These two three four five six radio programs on This American Life do an excellent job of giving an on-the-street perspective from the Wall Street investors to the lenders all the way down to the individual home-buyers and finally the results of the recession in everyday life. In addition, there is a very good explanation of how banks work and why they are becoming insolvent. If you haven’t dug in to understand how we have gotten into this mess, you must listen to these programs. Excellent journalism.
- The Giant Pool of Money (MP3) – 05.09.2008
- Another Frightening Show About the Economy (MP3) – 10.03.2008
- Bad Bank (MP3) – 02.27.2009
- Scenes From a Recession (MP3) – 03.27.2009
- The Watchmen (MP3) – 06.05.2009
- Return To The Giant Pool of Money – 09.25.2009
More in-depth economic analysis can be found here:
- http://www.npr.org/blogs/money/
- http://www.calculatedriskblog.com/
- http://globaleconomicanalysis.blogspot.com/
- http://www.nakedcapitalism.com/
(Update: 9.28.2009 – Though they don’t come to this conclusion in these shows, after much investigation and personal reflection on the events of the last two years, I have come to the conclusion that the Federal Reserve is ultimately at fault for meddling in markets, making money super cheap to obtain, and promoting an environment of pure moral hazard. Certainly, all those who took the bait, everyone from lenders, to consumers, to those on Wall Street, are all responsible in some manner. But ultimate responsibility for the over-arching cause of the crisis is the reckless policy decisions of our central bank over the last 30 years, starting with Paul Volcker (as I understand it), who is oddly one of Obama’s economic advisor’s. It is unfathomable to me that the same people who promoted reckless macro-economic policies are supposed to be the same people to get us out of this mess … by spending us even further in the hole. Unbelievable. And contrary to the assumption that “no one saw this coming,” think again … watch below.)
This isn’t a portrayal of Jesus we like to ascribe to Him very often because, frankly, it is terrifying. Tim Keller has concisely and eloquently said, “If we play down ‘bad’ or harsh doctrines within the historic Christian faith, we will find, to our shock, that we have gutted all our pleasant and comfortable beliefs, too.” And this is certainly true with how we envision Jesus. Jesus is fully God and as such He is the same God of the Old Testament. Yes Jesus is fully loving as clearly demonstrated in His very condescension to man, His whole life lived, His death, and His resurrection for sinners! Yet He is also fully just and is the very One who will judge the world. This seems to easily slip past us very often. There is simply no way to escape this picture in the Scriptures. And it’s either true or it’s not.