SoCal Rewind

What Housing Bubble?

It was a rough week on Wall Street. With some experts giving us a 33 percent chance of sliding into another recession, all eyes and ears have been on the economy.

To find out just how bad it is and what we can do to weather the storm, our friend Kai Ryssdal of American Public Media's Marketplace got together with a panel of experts and hammered it out in signature style, putting it in terms the rest of us can understand.

Meanwhile, we thought it might be worthwhile to take a look back at one of the triggers that got us into the first slump — the housing crisis. Was anyone predicting the bubble would burst? That's the question we wanted to answer in this edition of SoCal Rewind.

SoCal Rewind is an on-going series bringing you past reports on the issues of today. By drawing on KCET's extensive archive of Southern California news, culture and public affairs, we seek to inform current events by providing a little historical perspective, and maybe answer the question: Is there anything new under the SoCal sun?

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A lot of people were predicting a burst of the housing bubble. Very few of them made it into any media and those who did were treated like they were mentally ill.

Many of the underlying problems with the economy are the same today as they were in 2008. Nothing has been fixed, changed or corrected, just bailed out. Fraud and corruption is the name of the game.

For instance, S&P, one of the ratings agencies that gave stellar opinions about all the housing related financial products, is finally being investigated by the justice dept. This announcement was made after S&P downgraded the government!

If you approach the world of finance and corporatism with a Tony Soprano like mindset, then it is all quite clear and simple to understand.

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What do you mean??? Housing bubble???