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Planet Money

In 2008, after our Giant Pool of Money show, Alex Blumberg and Adam Davidson started Planet Money as a co-production of our show and NPR News. They have a thrice weekly podcast and a blog and http://www.npr.org/money.

Act Three: Insurance? Ruh Roh!

Planet Money correspondent David Kestenbaum investigates the growing popularity of pet insurance, and what it reveals about insurance for people.

Prologue

Host Ira Glass talks with NPR correspondent Adam Davidson about a black tie event he attended in the spring of 2008. The event was an awards dinner for finance professionals who created the mortgage-based financial instruments that nearly brought down the global economic system.

Act One: Spring 2008

We replay sections from the original "Giant Pool of Money," in which This American Life producer Alex Blumberg teams up with NPR's Adam Davidson to tell the story of how the U.S. got itself into a housing crisis. They talk to people who were actually working in the housing, banking, finance and mortgage industries, about what they thought during the boom times, and why the bust happened.

Act Two: Investigation Report #2

Alex Blumberg and NPR correspondent (and "Planet Money" reporter) Dave Kestenbaum examine what went wrong with the credit ratings agencies. When all these financial instruments that brought down our economy—the mortgage backed securities, the derivatives—were originally issued, the rating agencies (Standard and Poors, Moody's and Fitch) gave many of these things their top rating of triple-A.

Act One: The Mod Squad

Reporter Chris Arnold visits a foreclosure prevention event to find out the painful truth about the mortgage crisis: 90% of foreclosures are being enforced by servicing companies not because it helps the banks to foreclose, and not because home owners aren't interested in renegotiating their loan terms, but because there's just no system in place to handle the sheer volume of loans that need help.

Act Two: Unbreaking The Bank

NPR reporter and Planet Money contributor Chana Jaffe-Walt reports this story of what it really looks like when a bank fails and is taken over by the FDIC. She talks to the former employees and a handful of FDIC staff about the Friday night when the Bank of Clark County was interrupted and closed by 80 FDIC employees, who had every step of their secret operation down to a science.

Act One: The Collapse Of The Us Banking System Explained In Just 39 Minutes

Alex Blumberg and Adam Davidson tackle a very tough subject: Trying to explain exactly what a bank is and does. They talk to a number of experts about what has gone wrong in banking, but not before bringing us all up to speed on some banking basics, like understanding a bank balance sheet, and a bank's assets and liabilities, and the squishy business of what banks say about their balance sheets compared to what they are.Alex and Adam walk us step by step through the complications of the US government buying up bad assets from banks, and explain why, when it comes to footing the bill, the government might just prefer to not be in charge of the very banks it is having taxpayers bailout.

Act Four: The Fifteen Trillion Dollar Dismal Science Project

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. President Obama's new stimulus plan relies on Keynes'; theory, which says that government can spend its way out of a downward economic spiral.

Act Four: The Not-for-profit Motive

To deal with the financial crisis, our own government has also had to reinvent itself, with questionable consequences. This American Life producer Alex Blumberg and NPR's financial reporter Adam Davidson talk to Brad Setser, an economist at the Council on Foreign Relations who used to work at the U.S. Treasury.

Act Two: Out Of The Hedges And Into The Woods

One more confusing financial product that's bringing down the global economy. And one of way to think about this product is this: If bad mortgages got the financial system sick, this next thing you're about to hear about, helped spread the sickness into an epidemic.

Act Two: Now You Sec Me, Now You Don't

TAL producer Alex Blumberg reports on a peculiar Wall Street practice with a dirty-sounding name—naked short selling—and how one of Wall Street's main regulators, the chairman of the Securities and Exchange Commission, doesn't seem all that interested in regulating anything. (20 minutes) Alex's story is also going to be on NPR's new Planet Money podcast...which came about after our Giant Pool of Money show, the show Alex did on the mortgage;crisis with NPR's Adam Davidson.

Act One

This American Life producer Alex Blumberg teams up with NPR's Adam Davidson for the entire hour to tell the story—the surprisingly entertaining story—of how the U.S. got itself into a housing crisis. They talk to people who were actually working in the housing, banking, finance and mortgage industries, about what they thought during the boom times, and why the bust happened.

Act Two

Alex and Adam's story continues.