Print Story Cracks in the armor
Money
By riceowlguy (Thu Aug 14, 2008 at 06:00:52 PM EST) (all tags)
Gmail is going down, Netflix can't ship movies...what's next, YTMND?


I just might have crashed Gmail this morning while I was trying to delete a bunch of old mail.  Then again, this isn't the first time in recent memory.

Now Netflix is having problems, dammit, right when I was getting into the swing of watching movies regularly.

I've been working out at the gym again this week, rather than trying to walk.  I had a breakthrough recently when I realized I didn't have to make a choice between having my workouts also be my This American Life time and being able to use the elliptical machine; I don't really need a steady techno beat to maintain the correct pace.  So, I've been catching up on This American Life episodes and this morning I listened to an episdode that aired on 5/9/2008 called "The Giant Pool of Money".  This was such a compelling episode that I actually listened to it again in the office.  It does a better job of explaining the entire picture regarding the global credit crisis/subprime meltdown than anything I've read or seen.  Now, the episode starts with the obligatory interview with the poor schlub who got caught by an ARM rate reset and almost lost their house.  Listen past it to get to the real meat of the show, which explains how everybody dropped the ball on this one.  Some people watch zombie horror films, I listen to financial horror radio.

One of the interesting side effects of all this that it's possible to beat foreclosure because banks can't prove they actually own the note on the property they're trying to kick out out of.  On the other hand, municipalities trying to find the owners of foreclosure properties to force them to mow the lawns are having a rough go of it.

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that episode... by clock (4.00 / 1) #1 Fri Aug 15, 2008 at 03:09:52 AM EST
...was amazing.  i really liked the complete top down analysis of the failures in the chain.  it reinforces my attitude that people are average regardless of profession.


I agree with clock entirely --Kellnerin

Indeed by riceowlguy (4.00 / 1) #2 Fri Aug 15, 2008 at 08:53:02 AM EST
I still have a hard time summoning up a lot of sympathy for the ex-Marine with the house in Flatbush.  It really wasn't the mortgage broker's responsibility to sit down with him and look over his finances to figure out how much house he could afford, it was his.  On the other hand, I would love to see him get the opportunity to beat the crap out of his broker for steering him towards the ARM with the big commission instead of the good fixed rate loan he qualified for as a veteran.

[ Parent ]
Netflix's problems. by nightflameblue (4.00 / 1) #3 Fri Aug 15, 2008 at 09:06:27 AM EST
Mrs. NFB was MOST upset about the Netflix problems. I'm just waiting for the "told you so" public statement about us lousy bastards that wanted to keep our separate profiles causing all this.

This American Life by debacle (4.00 / 1) #4 Mon Aug 18, 2008 at 05:59:27 AM EST
Gah, I have new listening material!

IF YOU HAVE TWO FIRLES THOROWNF MONEY ART SUOCIDE GIRLS STRIPPER HPW CAN YPUS :OSE?!?!?!?(elcevisides).

Cracks in the armor | 4 comments (4 topical, 0 hidden) | Trackback