - and my signifcant other is Linda. You don't think that my lady has been posting to TOTV behind my back, do you? Nah, couldn't happen . . . could it?

Another Sybericusian! Am I your SO? Nah, even in Syracuse there are enough Lindas to choke a horse. ( sorry topicop)

I hope what comes out of this financial fiasco, however serious it is and forever how long it negatively impacts us - is a wake-up call.

Whether the wake-up call is under an Obama presidency or McCain presidency - I hope the people of this country are shaken to the core into realizing our economy can't be based on smoke and mirrors and false imaginary wealth and excessive credit. I hope we are shocked into an awakening to the facts that we can't spend more than we have or earn, either personally or governmentally.

It has been so easy for Americans to say we want low taxes and, at the same time, insist on more government programs and government assistance. We have only been fooling ourselves and putting off the inevitable. The inevitable may be here. This is our learning time. I hope we are all good students.