I hesitated to post this last week because it is not directly related to the majority of content on this blog but I decided the financial situation has enough to do with politics to post (mainly because of all the political posturing and blame going around). The story, Taxpayer Beware: Bank Bailout Will Hurt takes a more balanced and nuanced approach to this very complex issue. In essence, there is plenty of blame to go around. Or, as Jay Farrar might say, "You can hang the blame on the wall, there'd be a frame around us all." For a more in depth explanation of the current financial situation, listen to the most recent This American Life episode, Bad Bank, by the same reporters. They promise "The collapse of the banking system explained, in just 59 minutes", and they deliver.
For some entertainment, you can watch the video below of all the talking heads telling Peter Schiff how wrong he was about the housing market, credit market, stocks, and the recession.
Update: Added video of Peter Schiff.