I think I will dedicate my Wednesday's to trolling the prior week's worth of economic news and posting what I found most fascinating. Maybe with a little help from my friends I can give you a bit of an insiders view on some item, but I will keep it simple for now. There will be links to what others have written, as well as some fun audio and video links, and very little commentary about economic matters because I don't really know that much myself. This week there is a bunch of stuff, since I have been saving it up.
Today the mortgage meltdown in a few easy steps. (I am center-left in my politics, so don't expect this or anything else to be a balanced. I am also a giant fan of PBS & NPR, so you will be seeing many posts from either or both.)
For starters, we will reach back in time to one of the most interesting podcasts of the year. This American Life is one of my all time favorite radio programs, and fortunately for me they podcast it so that I can actually listen to it on my time. In May they put together an incredible piece on this credit mess entitled "The Giant Pool of Money" (episode #355, in case you were wondering). Listen to it here or download it from apple here.
The next three are in rapid fire order, interconnected, and make the most sense in the order that I have them below.
The first is a report and interview from Bill Moyers Journal on how the mortgage meltdown had effected Cleveland and what the city of Cleveland did to try and stop it. It also focuses on the idea of usury, which for people of my generation seems like a quaint and outdated term, especially with its omnipresence in the Bible. It, however, is as important today as it ever was. Watch it here or download the audio from apple here video here. [Note: iTunes video, unlike the audio, is by show segments and not the entire show.]
The second is David Brooks' op-ed in today's NYT entitled "The Culture of Debt." Mr. Brooks always finds new ways to make me ever so proud once again that this seemingly harmless pundit is from Wayne, Pa. Brooks' touches on Moyers' piece as well as a Times article. My conclusion is that in Brooks' world personal responsibility does not enter the government or the business world. That and the Baby Boomers really are ruining the world by their actions or how crappy they taught their children. (Brooks will never say this, nor will any of the other Baby Boomer pundit class who are only grasping at what the modern world means. For example see Richard Cohen's op-ed in the Post today where he becomes your old codger next door neighbor. The Me generation still strutting its stuff like a balding peacock. By the way my last conclusion is what I draw from his op-ed and not a personal opinion.)
Third and final stop is Jim Sleeper's response article to Brooks' op-ed over at the TPM cafe. The passionate wrist-slapping (if not full on slap in the face) of Brooks is easily seen despite the typos. It is long, but well worth the pay off if you thought that Brooks' article was even somewhat believable.
Keep your chin up, it could be worse. We could be Zimbabwe. Though they don't have that ex-Senator, lobbyist, and economic adviser to McCain laying in the weeds telling us all that we shouldn't be whining about the economic problems of this country. I think that is a winning strategy, don't you?
_John
image: "pig money box" from flickr cupcakes for clara
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