It’s a bit late, but nevertheless here are the top explanations for the current financial turmoil. It will make you laugh, cry (if you have lost) and swear at the same time.

All the three explanations are essentially the same, but from different vantage points,  from normal folks who bought the mortgages, from people who created such poorly designed instruments, from people who saw all this coming and made money in the fall, and the bad bad CEO who was finally brought down.

Giant Pool of Money – A special program about the housing crisis produced in a special collaboration with NPR News.  What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money. Audio + Transcript.

The End of Wall Streets Boom – The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong. Link

CEO fuckups and the collapse – View the whole issue un-ravelled from the inside of Lehman- Link