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Keeping Up on the Financial Crisis
By Mark L. Casey | October 13, 2008
The past few months have been demanding on those of us who try to stay informed about the financial world in which we live and work. The fact that you are reading a sourcing blog confirms that you work in the real world of product design, development, and/or manufacturing. All of these functions occur in the context of a local, regional, national, and global economy. If the economy at any of those levels begins to fail, it has an impact on all of us.
For this reason alone, we all have an interest in what is going on in Washington, on Wall Street, and in the world’s financial capitals. But, who among us not trained in economics and finance can really get a handle on it all? From the complex mortgage instruments that fueled the sub-prime mess to the current challenges in the credit markets for commercial paper and credit default swaps (CDS), it is enough to make the head spin.
Into this confusion steps Ira Glass and his colleagues at NPR to help us learn and understand. The first program related to the financial crisis I listened to on Glass’ wildly popular and meticulously crafted radio program This American Life was program #355 entitled “The Giant Pool of Money.” After listening to that program, I understood at a basic level what the problem was and how it got started. It is just an excellent program.
In the recent episode #365 entitled “Another Frightening Show About the Economy,” Glass and his NPR colleagues Alex Blumberg and Adam Davidson break down the commercial paper and credit default swap problems. Their approach makes even complex instruments understandable. These guys are doing a great job of educating their listeners on what is happening. As of this writing, the most recent program #366 entitled “A Better Mousetrap” includes Act 2 on the financial crisis which answers the question about which party is to blame.
While I am encouraging readers to listen to these podcasts on the economy, I have to also say that I am a huge fan of This American Life in general. It is not only smart and challenging, often it is really funny. Do yourself and your iPod a favor by subscribing to this outstanding free programming.
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