The current housing and credit problems in the United States are at one level, very complicated, but at another level come down to two basics human instincts:
- To make as much money as possible as quickly as possible (avarice)
- “they are doing it so we will too” (the lemming factor)
By far the best explanation for the whole mess I’ve come across was broadcast recently by This American Life. As always the show is expertly produced and provides new insight. Now for some reason, maybe because it was a joint production, this episode is the only one in the last several years that is not currently available for streaming from their website. Fortunately I had downloaded it from their podcast and so have a copy of the MP3. The link is below.
This American Life: The Giant Pool of Money, Episode 355, Broadcast May 9th, 2008
Tags: credit crisis, housing crisis, Radio, This American Life