I don't think I'm alone in this: Even though I'm a college graduate who watches and reads the news every day and whose parents deal with finance for a living, I'm still in over my head when it comes to the current financial crisis jargon.What on God's green earth is a mortgage-backed security? What exactly is TARP, and where is all this bailout money going? Commercial paper market, anyone? I keep hearing that all the banks were "leveraged to the hilt", but what does that mean?
Ladies, never fear, CNN is here. Finally, a good explanation for the whole timeline that led to this mess, in smart but not overly technical language.
In other news, can we all just take a moment and laugh? Read this silly sentence out loud:
NATO Secretary General Jaap de Hoop Scheffer will attend a two-day conference in Reykjavek.
In other, other news, some brilliant scientists have figured out how to make flood-resistant rice that will help billions of hungry people. Once in college I learned about scientists putting a gene from fish that live in freezing water into oranges so they can resist frost better and have a longer growing season. Genius, people, way to go. Way to invest your career in service to your fellow man!
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