I often use this space to tell you what I’ve been rocking on my iPod. Thing is, it’s not always music. Lately, economics is on everyone’s mind and I’ve been listening to a few podcasts that have been a great help to my understanding of the current crisis. These are today’s topic. Perhaps a little bit dry but definitely worth your attention.

The first big one is the podcast of “This American Life“. Ira Glass and company put on a great show every week on all sorts of topics and I am always enthralled for the hour(ish) that I listen. A while back they ran one of their most popular shows to date, entitled “The Giant Pool Of Money“. This show detailed the ins and outs and wtf?s of the Mortgage Backed Security / Subprime Lending debacle. What’s more, they do so in a way that a college dropout, like myself, can grasp. They don’t just toss off buzzwords and technical terms without pausing to explain them in practical, layman’s terms.

That show was so successful, the two guys who did the show (Alex Blumberg and Adam Davidson) have started a blog and a daily podcast of their own called “Planet Money“. They continue to address the economy in plain terms and, given the few eeeks that we’ve been having, they are very busy and doing a great job.

But that’s not all! A couple weeks ago, “This American Life” called Alex and Adam back to do a followup show. This one was appropriately entitled “Another Frightening Show About The Economy“. Here, they go beyond the subprime issue and explain how this has turned into a global economic crisis. Have you ever heard about Credit Default Swaps? You might have recently. Do you know what they are? After hearing this program, you’ll know; and you’ll be shocked. Check it out. 

Oh, and if you haven’t signed up for the “This American Life” podcast yet… Here’s another reason. This weeks episode is back to standard form; several stories on a single subject. Two of the four stories address aspects of the current financial climate. Listen to it here.