Thursday, October 02, 2008

So Why do we Need that Bailout?

This is the best breakdown i've seen of what exactly happened last week that made everyone think we were going over the edge. This will explain the thing that triggered our leaders to suddenly say 'we may only have days to handle this crisis'. What is amazing is how clear they make what happened last week and how no other media outlet (i saw) explained this. Spend 5min and listen even if you have only a passing interest.

go here to listen to it (it is short):

The Week America's Economy Almost Died

1 comment:

brd said...

This is helpful. Thanks. I wonder about the relationships. How did the subprime lending practices feed the bigger problems?

I do see the potential for massive failure. I guess what I don't see is how a 700 billion infusion fixes a bad system. Does it just delay the crash and leave the taxpayer that much poorer when they have to actually fix the system?

I just can't be a believer that Congress has, in 2 weeks, come up with a solution. I'm especially ticked that instead of changing the bill when the house voted it down the first time, all the senate could do (and maybe I'm wrong about this) is apply some sweeteners.

I've got to read the summary of that plan this weekend.