The reliably clear thinking Richard Fernandez of the Belmont Club notifies of a primer from Australia on how the US Sub-prime Market Collapsed.  It is a PDF file (www.adobe.com has the free reader).  It has a chart that explains a lot:

image

But read the whole thing. It is short and very informative.

IMHO they understate Congresses role in this mess. After all “Mr. Free Money” in the chart above got his permission slip from somebody.