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The credit crisis as Antarctic expedition
In the third installment of his videos making the financial crisis easier to understand, Marketplace Senior Editor Paddy Hirsch explains how banks have gotten frozen in their tracks, awaiting a rescue.
See Paddy's previous videos: "Uncorking CDOs" and "Untangling Credit Default Swaps."
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Steve is half right! (not about us being out of date - we shot this video before Tuesday's news about the government's decison to take equity stakes in the banks). The Troubled Assets Relief Program (TARP) still buys unwanted assets, if the banks want to sell them. To extend this metaphor, rather than dropping supplies, Henry's Helirescue is landing, offering to buy any equipment the expeditioneers don't want to carry, and setting up a soup kitchen to feed them, warm them up, and get them moving again.
They'll be wanting pedicures and backrubs next.
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