This American Life #355: The Giant Pool of Money
Poignant story from This American Life about how the credit and housing crisis occurred, sharing the stories from home-owners on the brink of financial ruin to CDO multi-millionaire brokers who lived like “b-level celebrities” during the high-times of the housing bubble.
The subprime housing crisis roiling the economy has made its mark on Newark’s landscape, as reported by the Times last year. Interestingly, one of the interviewees met with a financial counselor at NACA, the Neighborhood Assistance Corporation of America, in their downtown Newark office on Park Place.
Click play below to listen to the podcast in its entirity, which runs about one hour.
This American Life producer Alex Blumberg teams up with NPR’s Adam Davidson for the entire hour to tell the story — the surprisingly entertaining story — of how the US got itself into a housing crisis. They talk to people who were actually working in the housing, banking, finance and mortgage industries, about what they thought during the boom times, and why the bust happened. And they explain that a lot of it has to do with the giant global pool of money.