Now that the House has rejected the Wall Street bailout, who knows what our economic future holds? My strategy is to refuse to look at how our investments are doing, especially since the Dow fell 778 points today.
For a week or so I've been looking for a primer on how we got here. Excellent reporting abounds, in the mainstream media and in the blogosphere. But what's been lacking is a "cheat sheet" that offers the big picture.
Now, thanks to David Carr, I know that the public radio show "This American Life" offered an excellent overview of the roots of the crisis a few months ago. In its inimitable documentary style, the show explained what happened through the perspective of everyday people who got swept up in a mortgage market that made no rational sense. It was too easy for people to obtain huge mortgages they could not afford, because for several years everyone all along the mortgage chain continued to make money. Now the party's over.