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Originally posted April 27, 2010, during finals week.

Now I don't feign expertise or full understanding of what's going on with the housing crisis, subprime mortgages, credit defaults, foreclosures, recession v. depression debate, inside trading or other delineations in the current state of affairs of our economic system. And, frankly, I am militantly suspicious of anyone who lays claim to "know it all": it is in many ways simply too big, complex, dynamic, backwards and susceptible to real or imagined manipulation. But on the same hand, I haven't once bought this whole "No one saw it coming" argument coming from those same people who have made it their life's work. There is just more to the story.

And it pisses me off. All of it. Not just news of the corruption and deception within these institutions that hold the livelihoods of so many hard-working Americans, but (1) the maddening complexity of the whole damn thing and (2) the way it has been packaged and sold to us by inflammatory media sources.

This has been an ongoing frustration for me. But often when I have these sort of anxieties about feeling ignorant and taken advantage of as a citizen participant, life provides. I'm not going to get prophetic but rather just share some articles, clips and recordings that have contributed to my better understanding of what's happening, in layman's terms. Some are recent and some I've held onto for a few years.

Feedback and further sources are welcomed and requested.

IF NOTHING ELSE, CHECK OUT #1 and #2

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1. "NPR: THIS AMERICAN LIFE"
Episode: "Inside Job," Act One: Eat My Shorts
http://www.thisamericanlife.org/radio-archives/episode/405/inside-job

You can stream it online. Love me some Ira Glass. If you don't delve into anything else, take a half hour to listen to this - gives full explanation of most Wall Street jargon and puts it into a real-life context. NPR worked in conjunction with ProPublica to ask, "Really? Nobody saw this coming?" ProPublica's subsequent full article on the housing crisis: http://www.propublica.org/feature/the-magnetar-trade-how-one-hedge-fund-helped-keep-the-housing-bubble-going


2. "THE DAILY SHOW WITH JON STEWART"
Discussion with Jim Cramer, of CNBC's "Mad Money"
http://www.indecisionforever.com/2009/03/13/jon-stewart-and-jim-cramer-the-extended-daily-show-interview/

Jon Stewart (who does not stake claim in being anything other than a host of a comedy show) calls on Jim Cramer (who bills himself as a 'financial expert') to help be an illuminating force in reporting and commenting on our financial situation. Tag-line from Cramer's show: "Watch the "Mad Money" TV show on CNBC, Jim Cramer can help you make money! Watch as money manager Jim Cramer guides you through Wall Street investing." Unfortunately Cramer, like MANY others who are/were on the inside of all this, has bought into the theatrics of selling bullshit to the public. EXCELLENT.


3. "THE STOCK MARKET WHO CRIED WOLF"
A brief history of alarmist—and wrong—Wall Street predictions about the effect of new regulations.
http://www.slate.com/id/2252038/pagenum/all/#p2

So where do we go from here? Do we keep relying on those 'financial experts' who both perpetuated our current situation and now say "We had no idea this would happen?"


4. "EVERYTHING'S AMAZING AND NOBODY'S HAPPY"
C.K. Lewis on Conan O'Brien (pre-NBC/CBS drama)
http://www.youtube.com/watch?v=8r1CZTLk-Gk

Funny commentary on the state of things and that it might be a good thing that the "foundations of capitalism" are crumbling.


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P.S. Zeitgeist "The Addendum" http://video.google.com/videoplay?docid=7065205277695921912# gives a good overview of the foundations of our free market economy and how we employ capitalism in our country.