The folks over at The Official Quicken Online Blog have spent some time laying out the details surrounding the current financial situation.
I like their explanation because I was not willing to do too much research on my own and I have just been operating under the impression that too many people who shouldn't have been borrowing money, borrowed money from people who shouldn't have been lending them money. Essentially, irresponsible lenders lending to irresponsible borrowers. Quicken's explanation is more detailed but still palatable for the financial layperson. Go directly to their PDF diagram by clicking here. If you're not able to read the PDF, click here to download and install Adobe Reader.
If you have other thoughts and opinions on the current financial situation, please do share in the comments.
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