A few months back, This American Life — for our money, the best show on radio — did a bang-up job of breaking down the collapse of the housing market in a way that even economic idiots like ourselves could understand. They explain how the house of cards all came crashing down: talking to a 22-year-old fresh out of college who was making six figures (a month) selling iffy mortgages, the financial analysts who warned that the sea of cash rolling was too good to be true, and homeowners who received mortgages after their incomes had been unknowingly exaggerated by their lenders.
It’s fascinating stuff.
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