[Roccland]

podcast.thisamericanlife.org/podcast/365.mp3

[IndigoMoon]

Thank you, Rocc. I discovered completely by accident how to listen to it too- no mp3 required. I entered your link into my search bar and my Windows Media Player opened. I can be a bit technologically disabled- I thought that was pretty awesome.

[Roccland]

$this->bbcode_second_pass_quote('IndigoMoon', 'T')hank you, Rocc. I discovered completely by accident how to listen to it too- no mp3 required. I entered your link into my search bar and my Windows Media Player opened. I can be a bit technologically disabled- I thought that was pretty awesome.

[IndigoMoon]

Credit default swap contracts.....

I am not enjoying the interviews but I am now beginning to understand.

[Newfie]

Roc,

I was listening to the September 29 show this evening as I did my banking reconciliation.

Tomorrow I'll get the next installment.

Great show well done.

Title is Giant Pool of Money

Giant Pool of Money

[cynthia]

Towards the end of the program there was talk of "stock injection" as a possible way out for us tax payers to not take it so much up the asset.
? would that concept fly in the face of this overwhelming debt?
cynthia
Thanks for the link, Rocc. I usually tune in locally on Sunday mornings.

[Eli]

Cynthia the stock injection is a much better idea and way to go for the US taxpayer.

Instead of buying the bad debt the US buys the company directly, the US taxpayer then is made first in line to be paid if things turn around.

It has a much better possibility of working out positively for the US than just buying up the toxic crap. Everyone is running to treasuries for safety, when the gov. comes in and says we own this bank it raises its debt level to be on par with US treasuries.


If the US gov. takes over a Bank you can have as much confidence in it staying afloat as you can have in the US gov. making it through this crisis. However, unfortunately there is a possibility now that the US gov. will fail.

But that is a thousand times better than just buying up 700 billion of toxic crap. With the 60 trillion dollar CDS market blowing up that 700 billion is already gone, and is a drop of rain in a vast ocean.
But spending that 700 billion on actually owning banks may at least be enough to save the deposits and savings of US citizens.

Also, everyone needs to hear this podcast.

[dohboi]

But, but, but...that would be sssssocialism! egads!

Ideological blinkers will continue to keep any such "solution" from being considered, even with many high-powered economists weighing in on it.

I thought the program was awesome, too. About the only place in anything like the MSM where anything like the deeper truths behind this mess has come out. Everywhere else the picture is "people foreclosing on their houses are bringing down the whole economy"; a partial truth, at best.

Of course it would have been nice for someone to mention the fact that the Paulson plan shreds the last bit of constitution we have left. They mostly interviewed economists, and many of them were involved in these shenanigans to begin with, since they are some of the few who understand it.

And of course, it would have been nice if someone on the program had made a brief mention of PO and the role it will inevitably play/is playing in the ongoing unwinding of all this financial insanity.

But that would be wishing too much.

The other technical term I would like to have heard somewhere in the discussion of the Paulson fiasco is pig in a poke. That term (OK, it's more folksy than technical) is the most appropriate one to capture what taxpayers have just bought.

[roccman]

$this->bbcode_second_pass_quote('Eli', '
')
Also, everyone needs to hear this podcast.

[BigTex]

Great program. I hope everyone listens. The best I've heard by far.

I thought it was humorous that the program ended with Ira Glass telling the listeners about the new Saab 93 and all of its benefits.

"This overview of the end of the world has been brought to you by the new Saab 93. Neither you nor anyone else will be able to afford one, buy gas for one, or get financing for one, but it's a nice car."

(I'm paraphrasing.)

[cynthia]

$this->bbcode_second_pass_quote('Eli', 'C')ynthia the stock injection is a much better idea and way to go for the US taxpayer...
Also, everyone needs to hear this podcast.

[Eli]

It is totally at the discretion of King Henry as to whether or not this implemented.

[emeraldg40]

$this->bbcode_second_pass_quote('Eli', 'I')t is totally at the discretion of King Henry as to whether or not this implemented.

[Rogozhin]

$this->bbcode_second_pass_quote('emeraldg40', '')$this->bbcode_second_pass_quote('Eli', 'I')t is totally at the discretion of King Henry as to whether or not this implemented.

[GreyGhost]

I just listened to the whole hour - it gives a well-spoken and clear understanding of some of the lesser known but very serious financial problems, like commercial paper and credit default swaps - highly recommended.

Unfortunately it may leave you feeling more doom-ish than ever.

This whole thing is really accelerating fast now, starting to hit J6P's awareness.