This American Life has had several episodes that did an excellent job of explaining the housing crisis, the mortgage crisis, what it has to do with the turmoil on Wall Street, why banks did stupid things like make half-million dollar loans to people without jobs or income and what credit default swaps are and what they have to do with anything. You can listen to these in streaming audio online for free or download each episode for $0.95. Transcripts are also free.
1. The Giant Pool of Money (transcript).
2. Another Frightening Show About the Economy (transcript).
3. Bad Bank (transcript).
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