Wednesday, March 26, 2008

The Housing Bubble, Mortgage Crisis, and Bear Sterns: A Primer

Courtesy of the PBS News Hours this past weekend, a succinct 11-minute report explaining how problems in the housing market spread into the wider economy.

Warning: May shake your faith in the religion of deregulation and free-market chaos.



On a related note, a Brooklyn resident wrote this letter printed in the NY Daily News today: "Bear Stearns selling for $2 a share and ruining many people financially is a prime example of why we should not invest Social Security in private retirement accounts. Aren't we glad we didn't swallow that snake oil?" Yes. Yes we are.

[Bear-Stearns proves tantrums work (Salon.com)]

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