If you want to spend 40 minutes getting a high-speed update on the financial crisis, I highly recommend yesterday’s Fresh Air interview with NY Times financial reporter Gretchen Morgenson.

There’s a chin-dropping number in the interview. $60 trillion. It’s the dollar value of insurance purchased to back up the money market. It’s as if all the neighborhoods in the world were on fire and the insurance industry is going to have to deal with claims on all of it. Obviously, they never planned for that. But there’s a lot more shocking stuff in the interview, and it raises far more questions than it answers. If you’re like me, and put off understanding how our financial system really works, I’d suggest clearing out 40 minutes and have a listen.

Update: Aaron Pressman, in a comment on this post, suggests (gently, much appreciated) a rewording. “The $62 trillion (not $60) is the total amount of credit default swaps, or insurance policies, that financial firms have written on all types of debt, not just money markets. So: It’s the dollar value of insurance purchased to back up bond market investments. It’s the amount that banks and insurers are on the hook for if absolutely everything goes down the tubes.”

JEFFERSON CITY, Mo. — An often overlooked clause in National Flood Insurance Program (NFIP) policies has helped many homeowners in Missouri to finance required improvements that saved them from significant damage in the next event.

AUSTIN, Texas — Many Texans, who suffered losses due to Hurricane Ike, are covered by their insurance. Even the best coverage may not cover every need, which is why state, federal and non-profit programs are made available.

MADISON, Wis. — The National Flood Insurance Program (NFIP) had its roots in the 1800s as the country recognized the federal government must play a leading role in controlling and responding to floods.

From JPM announces it bought the assets and certain liabilities of Washington Mutual (WM; 1.69) for $1.9 billion to be paid to the Federal Deposite Insurance Corp. JPM will take an additional $31 billion loan writedown; WM’s remaining assets more than

JPMorgan Chase (JPM) says it has acquired all deposits, assets and certain liabilities of Washington Mutual’s (WM) banking operaiions from Federal Deposit Insurance Corp. (FDIC) for about $1.9 billion. Excluded from the transaction are senior unsecured

8 NEW YORK, NEW YORK–(Marketwire - Sept. 27, 2008) - AXA Art is extending an invitation to members of the Canadian art, business, insurance, design and lifestyle media to visit its ‘Space’ at the Toronto International Fine Art Fair on Friday, October 3,

Chicago - CHICAGO - Jacobson Solutions - Healthcare Resources, an interim support division of The Jacobson Group, announces its partnership with Troy, Michigan-based HOV Services to provide comprehensive human capital and business process/knowledge

(Marketwire via COMTEX News Network) — AXA Art is extending an invitation to members of the Canadian art, business, insurance, design and lifestyle media to visit its ‘Space’ at the Toronto International Fine Art Fair on Friday, October 3, 2008 from

The on Thursday announced that federal employees in 2009 will have to pay on average about 8% more for their health insurance premiums, the Washington Post reports. The projected increase is significantly higher than the 2.9% increase in 2008 and the