Jim Puzzanghera’s excellent piece in the LA Times, “Why the world’s biggest insurance company is still getting taxpayer funds,” did a good job of sketching out the interconnectedness of financial institutions–and thus explaining the crisis we’re in now.
If you’d like more background, I recommend picking up veteran financial reporter Dave Kansas’ book “The End of the Wall Street As We Know It,” published in January.
Finally, check out the three episodes on the crisis produced by This American Life: Giant Pool of Money, Another Frightening Show About the Economy and Bad Bank.
Understanding is power. If we’re going to end this mess, and prevent it from happening again, we need to understand what actually happened–which isn’t necessarily how some politicians, pundits and powers-that-be want to spin it.
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