American cities have gone through a massive wave of gentrification in the last few decades. To some people, it's not a natural ebb and flow of the real estate market, but a plot, by rich, mainly white people, to take over the neighborhoods of poor, mainly black people. This American Life producer Jon Jeter reports on how, in neighborhoods all over the country, the plot has a name, "The Plan," and most people you talk to know about it.
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Ira goes to Chicago's Rogers Park neighborhood to talk to some condo owners who are in a precarious situation—since the housing market crash, the developer who renovated and sold them their units—Haso Meseljevic—has all but disappeared. He's in foreclosure on half of their building's units.
One more confusing financial product that's bringing down the global economy. And one of way to think about this product is this: If bad mortgages got the financial system sick, this next thing you're about to hear about, helped spread the sickness into an epidemic.
A hedge fund named Magnetar comes up with an elaborate plan to make money. It sponsors the creation of complicated and ultimately toxic financial securities...while at the same time betting against the very securities it helped create. Planet Money's Alex Blumberg teams up with two investigative reporters from ProPublica, Jake Bernstein and Jesse Eisinger, to tell the story.