Marketplace explains the credit crisis as an Antarctic expedition
October 23, 2008
Like most catastrophes, America’s financial crisis has created such a mess, it’s tough to make sense of the problem. Paddy Hirsch, senior editor of American Public Media’s Marketplace radio program, explains the situation in an easy-to-understand format by looking at The credit crisis as Antarctic expedition.
In this video, Hirsch explains that a group of intrepid Antarctic explorers (banks) are so weighed down by ruck sacks full of bad investments, they can no longer leap over cracks in the ice, and each bank that falls through risks pulling the others down with it. Also, likening a bank failure to an icy grave underscores the seriousness of the situation.
The video is a great primer for students trying to grasp how the credit crisis got so bad. Like a real Antarctic expedition, the credit crisis is fraught with peril. Let’s just hope we all don’t get left out in the cold. -BILL FERRIS
The credit crisis as Antarctic expedition via Lifehacker
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