This is the most common sense in depth explanation I have read thus far regarding our current economic crisis. If you read one thing about the economy this month let it be this!
Link:
It's the Derivatives, Stupid! Why Fannie, Freddie and AIG Had to Be Bailed Out
"The answer may have less to do with saving the insurance business, the housing market, or the Chinese investors clamoring for a bailout than with the greatest Ponzi scheme in history, one that is holding up the entire private global banking system. What had to be saved at all costs was not housing or the dollar but the financial derivatives industry; and the precipice from which it had to be saved was an "event of default" that could have collapsed a quadrillion dollar derivatives bubble, a collapse that could take the entire global banking system down with it. "
