Current Crisis Explained

NY Times has "Can’t Grasp Credit Crisis? Join the Club" and does a good job of summarizing the current mess in the financial system. And here's the money quote:

As Mr. Bernanke himself has suggested, the only thing that will end the crisis is the end of the housing bust.

And as far as I can tell, until housing prices come down to income x 3, we are far from correcting the bubble prices....

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