When life hands you Lehmans, make Lehmanade
And then there were two.
If anyone would like an excellent explanation of how we got into a massive credit clusterfuck, I highly recommend This American Life’s The Giant Pool of Money (streaming episode; duration: 1 hr). They trace the subprime mortgage crisis from the low-income first-time home buyers to the foreign sovereign funds, and put a compelling human face on it.
[Quote via anonymous commentator on Leverage Sell-Out.]
Update 2008-10-08: A follow-up episode has been released explaining recent developments, including the just-passed bailout plan.