Wednesday, September 24, 2008

Main Street and $700 Billion

I was listening to Fresh Air on my way home yesterday and heard this interview with Gretchen Morgenson of the New York Times.

I haven't really understood what happened and how, and I had no idea why the bailout is a good thing for taxpayers. I heard a line (in a story regarding AIG), which was "Profits are privatized, but losses are socialized" and other than that I didn't have a sense of how we got here. Morgenson explained it in language and analogies I understood. If you want to understand it too, check out the interview.

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