Explain the housing and financial crises of 2008 which led to the economic down turn of 2008 and 2009. It is to be two pages in length and follow proper MLA format.

Below is the link
http://www.thisamericanlife.org/radio-archives/episode/382/the-watchmen

The paper should explain to me what happened in each of these sectors of the economy. I am not looking for you to regurgitate back to me what you read or heard, what I am looking for is your understanding of what took place in each on of these sectors of the economy. I want you to write your paper as if you are explaining to someone what actually took place in these sectors of the economy.