If you're willing to invest 20 minutes, this Charlie Rose video does a good job explaining the current subprime market effects upon the economy, the federal reserve, corporate debt, hedge funds and the irrelevancy of fed's rate changes, and the housing market.
http://www.charlierose.com/shows/2007/08/07/1/a-discussion-about-economics-and-the-credit-squeeze
I'll try and find an article that explains the effect of yuan revaluation and the tug of war between America and China. China's literally got 1 trillion dollars of America's securities, and they wield a considerable power over our economy.
The big question is, will the effects of the drying up of the derivative mortage packages be contained or how much spillage will there be into the housing market, the stock market, and the general economy.
I found it interesting that there's no more need for Greenspan's "put", the guarantee that he'd drop rates if the market tanked, because the hedge funds are more capitalized than the banks, and have the ability to snap up undervalued products, shoring up the bottom. Amazing.
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