If I hear one more person flippantly say – “It’ll come back… we’ll recover….” I think I’m gonna scream! Trillions of dollars of wealth have been evaporated — lost and gone forever!! That means probably you, your friends, your parents, and other acquaintances have lost some portion of their savings. Entire countries have gone bankrupt! This economic crisis is a complicated and serious affair. It will affect every single one of us, regardless of who is to blame.
I encourage you to check out a radio podcast from Ira Glass’s “This American Life.” You might be familiar with the program if you listen to NPR. The name of the program is The Giant Pool of Money, and it originally aired in March of this year. (click on “Full Episode” to listen from your computer). They do a great job of explaining how the sub-prime mortgage lending practices brought down the system.
Then they aired piece that explains how that sub-prime crisis led to the credit crisis, called Another Frightening Show About the Economy.
There’s not much we can do, now that the giant wave is about to hit, but we can increase our understanding, in order to make informed decisions about what to do with our money now and in the future.