The 2008 Financial Crisis Explained

Civics 101

NHPR

History, Government, Society & Culture

4.2 • 2.6K Ratings

🗓️ 21 February 2023

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode, we ask how the actions of various American financial institutions caused a global recession and destroyed the livelihoods and homeownership of millions of American people. Then we figure out what the federal government decided to do about it. This is the 2008 financial crisis as told by Amy Friend, Chief Counsel to the Senate Banking Committee as the Dodd-Frank Wall Street Reform and Consumer Protection Act was written. CLICK HERE: Visit our website to see all of our episodes, donate to the podcast, sign up for our newsletter, get free educational materials, and more! To see Civics 101 in book form, check out A User's Guide to Democracy: How America Works by Hannah McCarthy and Nick Capodice, featuring illustrations by Tom Toro. Check out our other weekly NHPR podcast, Outside/In - we think you'll love it! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	So, Nick, you know I have brought you here today.
0:04.0	I do.
0:05.0	And my understanding is you're not terribly thrilled.
0:07.4	No.
0:09.2	Because this is the sort of stuff that my brain just turns off.
0:14.6	And it has for decades.
0:16.4	And I'm excited to change that.
0:19.2	All right, Nick.
0:20.2	Well, I have got an industrious young entrepreneur story for you.
0:24.6	Okay.
0:25.6	I wasn't expecting that to start us off, but I like those as a rule.
0:29.6	That's great.
0:30.6	So, it's 1844.
0:34.5	A young man named Hayem is living near Rimpard, Germany with his mom, his dad, and his two
0:39.8	brothers.
0:40.8	Dad's a cattle dealer.
0:42.6	But Hayem decides he's going to strike out on his own.
0:45.4	He's 23.
0:46.7	He emigrates to the U.S. changes his name to Henry and gets to peddling household goods
0:52.2	around Alabama.
0:53.2	Household goods.
0:54.2	It's not like the most profitable business, but it's sort of a tried and true start.
	...

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