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:
But read the whole thing. It is short and very informative.
IMHO they understate Congresses role in this mess. After all â€œMr. Free Moneyâ€ in the chart above got his permission slip from somebody.