Senator Carl Levin on the Wall Street crisis, junk bonds and Michigan foreclosures

We speak with United States Senator Carl Levin (D-Mich.) on how the actions of bankers on Wall Street directly affected the lives of homeowners living on Main Street. Credit default swaps, collateralized debt obligations and the mechanics of the murky mortgage markets are contributing to the media buzz surrounding the president’s call for Wall Street reform legislation. But it’s easy for some of the truly important parts of the debate to lost in a sea of accusations.

We turn to Charlie Herman, The Takeaway and WNYC economics editor, who rounds out the conversation with analysis of Senator Levin’s points and looks ahead to how legislation can protect the nation from dangerous financial gambits.