Friday, May 13, 2011

Financial Crisis Readings

In my search for some light reading I started researching information about USA's financial crisis. Though I stay pretty updated with what's happening now I wanted to understand its roots better.

As a side note, I strongly believe all case managers and social workers should have a fundamental understanding of economics. Frankly, it benefits us all to understand it as well as causes of financial crisis in educating ourselves on viable solutions.

During my search I came across this video:

Crisis of Credit Visualized

Indeed gives a pretty clear explanation. But were the causes this straightforward? Lending money to folks to buy a house when they weren't realistically going to be able to make payments was certainly irresponsible and unsustainable. But was something else at play? I'm usually not quick to believe simple explanations.

A friend recommended I listen to American Life which I had a chance to peruse a little and I recommend it. Here are two particular shows I enjoyed:

The Giant Pool of Money -- Housing Crisis and its Relation to Financial Crisis

Collapse of Banking System

I'm not saying they give all the answers but they do give food for thought.

As for readings: Through New York Times I found a link to Books for Understanding. That site links to a list of books and academic papers examining financial crisis. Gonna take some time to wade through this list. If you have any recommendations or thoughts about this topic please share. To be continued.

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