RAISE YOUR HAND IF YOU DON'T UNDERSTAND THIS FINACIAL CRISIS !!!

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(snip) Can’t Grasp Credit Crisis? Join the Club Wednesday March 19, 5:37 pm ET By DAVID LEONHARDT

It has been going on for seven months now, and many people probably feel as if they should understand it. But they don’t, not really. The part about the housing crash seems simple enough. With banks whispering sweet encouragement, people bought homes they couldn’t afford, and now they are falling behind on their mortgages.

So how is it that a mess concentrated in one part of the mortgage business — subprime loans — has frozen the credit markets, sent stock markets gyrating, caused the collapse of Bear Stearns, left the economy on the brink of the worst recession in a generation and forced the Federal Reserve to take its boldest action since the Depression? http://www.rumormillnews.com/cgi-bin/forum.cgi?read=120893