MUST READ: A Guide to the Eye of the Storm

    By Ripper on Wed, 09/24/2008 - 5:18am |
    At the heart of the financial meltdown starting to occur is a financial instrument called a credit default swap. If you want to understand how this whole thing began, who's involved and how it's spiraling out of control, you MUST READ this article in Time magazine.

    How do I know it's an unvarnished guide to what's happening now? Because it was published in March of this year, before the recent events that got our attention.

    I understand how those of us who don't subscribe to Time missed this. But how did the Bush administration not see this coming? Why were we not warned? Why was no action taken earlier? Why was the brewing crisis allowed to simmer for month after month without the slightest effort by the administration to contain or correct it?

    In clear, simple terms, Time has laid out the facts of what is going wrong now and what is at stake for our future. This article is eerily prescient of our current crisis, and absolutely chilling to read.

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