Credit crunch, sub-prime mortgage, collateralised debt obligations… Obscure terms that now feature in everyday pub chatter, even more so after this week’s spectacular events involving the collapse of investment banks, unprecedented interventions by governments and a looming global economic downturn. But can you, hand on heart, say that you understand what the credit crunch really is, and where it came from and who’s to blame?
Fear not, for the brilliant radio series This American Life aired a superb hour-long documentary that tells the story of the US sub-prime mortgage bubble and bust as I’ve never heard it told before. From the people who were there, from the Wall Street bankers at the very top to the no income no asset borrowers at the very bottom. And all the middle-men in between. It’s a very human story of hope, greed, hubris and self-delusion.
The Giant Pool of Money show is highly recommended, not just as an explanation of the core cause of the seismic events of this week, but as an example of public service documentary radio at its very best. And it’s not just me that thinks so, according to the programme-makers it’s been listened to online by more than half a million people. It’s still available to listen again online. If you need any convincing, check out the first five mintes, on the link below:
Update: The success of The Giant Pool of Money has apparently led to National Public Radio launching a new podcast and blog about the global economy, called Planet Money. It’s presented by Adam Davidson from NPR (who worked with TAL’s Alex Blumberg on The Giant Pool of Money). Both men rank up there with Evan Davis of the BBC in terms of talent at explaining what the hell is going on out there in the miasma of global financial markets and relating it to real day-to-day economics. In just its first week the show has already featured some excellent guests and if they keep up this level of quality, Planet Money will find a regular spot on my weekly diet of podcasts.
Along with the exhibitions, talks, guided walks, debates and parties there is a series of excellent architectural podwalks produced by Ruby Wright. I did one about my neighbourhood, entitled ‘Backstreets of Southwark’. It was featured on BBC Radio 4’s iPM programme on 14 June.
The walk passes both cutting edge and utilitarian architecture, secret pocket parks, an unconsecrated boneyard where 15,000 people lie buried, the wine bar where local magistrates go after hard day on the bench, the remains of the debtors prison where Charles Dickens’s father was banged up in 1824 and much more.
It’s about 2 miles long and starts and finishes at Southwark tube station, on the Jubilee Line. A map of the route (including a GPX trace) is over here.
Download including various file formats (128kb MP3, 64kb MP3, Ogg Vorbis) from here.
I want Ken Livingstone to be re-elected as Mayor of London. I believe that as a politician he is a cut above any of the other candidates and has the experience and record of achievement that entitle him to a third term of office. I have even made a small donation of £50 to his campaign. But I have today cast my (postal) vote for the Green candidate. Why? (more…)
I spent Saturday at “barcampUKgovweb” and met a very interesting group of people who care about how government behaves online. Among the 60 or so participants, there was a roughly even split between people working for government, people working for companies and people who are - for want of a better term - civic hackers. (more…)
Help locate London’s fine heritage of Victorian drinking fountains, in celebration of the Metropolitan Drinking Fountain and Cattle Trough Association.
Public drinking fountains are a simple, modest yet precious civic amenity under threat from neglect and the rise of environmentally catastrophic bottled water. Turn away from the bottle and join a treasure hunt and celebration of the public drinking fountains of London (not forgetting troughs for the cows).
Use the Google Map below to add your favourite fountains:
Nick Cohen writes in The Observer about the unwillingness of the British government to do something about tax avoidance by the super-rich, which he sees as “debauching British society”. Meanwhile new figures from the TUC show that since 2000 the pay of company executives has increased 17 times faster than average pay. It is true that the overall effect of tax and benefit changes made by Labour since 1997 has been to redistribute money from the rich to the poor, but it has not been sufficient to prevent a widening of the gap nor to outlaw the worst excesses of boardroom greed. (more…)
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