planet money podcast giant pool of money

Steve Rhodes/Flickr "Bad Bank" aired February 27, 2009, explaining insolvent banks and toxic assets. We explain it all to you. A special program about the housing crisis produced in a special collaboration with Favorite stories by our longtime contributor and friend David Rakoff.The startling rise of the number of people on disability in America.Host Ira Glass talks with an NPR business and economics correspondent about two gatherings he attended—one at the Ritz Carlton and one at a community college in Brooklyn. Both companies deal in relatively conservative loans, so the total rate may be somewhat higher. The front page of the NY Times the day after The Giant Pool of Money aired.That show aired in May of 2008, several months before we knew the extent of the giant financial collapse we were headed for. Finally, on June 5, 2009, "The Watchmen" aired and examined role of Congress and regulators since the creation of the American fina… Jacob Goldstein/NPR Today on the show, we visit a giant pool of money — worth trillions of U.S. dollars! Fannie Mae, another mortgage company, puts the figure in the single digits. They represented 18% of all serious delinquencies that extended for more than 60 days in last year's fourth quarter.Two-thirds of strategic defaulters have only one mortgage — the one they're walking away from on their primary homes.Strategic defaults are heavily concentrated in negative-equity markets where home values zoomed during the boom and have cratered since 2006. On October 3, 2008, This American Life broadcast "Another Frightening Show About the Economy", examining what regulators could have done to prevent the economic crisis. The blogosphere is full of tales of homeowners who supposedly are choosing to mail the house keys to their lenders rather than keep their depreciating homes. And yet "jingle mail," the term for those tinkling packages of keys, appears to be far rarer than many seem to think.Freddie Mac, the big government-sponsored mortgage company, estimates that just 0.14 percent of the defaulted mortgages in its portfolio involved properties that were abandoned by borrowers.

The Giant Pool of Money A special program about the housing crisis produced in a special collaboration with NPR News. Industry officials say they have no way of knowing for sure.The low numbers from Freddie Mac and Fannie Mae are consistent with past housing busts, like the ones that occurred in Texas in the 1980s and in the Northeast and California in the early 1990s. In Florida it was 46 times higher. Before we knew what was coming.

Ira explains that today's show lays out how the finance guys and the people facing foreclosure are connected by a chain of middlemen, and that together, they all brought about the current housing and credit crisis.

The same team of producers have created three follow-up episodes to "The Giant Pool of Money" as "Your Guide to the Meltdown". The other was a non-profit conference for people facing foreclosure.

We revisit the show that fathered our podcast — The Giant Pool of Money. — at the People's Bank of China, the country's central bank. In California last year, the number of strategic defaults was 68 times higher than it was in 2005. The front page of the NY Times the day after The Giant Pool of Money aired. Today we visit two of the people featured in that piece — Richard, a Marine who was facing foreclosure, and Jim Finkel, a CDO manager, to see they've fared in the downturn.Here's a New York Times story about strategic or "ruthless" defaults from May 10, 2008.

Steve Rhodes/Flickr China's central bank is sitting on a giant pool of U.S. dollars. In most other parts of the country, defaults were about nine times higher in 2008 than in 2005. What does the housing crisis have to do with the turmoil on Wall Street? The Giant Pool of Money -- the hour-long This American Life episode that explained the housing bust and gave rise to Planet Money -- was just named one of the top 10 works of U.S. journalism of … It's the world's biggest holder of foreign reserves, worth over $3 trillion at last count. Homeowners typically do not walk away from homes they live in unless they are unable to pay the mortgage, usually because of job loss, a death in the family, divorce or a big jump in their monthly payments.The number of strategic defaults is far beyond most industry estimates — 588,000 nationwide during 2008, more than double the total in 2007. (4 minutes)Our crack economics duo, Producer Alex Blumberg and NPR International Economics Correspondent Adam Davidson, on how a dead, slutty, elitist British man, John Maynard Keynes, is about to take over the American economy.Jonathan Katz listens to old tapes of his family; then travels back to the neighborhood in Brooklyn they lived in during the 1950s, looking for evidence of what his childhood was like.Five stories of people doing what they think they have to, in order to make ends meet. … In that collaboration between NPR and This American Life, Adam and Alex set …

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