Here's a nice video of Princeton economists talking about the credit crunch that has taken down the investment banks and caused the stock markets around the world to crash...
As you can see, it is a mess, and the Bush administration has really done nothing to deal with it. As Krugman keeps pointing out, Paulson's plan does not really deal with the heart of the crisis. It is yet another "Bush special" that pretends to deal with a problem and in fact fails to act in a timely/intelligent way, so things just keep getting worse.
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