Jonathan Jarvis has made a simple to understand video about the credit crunch. (i've ignored all the ones that have been on TV so maybe this is overkill for some of you that are sick to death of these things).
watch it, then you'll be able to transcend your confusion about this mess and simply start being incredibly angry instead.
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http://www.crisisofcredit.com/
edit:
here's a more interesting link with background to the video: http://jonathanjarvis.com/crisis-of-credit
The one thing about the above video is that i don't think it quite does justice to the nefariousness of the big financial institutions.
This recent interview from Bill Moyers show which i think is also very useful for understanding what happens and what's still going on.
The interview is with William Black, the former Director of the Institute for Fraud Prevention:
http://www.pbs.org/moyers/journal/04032009/watch.html
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(http://www.pbs.org/moyers/journal/04032009/watch.html)