Crisis of Credit

Annnnnnd, we're back. Thank you caller. We were talking about the messed up US economy and how such a thing happens and who is to blame. Well, as Pogo said, "We have met the enemy and he is us." Oh, and also the enemy is the sickening and woefully insatiable gluttony of Wall Street...Pogo forgot to mention that part.

To date, the best explanation of what the heck is going on with the Great Recession that I have seen is "Crisis of Credit Visualized"--an animated primer on how the American economy went belly up based on credit default swaps, collateralized debt obligations, sub-prime mortgages, credit crunches, and other highly jargonable phrases uttered on NPR that you might not have fully grasped when they first smooched your ear with their authoritative yet somehow incomprehensible syllabic combinations.

Enjoy. (For a while I had this thing parked on my Bookmarks toolbar; that's how good it is.)

PS - I am loving the idea that Greenspan seems to be saying, "Uh, about that whole self-regulation thing, I might, uh, have been wrong." Well, maybe the economy can rise like a phoenix from the ashes of boneheaded, unregulated greed. Oh, and "1901" by Phoenix is on fire; now playing on iTunes.